Jiangsu wuzhong(600200) EBSCN·2025-01-15 10:47Investment Rating - The report upgrades the investment rating of Jiangsu Wuzhong to "Buy" [8] Core Views - The approval of the raw material drug, AestheFill, marks a significant step forward for the company's medical aesthetics business, with a reported revenue increase of 4175% year-on-year in the medical aesthetics segment [7][8] - The pharmaceutical business is solidifying its foundation with the approval of the raw material drug, which is now included in the medical insurance category, enhancing the product pipeline [6][8] - The company is focusing on high-end generic drugs and has a robust pipeline of medical aesthetics products, indicating strong growth potential [7][8] Summary by Sections Company Overview - Jiangsu Wuzhong's total share capital is 712 million shares, with a total market value of 6.36 billion yuan [1] - The stock price has fluctuated between 6.90 and 13.88 yuan over the past year [1] Financial Performance - Revenue for 2024 is projected at 2.45 billion yuan, with a growth rate of 9.52%, and expected to rise to 3.22 billion yuan in 2025, reflecting a growth rate of 31.36% [10] - The net profit is forecasted to be 329 million yuan in 2025, a significant increase from 78 million yuan in 2024 [10] Earnings Forecast - The earnings per share (EPS) is expected to be 0.11 yuan in 2024, increasing to 0.46 yuan in 2025 and 0.57 yuan in 2026 [10] - The price-to-earnings (P/E) ratio is projected to decrease from 82 in 2024 to 19 in 2025 and further to 16 in 2026, indicating improved valuation [10] Business Segments - The medical aesthetics segment's revenue for the first three quarters of 2024 reached 199 million yuan, with significant growth expected in 2025 due to increased market penetration [7][8] - The pharmaceutical segment is expanding with multiple product approvals and a focus on high-margin products, enhancing overall profitability [6][8]