TASLY(600535) 国盛证券·2024-08-06 11:01Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has signed a share transfer agreement with China Resources Sanjiu, changing its controlling shareholder and actual controller to China Resources. This transfer involves 418 million shares, accounting for 28% of the total share capital, at a price of 14.85 yuan per share, totaling 6.212 billion yuan [1]. - The partnership is expected to enhance the company's innovation capabilities, particularly in the field of traditional Chinese medicine (TCM), by integrating TCM theories with digital technology through a joint venture [1]. - The company has a strong R&D pipeline with 98 products under development, including 25 modern TCM products, which positions it well for future growth [1]. Financial Summary - The company's revenue for 2023 was 8.674 billion yuan, with a projected increase to 9.259 billion yuan in 2024, reflecting a year-on-year growth rate of 6.7% [2]. - The net profit attributable to the parent company is expected to reach 1.189 billion yuan in 2024, with a growth rate of 11.0% compared to 2023 [2]. - The earnings per share (EPS) is projected to be 0.80 yuan in 2024, increasing from 0.72 yuan in 2023 [2]. - The company’s R&D expenditure accounted for 17.73% of its pharmaceutical industrial revenue in 2023, indicating a strong commitment to innovation [1]. Financial Ratios - The projected P/E ratios for 2024, 2025, and 2026 are 18.7, 17.0, and 15.5, respectively [6]. - The return on equity (ROE) is expected to improve from 8.0% in 2023 to 9.8% in 2024 [6]. - The company's gross margin is projected to be 65.9% in 2024, slightly decreasing to 65.5% in 2025 [6].