SICHUAN HEXIE SHUANGMA CO.(000935) 国泰君安·2024-11-05 23:41Investment Rating - The report maintains a "Buy" rating for Sichuan Shuangma with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3]. Core Views - The acquisition of Shenzhen Jianyuan Medical Technology Co., Ltd. has progressed faster than expected, with the completion of the industrial and commercial change registration within 12 working days [3]. - The company aims to leverage its resources accumulated from its investments in the pharmaceutical sector to drive rapid development for Shenzhen Jianyuan, indicating promising future growth [3]. Summary by Sections Acquisition Progress - On October 21, the company announced its intention to acquire 92% of Shenzhen Jianyuan for 1.596 billion yuan, and by November 5, the registration procedures were completed [3]. - Shenzhen Jianyuan specializes in peptide raw materials and has shown significant profit growth, with operating profits of 89.99 million yuan in 2023 and 82.68 million yuan in the first half of 2024 [3]. Financial Projections - The report forecasts net profits for the parent company of 565 million yuan, 1.196 billion yuan, and 1.518 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.74, 1.57, and 1.99 yuan [3]. Market Data - The stock has a market capitalization of 13.269 billion yuan, with a 52-week price range of 10.20 to 19.98 yuan [4].