KPC(600422) 东吴证券·2025-03-14 11:42Investment Rating - The report maintains a "Buy" rating for Kunming Pharmaceutical Group [1] Core Views - The company achieved a revenue of 84.01 billion yuan in 2024, a slight decline of 0.34% year-on-year, while the net profit attributable to shareholders increased by 19.86% to 6.48 billion yuan [8] - The core products are gradually gaining traction, with significant growth in key therapeutic areas such as anti-malarial products and gynecological series [8] - The company is actively expanding its market presence through brand development and channel enhancement, aiming for comprehensive coverage in both hospital and retail sectors [8] Financial Summary - Revenue Forecast: - 2023A: 84.30 billion yuan - 2024A: 84.01 billion yuan - 2025E: 92.49 billion yuan - 2026E: 102.76 billion yuan - 2027E: 114.30 billion yuan - Year-on-Year Growth: 2024A (-0.34%), 2025E (10.09%), 2026E (11.10%), 2027E (11.23%) [1][9] - Net Profit Forecast: - 2023A: 540.71 million yuan - 2024A: 648.08 million yuan - 2025E: 744.95 million yuan - 2026E: 892.70 million yuan - 2027E: 1,102.52 million yuan - Year-on-Year Growth: 2024A (19.86%), 2025E (14.95%), 2026E (19.83%), 2027E (23.50%) [1][9] - Earnings Per Share (EPS): - 2023A: 0.71 yuan - 2024A: 0.86 yuan - 2025E: 0.98 yuan - 2026E: 1.18 yuan - 2027E: 1.46 yuan [1][9] - Price-to-Earnings Ratio (P/E): - 2024A: 20.09 - 2025E: 17.48 - 2026E: 14.58 - 2027E: 11.81 [1][9]