JZYY(SH:600750) Great Wall Securities·2024-10-24 02:40Investment Rating - The report maintains a "Buy" rating for Jiangzhong Pharmaceutical, with an expected price increase of 5% to 15% relative to the industry index over the next six months [8]. Core Views - The report highlights the confidence in the company's long-term development, as evidenced by the controlling shareholder's plan to increase their stake in the company, with a total investment amount between 60 million and 120 million RMB [2]. - Jiangzhong Pharmaceutical is recognized as a high-dividend and quality OTC enterprise focusing on the gastrointestinal field, with plans for category expansion and channel enhancement to drive revenue growth [2]. - The company is expected to achieve revenues of 4.275 billion, 4.756 billion, and 5.425 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 795 million, 902 million, and 1.038 billion RMB [2]. Financial Summary - Revenue for 2022 was 3.885 billion RMB, with a year-on-year growth rate of 35.2%. The forecast for 2023 is 4.390 billion RMB, reflecting a growth rate of 13.0%, followed by a slight decline to 4.275 billion RMB in 2024 [1]. - The net profit attributable to the parent company for 2022 was 598 million RMB, with a growth rate of 18.3%. The forecast for 2023 is 708 million RMB, with a growth rate of 18.4%, and is expected to reach 795 million RMB in 2024, reflecting a growth rate of 12.3% [1]. - The report projects a return on equity (ROE) of 17.6% for 2024, increasing to 18.3% by 2026 [1].