JINGXIN(002020) Ping An Securities·2024-10-27 05:12Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% over the next six months [5][10]. Core Views - The company has shown strong revenue and profit growth, with a reported revenue of 32.09 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.68%. The net profit attributable to shareholders reached 5.75 billion yuan, up 21.66% [6][8]. - The new insomnia drug, Dazisni, is set to launch in March 2024, which is expected to significantly boost sales once included in medical insurance [8][10]. - The company has successfully adjusted its sales structure to enhance its market presence, focusing on both hospital and retail sectors [8]. Financial Summary - Revenue projections for 2024-2026 are set at 43.99 billion yuan, 50.19 billion yuan, and 57.70 billion yuan respectively, with net profit forecasts of 6.98 billion yuan, 8.21 billion yuan, and 9.77 billion yuan [10][13]. - The company reported a gross margin of 51.11% and a net profit margin of 17.92% for the first three quarters of 2024, both showing improvements [8][10]. - The company’s financial ratios indicate a stable growth trajectory, with expected revenue growth rates of 10% in 2024 and 14.1% in 2025 [7][13].