JIANMIN GROUP(SH:600976) Guohai Securities·2024-08-17 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Insights - The company has initiated a comprehensive marketing reform, shifting its assessment model from shipment-based to sales-based, which is expected to enhance long-term sales management despite short-term negative impacts on shipments [3][4] - The company has increased brand building and R&D investments in the first half of 2024, which may affect short-term profits but is aimed at enhancing long-term brand influence and product reserves [3][4] - The company’s second-tier product, Jianmin Bian Tong Capsule, is a unique medical insurance variety and ranks second in the category of constipation and diarrhea in the 2023 China OTC product rankings [3][4] - The demand for cultivated cow bile is expected to grow due to aging demographics and the shortage of natural cow bile, providing significant market opportunities [4][5] Financial Summary - In the first half of 2024, the company achieved operating revenue of 2.01 billion yuan, a year-on-year decrease of 7.02%, and a net profit attributable to shareholders of 239 million yuan, down 5.16% year-on-year [2][3] - The revenue forecast for 2024-2026 is adjusted to 4.56 billion yuan, 5.32 billion yuan, and 6.18 billion yuan respectively, with net profits projected at 579 million yuan, 709 million yuan, and 873 million yuan [5][6] - The company’s P/E ratios for 2024-2026 are projected to be 12.54, 10.24, and 8.32 respectively, indicating a favorable valuation trend [5][6]