ZUO LI YAO YE(300181) 信达证券·2025-03-11 02:02Investment Rating - The report assigns a "Buy" rating for Zuo Li Pharmaceutical (300181) based on its strong growth prospects and market positioning [1]. Core Views - Zuo Li Pharmaceutical is expected to achieve significant revenue growth driven by its core products, including Wu Ling capsules, Ling Ze tablets, and Bai Ling series, alongside new business contributions from traditional Chinese medicine [1][3][4]. - The company anticipates a revenue of 2.58 billion yuan for 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, reflecting a growth of 31.79% [1][6]. Summary by Sections Business Performance - Wu Ling capsules are projected to become a major product with a market size of 2 billion yuan, leveraging its status as a national essential medicine and expanding hospital coverage [3]. - Ling Ze tablets are also expected to reach a scale of 1 billion yuan through accelerated promotion in medical institutions [3]. - Bai Ling series products are showing strong sales synergy, with Bai Ling capsules and tablets experiencing a sales volume increase of 15.25% and a sales value decrease of 7.23% due to price reductions from centralized procurement [4]. Financial Forecast - The company forecasts a revenue of 3.06 billion yuan and a net profit of 653 million yuan for 2025, with an EPS of 0.93 yuan [6][7]. - The projected growth rates for net profit from 2025 to 2027 are set at no less than 30%, 66%, and 110%, respectively, indicating a compound annual growth rate of around 30% [4]. New Business Contributions - The revenue from traditional Chinese medicine segments, including herbal pieces and formula granules, is expected to grow significantly, with herbal pieces increasing by 45.82% and formula granules by 145.34% year-on-year [4][5]. - The company has established over 100 cooperative herbal planting bases across the country, enhancing its supply chain and product offerings [5].