CR Sanjiu(000999) 国联民生证券·2025-03-17 05:21Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a steady growth in performance, showcasing strong resilience as a leading enterprise [2] - In 2024, the company achieved revenue of 27.617 billion yuan, a year-on-year increase of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [5][13] - The self-care (CHC) business revenue reached 12.482 billion yuan, growing 14.13% year-on-year, while prescription drug revenue was 6.006 billion yuan, increasing 15.04% year-on-year [14] - The company expects double-digit growth in both revenue and profit for 2025, with projected revenues of 30.685 billion yuan and net profits of 3.792 billion yuan [15][16] Summary by Sections Financial Performance - In Q4 2024, the company recorded revenue of 7.876 billion yuan, a year-on-year increase of 28.47%, but net profit decreased by 9.39% to 408 million yuan [5][13] - The company anticipates a capital expenditure of approximately 1 billion yuan for ongoing fixed asset projects [15] Business Segments - The CHC business continues to strengthen its market position in core categories such as cold and gastrointestinal products, while the prescription drug segment shows recovery in the formula granule business [14] - Traditional Chinese medicine revenue reached 5.213 billion yuan, growing 7.33% year-on-year, with a focus on the Sanqi industry chain and brand innovation [14] Future Projections - Revenue projections for 2025-2027 are 30.685 billion yuan, 33.974 billion yuan, and 37.477 billion yuan, with corresponding growth rates of 11.11%, 10.72%, and 10.31% [16][17] - The expected earnings per share (EPS) for 2025 is 2.95 yuan, with a three-year compound annual growth rate (CAGR) of 12.97% [16]