TASLY(SH:600535)2024-08-07 01:00Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The change of actual controller to China Resources will enhance collaboration in the traditional Chinese medicine industry, improving core competitiveness across the entire industry chain [1][2] - The partnership with China Resources will bolster research and development capabilities, promoting digital transformation in traditional Chinese medicine [2] - The company has a strong marketing network and unique products, which will complement China Resources' manufacturing and commercial strengths, accelerating product pipeline development [2] Summary by Sections Investment Summary - The company is expected to achieve net profits of RMB 1.071 billion, RMB 1.075 billion, and RMB 1.135 billion for 2024-2026, with corresponding EPS of RMB 0.72, RMB 0.76, and RMB 0.85 [3][8] - The current PE ratios are projected to be 19.9x, 18.8x, and 16.8x for the respective years [3][8] Financial Performance - The company's revenue is projected to grow from RMB 8.674 billion in 2023 to RMB 10.617 billion in 2026, with a CAGR of approximately 7% [3][8] - EBITDA is expected to increase from RMB 1.925 billion in 2023 to RMB 2.134 billion in 2026 [3][8] - The net profit margin is projected to stabilize around 12.3% to 12.0% over the forecast period [8] Market Position - The company has established a strong marketing network with exclusive products in the cardiovascular medication sector, enhancing its competitive edge [2][3] - The collaboration with China Resources is anticipated to create synergies that will facilitate the launch of new products and the commercialization of R&D outcomes [2][3]