CCHT(000661) 国金证券·2024-11-21 06:08Investment Rating - Buy (Maintained Rating) [1] Core Views - The company plans to repurchase shares using its own funds and special loans, with a total amount between RMB 300 million and RMB 500 million, at a price not exceeding RMB 160 per share This reflects management's confidence in the company's intrinsic value and long-term development [2] - The repurchased shares will be used for equity incentives or employee stock ownership plans, aiming to enhance the long-term incentive mechanism and promote sustainable development [2] - The company is advancing its R&D pipeline, with several products in Phase III clinical trials, including Leuprorelin Injection for prostate cancer and GenSci098 Injection, a Class 1 biologic [2] - The company aims to optimize its product structure and expand into new areas to diversify its revenue streams and reduce reliance on a single dominant product [2] Financial Forecasts and Valuation - The company's net profit attributable to shareholders is expected to be RMB 3.851 billion (-15%) in 2024, RMB 4.214 billion (+9%) in 2025, and RMB 4.518 billion (+7%) in 2026 [3] - EPS is projected to be RMB 9.57, RMB 10.48, and RMB 11.23 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 12x, 11x, and 10x [3] Historical Financial Performance - Revenue in 2022 was RMB 12.627 billion, growing by 17.5% YoY, while 2023 revenue reached RMB 14.566 billion, a 15.35% increase [7] - Net profit attributable to shareholders in 2022 was RMB 4.140 billion, growing by 10.18% YoY, and in 2023, it reached RMB 4.532 billion, a 9.48% increase [7] - ROE (Return on Equity) was 22.94% in 2022 and 20.53% in 2023, with a projected decline to 15.98% in 2024 [7] Market Sentiment and Analyst Ratings - Over the past six months, there have been 21 "Buy" ratings, 8 "Overweight" ratings, and no "Neutral" or "Reduce" ratings for the company [13] - The market sentiment score is 1.00, indicating a strong "Buy" recommendation based on analyst consensus [14]