TASLY(600535) 浙商证券·2025-02-26 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The company reported a slight decline in revenue for 2024, achieving 8.498 billion yuan, a year-on-year decrease of 2.03%, and a net profit of 956 million yuan, down 10.78% year-on-year. The decline is attributed to challenges in the pharmaceutical commercial sector, but improvements are expected in 2025 due to the normalization of product shipments and synergies with China Resources Sanjiu [7][8]. - The company is advancing its innovation and research capabilities, with a pipeline of 98 products under development, including 33 innovative drugs. The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge and innovation capabilities [7][8]. Financial Summary - Revenue and Profit Forecasts: - 2024: Revenue of 8.498 billion yuan, net profit of 956 million yuan - 2025E: Revenue of 8.994 billion yuan, net profit of 1.099 billion yuan (up 14.97%) - 2026E: Revenue of 9.959 billion yuan, net profit of 1.336 billion yuan (up 21.61%) - 2027E: Revenue of 10.945 billion yuan, net profit of 1.561 billion yuan (up 16.85%) [3][8]. - Earnings Per Share (EPS) Forecasts: - 2024: 0.64 yuan - 2025E: 0.74 yuan - 2026E: 0.89 yuan - 2027E: 1.04 yuan [3][8]. Operational Insights - 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% [7][8]. - The company’s gross margin for 2024 is projected at 67.14%, with a net profit margin of 10.11% [8]. Strategic Developments - The acquisition by China Resources Sanjiu has received approval from the State-owned Assets Supervision and Administration Commission, which is expected to enhance the company's management, marketing, and policy resources, thereby improving its competitive position [7][8].