QianJin Pharmaceutical(600479) 华福证券·2024-08-29 14:01Investment Rating - The report maintains a "Buy" rating for Qianjin Pharmaceutical, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [2][10]. Core Views - Qianjin Pharmaceutical's H1 2024 performance is stable, with a slight pressure in Q2. The company achieved a revenue of 1.924 billion yuan, a year-on-year increase of 0.6%, and a net profit of 118 million yuan, up 0.87% year-on-year [1]. - The company plans to acquire Qianjin Xiangjiang and Qianjin Xieli to achieve resource integration, focusing on its strengths in the pharmaceutical industry [1]. - The strategic plan for 2024-2031 aims to establish Qianjin Pharmaceutical as a leading brand in women's health, targeting a revenue of 8 billion yuan by the end of 2031 [1]. Financial Performance Summary - For H1 2024, the Chinese medicine segment generated 484 million yuan in revenue, a 1.46% increase, while the chemical medicine segment saw revenue of 451 million yuan, an 8.37% increase [1]. - The revenue forecast for 2024, 2025, and 2026 is projected at 4.069 billion yuan, 4.368 billion yuan, and 4.700 billion yuan, respectively, with growth rates of 7%, 7%, and 8% [2][6][7]. - Net profit estimates for the same years are 340 million yuan, 360 million yuan, and 386 million yuan, with growth rates of 6%, 6%, and 7% [2][6][7]. Strategic Planning - The strategic outline released on May 20, 2024, emphasizes the goal of entering the top 100 pharmaceutical companies in China, with a focus on high-quality development in pharmaceutical commerce and establishing a strong regional brand in health products [1]. - The company aims to leverage the "Qianjin" brand's influence and enhance its marketing and operational advantages to achieve significant growth [1].