TASLY(SH:600535) KAIYUAN SECURITIES·2024-08-05 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The announcement of the equity transfer plan marks a new chapter in collaboration with China Resources Sanjiu, with a share transfer price of 14.85 CNY per share, totaling approximately 6.212 billion CNY for 28% of the company's total shares [2] - The company is expected to benefit from continuous innovation and research and development, with projected net profits for 2024-2026 estimated at 1.183 billion, 1.279 billion, and 1.380 billion CNY respectively, corresponding to EPS of 0.79, 0.86, and 0.92 CNY per share [2] - The strategic partnership with China Resources Sanjiu is anticipated to enhance the company's innovation capabilities and solidify its leadership position in the traditional Chinese medicine industry [3] - The involvement of state-owned capital through the transfer of shares to Guoxin Investment is expected to optimize resource allocation and support the development of innovative drugs [4] Financial Summary - Revenue for 2022 was 8.637 billion CNY, with a slight increase to 8.674 billion CNY in 2023, and projected revenues of 9.036 billion, 9.485 billion, and 9.950 billion CNY for 2024, 2025, and 2026 respectively [5] - The company reported a net profit of -264 million CNY in 2022, turning to a profit of 1.071 billion CNY in 2023, with forecasts of 1.183 billion, 1.279 billion, and 1.380 billion CNY for the following years [5] - The gross margin is expected to improve from 63.9% in 2022 to 67.4% by 2026, while the net margin is projected to rise from -3.1% in 2022 to 13.9% in 2026 [5] - The current share price is 14.08 CNY, with a market capitalization of approximately 21.035 billion CNY [6]