ZBD(603567) 国盛证券·2024-11-11 00:41Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company experienced short-term pressure on its third-quarter performance, with a revenue of 3.67 billion yuan, down 26.33% year-on-year, and a net profit of 0.04 billion yuan, down 96.1% year-on-year. However, the overall net profit for the first three quarters increased by 83.2% year-on-year to 4.0 billion yuan [1][3]. - The company is focusing on the cardiovascular and respiratory systems, with key products like blood-sealing injections and capsules. The recent national centralized procurement is expected to enhance market share and sales channels [2][3]. - The company is adopting a cautious strategy in its traditional Chinese medicine trade to mitigate risks from price fluctuations, aiming to improve profitability through better supply chain management [3]. Financial Summary - For 2024-2026, the company's projected net profits are 6.43 billion yuan, 9.18 billion yuan, and 12.23 billion yuan, with corresponding growth rates of 36%, 43%, and 33% respectively. The price-to-earnings ratios are projected at 17.8X, 12.4X, and 9.3X [3][4]. - The company's revenue for 2024 is estimated at 3.45 billion yuan, with a growth rate of 10.1%, and is expected to reach 6.7 billion yuan by 2026, reflecting a growth rate of 31.9% [4][10]. - The earnings per share (EPS) are projected to increase from 0.68 yuan in 2024 to 1.30 yuan in 2026 [4][10].