TASLY(SH:600535) Guotou Securities·2024-08-06 00:01Investment Rating - The report maintains a "Buy-A" investment rating for the company [5] Core Views - The company is undergoing a significant change in control, with the controlling shareholder being transferred to China Resources Sanjiu, which will transform the company into a state-owned enterprise [2] - The partnership with China Resources Sanjiu is expected to enhance the company's operational efficiency and market presence through various synergies [3][10] - The report suggests monitoring key milestones during the transition, including approvals from the State-owned Assets Supervision and Administration Commission (SASAC) and changes in the board of directors [2] Summary by Sections Company Overview - The company is transitioning to a state-owned enterprise with the controlling stake being sold to China Resources Sanjiu, which will enhance its market position and operational capabilities [2] Financial Projections - Projected revenues for 2024, 2025, and 2026 are estimated at 9.09 billion, 9.73 billion, and 10.48 billion yuan respectively, with net profits expected to be 1.27 billion, 1.44 billion, and 1.63 billion yuan [12] - The report anticipates a PE ratio of 16.5, 14.6, and 12.9 for the years 2024, 2025, and 2026 respectively [12] Strategic Initiatives - The collaboration with China Resources Sanjiu is expected to leverage its strong retail network, enhancing the distribution of the company's core products [4] - The focus will be on modern traditional Chinese medicine, which is the company's most profitable segment, while streamlining other less profitable business lines [10] - The company aims to improve operational efficiency, with a strong emphasis on enhancing both research and sales capabilities [11]