CR Sanjiu(000999) 东方证券·2025-03-18 00:31Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance met expectations, with a projected steady growth for 2025. In 2024, the company achieved a revenue of 27.617 billion yuan, a year-on-year increase of 11.6%, and a net profit attributable to the parent company of 3.368 billion yuan, up 18.1% year-on-year. The company anticipates double-digit growth in revenue and matching net profit growth for 2025 [7][8]. - The Consumer Health Care (CHC) segment showed rapid growth, generating revenue of 12.48 billion yuan, a 14.1% increase, while the prescription drug segment also saw a recovery with a revenue of 6 billion yuan, up 15.0%. Traditional Chinese medicine (Kunming Pharmaceutical) generated 5.2 billion yuan, a 7.3% increase [7][8]. - The company reduced its sales expense ratio, leading to improved profitability. The gross margin for 2024 was 51.9%, a decrease of 1.3 percentage points year-on-year, while the net profit margin reached 13.7%, an increase of 0.9 percentage points year-on-year [7][8]. Financial Summary - The company’s projected financials for 2025 include: - Revenue: 30.299 billion yuan, a 9.7% increase from 2024 - Operating profit: 5.076 billion yuan, a 13.4% increase - Net profit attributable to the parent company: 3.841 billion yuan, a 14.0% increase - Earnings per share: 2.99 yuan [5][8]. - The company’s financial ratios for 2023A to 2027E indicate a stable growth trajectory, with net profit margins expected to rise from 11.5% in 2023 to 13.7% in 2027 [5][8].