TASLY(600535) 信达证券·2025-02-25 08:25Investment Rating - The report assigns a "Buy" rating for Tian Shi Li (600535) based on its stable core assets and growth potential in the pharmaceutical industry [1]. Core Views - The company has shown stable performance despite a slight decline in revenue and net profit in 2024, with total revenue at 8.498 billion yuan, down 2.03% year-on-year, and net profit at 956 million yuan, down 10.78% year-on-year [1][3]. - The pharmaceutical industrial segment achieved revenue of 7.574 billion yuan, a year-on-year increase of 2.06%, while the pharmaceutical commercial segment saw a significant decline of 26.39% to 895 million yuan [3]. - The company is entering a harvest period for its R&D pipeline, with 98 products under development, including 33 innovative drugs, and several products expected to receive regulatory approval in 2025 [6]. Summary by Sections Financial Performance - In 2024, Tian Shi Li reported total revenue of 8.498 billion yuan, with a year-on-year decline of 2.03%. The net profit attributable to shareholders was 956 million yuan, down 10.78% [1][5]. - The gross profit margin for 2024 was 67.1%, slightly up from 66.8% in 2023, indicating stable profitability [5]. - The company’s operating cash flow decreased by 21.78% to 2.015 billion yuan in 2024 [1]. Business Segments - The pharmaceutical industrial segment generated 7.574 billion yuan in revenue, with growth in traditional Chinese medicine and chemical preparations, while the pharmaceutical commercial segment faced a decline [3]. - Key products such as Compound Danshen Dripping Pills and Yangxue Qingnao Granules showed strong sales growth, indicating resilience in core offerings [3]. R&D and Future Outlook - The company has a robust R&D pipeline with 98 products, including 27 in clinical trials and 2 in the production application stage [6]. - Expected product approvals in 2025 include several innovative drugs, which are anticipated to enhance revenue growth [6]. - The report forecasts revenue growth to 9.051 billion yuan in 2025, with net profit projected to reach 1.186 billion yuan, reflecting a recovery trajectory [5][6].