XJZY(002332) 中泰证券·2024-10-28 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Insights - The company's performance is in line with expectations, showing a continuous improvement trend. The revenue for Q3 2024 was 1.099 billion yuan, a year-on-year decrease of 1.80%, while the net profit attributable to the parent company was 190 million yuan, an increase of 12.17% year-on-year [2][3]. - The company is expected to maintain a positive growth trajectory into 2025, driven by the release of new products and a recovery in demand for its raw materials [2][3]. - The company is positioned as a leading integrated player in the steroid hormone sector, with risks from centralized procurement gradually alleviating and new product launches anticipated [3][12]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 4.304 billion yuan in 2024, 4.784 billion yuan in 2025, and 5.454 billion yuan in 2026, reflecting year-on-year growth rates of 4.38%, 11.15%, and 14.01% respectively [1][3]. - Net Profit Forecast: The net profit attributable to the parent company is expected to be 678 million yuan in 2024, 821 million yuan in 2025, and 1.006 billion yuan in 2026, with growth rates of 20.49%, 21.05%, and 22.47% respectively [1][3]. - Earnings Per Share (EPS): The EPS is projected to be 0.69 yuan in 2024, 0.83 yuan in 2025, and 1.02 yuan in 2026 [1][3]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 19.94 in 2024 to 11.16 in 2026, while the price-to-book (P/B) ratio is projected to decline from 1.94 to 1.49 over the same period [1][3]. Business Segment Performance - Formulations: The core product, mometasone furoate nasal spray, is experiencing rapid growth, and new products are being launched successfully [2][3]. - Active Pharmaceutical Ingredients (APIs): The company is focusing on stabilizing prices and expanding into high-end markets for its APIs, with expectations of demand recovery [2][3]. - Research and Development: The company is increasing its R&D investment, which is expected to enhance its product pipeline and support future growth [2][3].