JUMPCAN(600566) 长城证券·2024-07-28 04:01Investment Rating - The report maintains a "Buy" rating for the company [1][5][11]. Core Views - The company's share buyback plan, with a budget of between 25 million and 50 million RMB, reflects confidence in its long-term operational stability and recognition of its intrinsic value [2][5]. - A strategic cooperation agreement was signed with Yusen Pharmaceutical, focusing on the development of innovative traditional Chinese medicine, particularly in pediatric, respiratory, gynecological, and digestive fields [2][5]. - The company is expected to achieve revenue growth from 10.02 billion RMB in 2024 to 12.02 billion RMB in 2026, with net profit projected to increase from 3.04 billion RMB to 3.74 billion RMB during the same period [2][5]. Financial Summary - Revenue (in million RMB): - 2022A: 8,996 - 2023A: 9,655 - 2024E: 10,021 - 2025E: 11,010 - 2026E: 12,019 [1][6] - Net Profit (in million RMB): - 2022A: 2,171 - 2023A: 2,823 - 2024E: 3,035 - 2025E: 3,399 - 2026E: 3,738 [1][6] - EPS (in RMB): - 2022A: 2.35 - 2023A: 3.06 - 2024E: 3.29 - 2025E: 3.69 - 2026E: 4.06 [1][6] Strategic Developments - The company is deepening its focus on the fields of heat-clearing and detoxifying medications, with a strong competitive advantage in core products [2][5]. - The introduction of second-tier products and continuous business development (BD) initiatives are expected to create new growth trajectories for the company [2][5].