ZUO LI YAO YE(300181) 湘财证券·2025-03-19 09:46Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has demonstrated steady growth in performance, with significant price-volume effects [1] - The core product series, Wuling, has maintained robust growth, with stable procurement prices and a vast market in grassroots medical terminals [3][4] - The Bailing series has been selected in the national traditional Chinese medicine procurement, which is expected to achieve volume growth through price adjustments [5] - The company's "one body, two wings" strategy has shown clear effects, forming new growth drivers in the performance [7] - The company benefits from favorable policies supporting traditional Chinese medicine, which enhances the growth potential of its core products and newly developed herbal medicine segments [8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% [2] - The company expects revenue for 2024-2026 to be 2.60 billion, 3.21 billion, and 3.81 billion yuan respectively, with net profits of 534 million, 713 million, and 912 million yuan [9][12] Product Performance - The Wuling series, including Wuling capsules, has seen a revenue increase of 17.14% in 2024, with significant sales growth in both volume and revenue for its products [3][4] - The Bailing series, including Bailing tablets and capsules, is expected to recover sales due to successful procurement selections, despite a short-term revenue decline due to price reductions [5] Market Strategy - The company is actively developing Wuling capsules for treating mild cognitive impairment (MCI) in elderly patients, enhancing its market positioning [4] - The marketing strategy has been upgraded, showing positive effects on sales and market reach [8]