TASLY(SH:600535) Guolian Securities·2024-08-27 03:43Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The pharmaceutical industry is experiencing steady growth, and the entry of China Resources may empower high-quality development for the company [7] - The company reported a revenue of 4.372 billion yuan for the first half of 2024, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 0.662 billion yuan, down 6.33% year-on-year [11] - The company’s pharmaceutical industrial revenue reached 3.896 billion yuan in H1 2024, an increase of 4.55% year-on-year, with the modern Chinese medicine segment contributing 3.121 billion yuan, up 3.53% year-on-year [11] Financial Performance Summary - For Q2 2024, the company achieved a revenue of 2.323 billion yuan, a year-on-year increase of 0.68%, while the net profit attributable to shareholders was 0.367 billion yuan, down 17.04% year-on-year [11] - The company’s net profit forecast for 2024-2026 is expected to be 1.183 billion yuan, 1.338 billion yuan, and 1.479 billion yuan respectively, with year-on-year growth rates of 10.46%, 13.08%, and 10.57% [12] - The company’s earnings per share (EPS) for the same period is projected to be 0.79 yuan, 0.90 yuan, and 0.99 yuan [12] Strategic Developments - In August 2024, the company announced that its controlling shareholder, Tian Shili Group, would transfer 28% of its shares to China Resources Sanjiu, which may enhance the company's management, marketing, and policy resource advantages [11] - The partnership is expected to strengthen the company's position as a leader in modern Chinese medicine research and development, improving its competitive edge in distribution channels [11]