TASLY(600535) KAIYUAN SECURITIES·2024-10-29 13:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on its performance in the first three quarters of 2024, with revenue of 6.463 billion yuan (down 1.66% year-on-year) and a net profit attributable to shareholders of 842 million yuan (down 18.41% year-on-year). The company maintains a positive outlook for future growth in collaboration with China Resources Sanjiu [3][4] - The pharmaceutical industrial segment showed stable growth, with traditional Chinese medicine revenue at 4.578 billion yuan (up 0.51%), and cardiovascular products continuing to grow, generating 4.240 billion yuan (up 3.54%) [4] Financial Performance Summary - For Q1-Q3 2024, the gross margin was 66.80% (down 0.05 percentage points), and the net profit margin was 12.81% (down 2.41 percentage points) [3] - The company adjusted its profit forecast for 2024-2026, expecting net profits of 1.028 billion yuan, 1.208 billion yuan, and 1.376 billion yuan respectively, with corresponding EPS of 0.69, 0.81, and 0.92 yuan per share [3][6] - The current stock price corresponds to P/E ratios of 21.9, 18.6, and 16.4 for the years 2024, 2025, and 2026 respectively [3][6] Product Segment Performance - The pharmaceutical industrial segment's revenue breakdown includes: - Traditional Chinese medicine: 4.578 billion yuan (up 0.51%) - Chemical preparations: 0.967 billion yuan (up 11.08%) - Chemical raw materials: 0.047 billion yuan (up 4.48%) - Biological drugs: 0.144 billion yuan (up 0.55%) - The pharmaceutical commercial segment reported revenue of 0.678 billion yuan (down 25.36%) [4] Marketing and Innovation - The company is enhancing its marketing strategies by deepening product scientific connotations and advancing real-world research and evidence-based medicine studies. In H1 2024, seven new products were added to 13 guidelines and consensus documents [5] - The marketing network is leveraging national platforms to promote its products, particularly in the cardiovascular field, establishing a foundation for multi-product cross-disciplinary development [5]