KPC(600422) Huafu Securities·2025-03-18 07:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][22]. Core Views - The company achieved a revenue of 8.4 billion yuan in 2024, reflecting a 9.1% increase compared to the previous year, while the net profit attributable to shareholders reached 650 million yuan, marking a 45.7% increase [2][3]. - The acquisition of a 51% stake in China Resources Shenghuo is expected to enhance the company's operational capabilities and market position, contributing to historical highs in net profit and net profit after deducting non-recurring items [3][6]. - The company is focusing on developing strong single products and nurturing high-growth potential products, leveraging the resources and capabilities of China Resources [5][6]. Financial Performance Summary - In 2024, the company reported a revenue of 8.4 billion yuan, with a net profit of 650 million yuan, and a net profit after deducting non-recurring items of 420 million yuan, showing a year-on-year increase of 25.1% [2][4]. - The revenue from oral dosage products was 3.69 billion yuan, a 1.2% increase year-on-year, while injection products saw a significant decline in revenue to 540 million yuan, down 49.1% [4]. - The company forecasts revenues of 9.29 billion yuan, 10.3 billion yuan, and 11.49 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 11% for both 2025 and 2026, and 12% for 2027 [6][7]. Product Performance - The main products include: 1. Blood-activating injection (freeze-dried) saw a 54.7% drop in sales due to medical insurance payment policy impacts 2. Tianma injection liquid experienced a 12.9% increase in sales in procurement areas and grade hospitals 3. Blood-activating soft capsules reported an 11.3% increase in sales [4][5]. - The company is actively enhancing its product pipeline, with successful evaluations for several products in the neurology and chronic disease sectors [5][6].