KPC(SH:600422) Xinda Securities·2025-03-12 08:23Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral medication segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2] - The company’s oral medication revenue reached 3.693 billion yuan in 2024, marking an 8.15% increase year-on-year, while the injection segment revenue fell by 49.09% to 539 million yuan [3] - The company anticipates a double-digit revenue growth in 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] Business Segment Analysis - The blood clotting series products showed robust growth, with the sales volume of blood clotting soft capsules increasing by 11.27% to 1.584 billion capsules in 2024 [3] - The company’s wholesale and retail business generated 3.655 billion yuan in revenue, reflecting a 6.07% year-on-year increase [3] - The company is focusing on enhancing its distribution channels through the Kun Pharmaceutical business model, which aims to improve the coverage of core products in retail terminals [5][6]