TASLY(600535) 信达证券·2025-02-25 08:23Investment Rating - The report assigns a "Buy" rating for Tian Shili (600535) based on its stable core assets and growth potential in the pharmaceutical industry [3]. Core Insights - The company reported a revenue of 8.498 billion yuan in 2024, a decrease of 2.03% year-on-year, and a net profit attributable to shareholders of 956 million yuan, down 10.78% year-on-year [3][6]. - Despite the decline in overall revenue, the pharmaceutical manufacturing segment achieved a revenue of 7.574 billion yuan, growing by 2.06% year-on-year, indicating resilience in core operations [3][6]. - The company is entering a harvest period for its R&D pipeline, with 98 products under development, including 33 innovative drugs, which positions it as a leading innovative modern Chinese medicine enterprise [6]. Financial Performance Summary - In 2024, the company faced a significant asset impairment loss of 231 million yuan, primarily due to the underperformance of the Amimodipine project, which led to a full impairment provision of 163 million yuan [3][6]. - The forecast for 2025-2027 indicates expected revenues of 9.051 billion yuan, 9.739 billion yuan, and 10.521 billion yuan, respectively, with net profits projected at 1.186 billion yuan, 1.308 billion yuan, and 1.447 billion yuan [5][6]. - The gross profit margin is expected to remain stable, with a slight increase from 67.1% in 2024 to 67.5% in 2027 [5][6]. Business Segment Analysis - The pharmaceutical manufacturing segment's revenue breakdown shows that traditional Chinese medicine generated 6.024 billion yuan, growing by 0.88%, while chemical preparations saw an 8.62% increase to 1.307 billion yuan [3][6]. - The cardiovascular segment achieved a revenue of 5.593 billion yuan, up 4.23%, while the oncology segment grew by 19.91% to 228 million yuan [3][6]. R&D Pipeline and Future Outlook - The company is focusing on accelerating the registration of six key products in 2025, including traditional Chinese medicine formulations and innovative drugs [6]. - The collaboration with China Resources Sanjiu is expected to enhance the company's development prospects and operational efficiency [3][6].