TASLY(600535) 开源证券·2025-02-26 03:15Investment Rating - The investment rating for Tian Shi Li (600535.SH) is maintained at "Buy" [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a decrease of 2.03% year-on-year, with a net profit attributable to shareholders of 956 million yuan, down 10.78% year-on-year [5] - The company is expected to see a gradual recovery in revenue and profit, with projected net profits of 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan for 2025, 2026, and 2027 respectively [5] - The company maintains a strong position in traditional Chinese medicine research and development, with ongoing innovation in its product pipeline [7] Financial Summary - Revenue for 2024 is projected at 84.98 billion yuan, with a gross margin of 67.14% and a net margin of 10.11% [5][9] - The company’s earnings per share (EPS) are forecasted to be 0.79 yuan, 0.87 yuan, and 0.97 yuan for 2025, 2026, and 2027 respectively [5][9] - The price-to-earnings (P/E) ratio is expected to be 18.4, 16.7, and 15.0 for the years 2025, 2026, and 2027 respectively [5][9] Product Performance - Cardiovascular products generated revenue of 5.593 billion yuan, an increase of 4.23%, while oncology products saw a revenue increase of 19.91% to 227 million yuan [6] - The company is advancing its innovative traditional Chinese medicine products, with several in the clinical trial stages [7] Research and Development - The company is actively pursuing innovation in traditional Chinese medicine, with three products in the production application stage and 17 products in clinical II and III phases [7] - The expansion of indications for its biological drugs is also underway, indicating a robust pipeline for future growth [7]