KPC(SH:600422) Xinda Securities·2025-03-12 07:39Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in oral medications, while injections saw a significant decline due to policy adjustments [3] - The construction of the Kun Pharmaceutical business model is expected to yield significant results, improving channel efficiency and market reach [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, while the net profit attributable to shareholders was 648 million yuan, reflecting a 19.86% increase [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] - Key financial metrics for 2024 include a gross margin of 43.5% and a return on equity (ROE) of 12.3% [7] Business Segment Performance - The oral medication segment generated 3.693 billion yuan in revenue, marking an 8.15% year-on-year increase, while the injection segment saw a 49.09% decline, with revenues of 539 million yuan [3] - The blood-activating series products, particularly the oral formulations, showed robust growth, with sales of blood-activating soft capsules reaching 1.584 billion units, a year-on-year increase of 11.27% [3] Strategic Initiatives - The company is actively participating in national and provincial centralized procurement initiatives, which is expected to stabilize product supply prices and enhance market penetration [4] - The Kun Pharmaceutical business model aims to improve the efficiency of distribution channels and increase product accessibility across various medical institutions [5][6]