SICHUAN HEXIE SHUANGMA CO.(000935) 国泰君安·2024-10-23 05:37Investment Rating - The report maintains a "Buy" rating with a target price of 23.70 CNY, corresponding to a 32x P/E for 2024 [4][5]. Core Insights - The company is acquiring 92% of Shenzhen JianYuan Pharmaceutical Technology Co., which is expected to enhance its profitability and capitalize on growth opportunities in the biopharmaceutical sector [3][4]. - The acquisition aligns with the company's strategic plan to invest in high-potential enterprises with strong cash flow and disruptive technologies [4]. - Shenzhen JianYuan is recognized for its scale advantages in peptide raw materials, with a promising business outlook and rapid profit growth [4]. Financial Summary - The adjusted net profit forecasts for 2024-2026 are 565 million CNY, 1.196 billion CNY, and 1.518 billion CNY, respectively, with corresponding EPS of 0.74 CNY, 1.57 CNY, and 1.99 CNY [4][12]. - The company's total market capitalization is approximately 13.032 billion CNY, with a current share price of 18.78 CNY [6][5]. - The projected revenue for 2024 is 1.193 billion CNY, reflecting a decrease of 2.2% from the previous year, but expected to grow significantly in subsequent years [12].