CR Sanjiu(000999) 东吴证券·2025-03-16 17:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 27.617 billion yuan in 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% [8] - The CHC (Consumer Health Care) business showed steady growth with a revenue of 12.482 billion yuan, increasing by 14.13%, while the prescription drug business also performed well with a revenue of 6.006 billion yuan, up 15.04% [8] - The company is pursuing strategic acquisitions, including a planned acquisition of 28% of Tian Shi Li, which has received approval from the State-owned Assets Supervision and Administration Commission [8] Financial Performance Summary - Total revenue forecast for 2024 is 27.617 billion yuan, with a projected growth rate of 11.63% [9] - The net profit attributable to shareholders is expected to reach 3.368 billion yuan in 2024, with a growth rate of 18.05% [9] - The earnings per share (EPS) for 2024 is projected at 2.62 yuan, with a price-to-earnings (P/E) ratio of 15.98 [9] Business Segment Performance - CHC business revenue is expected to grow steadily, while the prescription drug segment is also anticipated to show positive trends [8] - The traditional Chinese medicine segment reported a revenue of 5.213 billion yuan, reflecting a growth of 7.33% [8] - The gross margin for the CHC business is 60.86%, while the prescription drug segment has a gross margin of 47.51% [8]