JINGXIN(002020) Guotai Junan Securities·2024-10-27 01:23Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company shows improved profitability with a revenue increase of 9.68% year-on-year to 3.209 billion yuan for the first three quarters of 2024, and a net profit increase of 21.66% to 575 million yuan [3]. - The commercialization of the innovative drug Dazsini is progressing, with over 200 hospitals developed by the first half of 2024 [3]. - The report projects continued revenue growth, with EPS forecasts raised for 2024-2026 to 0.86, 0.97, and 1.13 yuan respectively [3]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 51.11%, a slight increase from the previous year, while the sales expense ratio decreased by 5.95 percentage points to 18.31% [3]. - The net profit margin for the first three quarters improved to 18.09%, up 1.82 percentage points year-on-year [3]. - The company’s total revenue for 2024 is expected to reach 4.368 billion yuan, reflecting a growth rate of 9.2% [9]. Market Data - The current stock price is 12.51 yuan, with a target price raised to 15.52 yuan from the previous 13.67 yuan [4][5]. - The company has a total market capitalization of 10.771 billion yuan [5]. Valuation Metrics - The report assigns a PE ratio of 16x for 2025, indicating a favorable valuation compared to peers [3][10]. - The company’s net asset value per share is 6.77 yuan, with a current price-to-book ratio of 1.8 [6].