华安证券：给予昆药集团买入评级

Core Viewpoint - The report by Huazhong Securities on Kunming Pharmaceutical Group highlights the company's strategic advancements and strong financial performance, leading to a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved a revenue of 8.401 billion yuan, a slight decrease of 0.34% year-on-year; net profit attributable to shareholders was 648 million yuan, an increase of 19.86%; and the net profit after deducting non-recurring items was 419 million yuan, up 25.09% [1] - The company's Q4 2024 revenue was 2.944 billion yuan, a year-on-year increase of 40.71%; net profit attributable to shareholders was 261 million yuan, up 344.31%; and the net profit after deducting non-recurring items was 130 million yuan, an increase of 427.85% [1] Strategic Initiatives - The company is focused on becoming a leader in "premium traditional Chinese medicine," enhancing brand recognition for its "777" series products, particularly in chronic disease management for the aging population [2] - The acquisition of a 51% stake in China Resources Shenghuo is expected to enhance competitiveness in the cardiovascular field, with sales of its blood circulation soft capsules increasing by 11.27% year-on-year [2] R&D and Innovation - In 2024, the company invested 143 million yuan in R&D, achieving significant progress with its chlorazepate injection becoming the first in its category to pass the consistency evaluation for generic drugs [3] - The company is advancing multiple generic drugs and has successfully registered 131 applications overseas, receiving 30 approvals, including for its artemisinin-based combination therapy [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are 9.231 billion yuan, 10.282 billion yuan, and 11.552 billion yuan, respectively, with year-on-year growth rates of 9.9%, 11.4%, and 12.3% [4] - Net profit projections for the same years are 740 million yuan, 900 million yuan, and 1.01 billion yuan, with growth rates of 14.3%, 21.4%, and 12.3% [4]