ZBD(SH:603567) GOLDEN SUN SECURITIES·2025-01-14 03:10Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has 14 product specifications expected to be selected for the national Chinese medicine procurement, which is anticipated to continuously expand its market share [1][2] - The selected products have strong competitive advantages in the cardiovascular, antiviral, and respiratory disease medication fields, which will help the company consolidate its market position and enhance profitability [2] - The company aims to adjust its product and sales channel structure to increase the proportion of oral products to over 50% and strengthen coverage in county and grassroots medical institutions [3] Financial Forecast and Performance - The projected net profits for the company from 2024 to 2026 are expected to be CNY 491 million, CNY 613 million, and CNY 758 million, with corresponding growth rates of 3.8%, 24.8%, and 23.7% [3] - The company's revenue for 2024 is estimated at CNY 3.055 billion, with a year-on-year decline of 2.7%, followed by a recovery in 2025 with a projected revenue of CNY 3.78 billion, reflecting a growth rate of 23.7% [4] - The earnings per share (EPS) for 2024 is expected to be CNY 0.52, increasing to CNY 0.65 in 2025 and CNY 0.80 in 2026 [4] Market Position and Strategy - The company is expected to benefit from the normalization and institutionalization of national procurement reforms, providing more market space for its selected high-quality traditional Chinese medicine products [2] - The company plans to enhance its operational strength by increasing the sales contribution from oral products and improving its sales structure to adapt to industry changes [3]