Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 29.59 yuan and a target price range of 30.60 to 40.80 yuan per share based on a projected P/E ratio of 15-20 times for 2025 [1][7]. Core Insights - The company has shown strong growth in its brand operation business, leading to a significant increase in profits. For the first three quarters of 2024, the company achieved a revenue of 6.144 billion yuan, up 2.65% year-on-year, and a net profit attributable to shareholders of 641 million yuan, up 17.42% year-on-year [5][6]. - The company completed the acquisition of a 60.199% stake in Baiyang Pharmaceutical, enhancing its product portfolio and growth potential in the future [6][7]. - The report forecasts a steady increase in revenue and net profit over the next three years, with expected net profits of 8.51 billion yuan, 10.70 billion yuan, and 13.25 billion yuan for 2024, 2025, and 2026 respectively [6][7]. Financial Summary - The company's main revenue sources and financial metrics are as follows: - Main revenue (billion yuan): 75.10 (2022), 75.64 (2023), 84.64 (2024E), 93.43 (2025E), 105.18 (2026E) [4]. - Net profit attributable to shareholders (billion yuan): 5.02 (2022), 6.56 (2023), 8.51 (2024E), 10.70 (2025E), 13.25 (2026E) [4]. - Earnings per share (EPS): 0.96 (2022), 1.25 (2023), 1.62 (2024E), 2.04 (2025E), 2.52 (2026E) [4]. - The company’s P/E ratio is projected to decrease from 30.98 in 2022 to 11.74 in 2026, indicating improving valuation [4][8].
百洋医药：品牌运营业务增长较快，盈利水平持续提升