TASLY(600535) 光大证券·2025-03-03 07:51Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 8.498 billion, 0.956 billion, and 1.036 billion yuan respectively in 2024, showing a year-on-year decline of 2.03%, 10.78%, and 12.31% [1] - The decline in net profit excluding non-recurring items is primarily due to price reductions of certain products and a provision for impairment losses on development expenses amounting to 193 million yuan [2] - The company’s gross margin increased by 0.35 percentage points to 67.14%, despite a decline in the industrial gross margin due to product price reductions [3] - The company has a robust pipeline of innovative drugs, with 98 products under development, including 33 Class 1 innovative drugs [4] - Following the potential share transfer agreement with China Resources Sanjiu, the company is expected to enhance its innovation capabilities and competitive edge [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.498 billion yuan, a decrease of 2.03% year-on-year, with a net profit of 956 million yuan, down 10.78% [1] - The cash flow from operating activities was 2.015 billion yuan, a decline of 21.78% year-on-year [1] - The company’s gross margin was 67.14%, with the industrial and commercial gross margins showing a decline and increase respectively [3] Product and Market Analysis - The pharmaceutical industrial revenue grew by 2.06% to 7.574 billion yuan, while the pharmaceutical commercial revenue fell by 26.39% to 895 million yuan [2] - The revenue from traditional Chinese medicine, chemical preparations, and biological drugs showed positive growth rates of 0.88%, 8.62%, and 1.06% respectively [2] Research and Development - The company invested 1.039 billion yuan in R&D in 2024, maintaining its leading position in traditional Chinese medicine research [4] - The company has 98 products in the pipeline, with 27 in clinical trials and 22 in clinical phases II and III [4] Future Outlook - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.150 billion and 1.245 billion yuan, reflecting a decrease of 14% and 17% respectively from previous estimates [4] - The expected net profit for 2027 is projected to be 1.399 billion yuan, indicating a growth of 20% year-on-year [4]