TASLY(600535) Minsheng Securities·2024-10-28 00:09Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4]. Core Views - The company reported a revenue of 6.463 billion yuan for the first three quarters of 2024, a year-on-year decline of 1.66%, and a net profit attributable to shareholders of 842 million yuan, down 18.41% year-on-year [2]. - The decline in net profit is primarily due to losses from changes in the fair value of financial assets held by the company and a decrease in gross profit from some products due to price reductions [2]. - Despite the challenges, the traditional Chinese medicine segment continues to show steady growth, with a 2.18% increase in pharmaceutical industrial revenue, although the pharmaceutical commercial revenue saw a significant decline of 25.36% [2]. - The report anticipates that the cardiovascular treatment sector will continue to grow steadily, driven by the promotion of new indications and the digestion of price reduction factors [2]. Financial Forecasts - The company is expected to achieve revenues of 8.767 billion yuan, 9.450 billion yuan, and 10.281 billion yuan for the years 2024, 2025, and 2026, representing year-on-year growth rates of 1.1%, 7.8%, and 8.8% respectively [3][5]. - The net profit attributable to shareholders is projected to be 1.030 billion yuan, 1.283 billion yuan, and 1.484 billion yuan for the same years, with growth rates of -3.8%, 24.6%, and 15.6% respectively [3][5]. - The report indicates a price-to-earnings (PE) ratio of 22, 18, and 15 for the years 2024, 2025, and 2026 [3][5]. Revenue Breakdown - The pharmaceutical industrial revenue grew by 0.51% for traditional Chinese medicine products, while chemical preparations and biological drugs saw increases of 11.08% and 0.55% respectively [2]. - The cardiovascular treatment area, despite the price drop of the core product, experienced a revenue growth of 3.54% [2].