KPC(600422) 中银国际·2025-03-17 06:05Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company is expected to achieve steady profit growth in 2024, with a strong performance in the fourth quarter. The channel integration is nearly complete, and improvements in quality and efficiency are anticipated [3][7] - The acquisition of a 51% stake in Kunming Huaren Shenghuo Pharmaceutical is a key move to resolve competition issues with Huaren Sanjiu and further expand in the health sector [7] - The company's strategy of "big products + all channels + branding" is progressing, with significant channel integration completed, which is expected to enhance quality and efficiency [7] Financial Summary - The company’s projected revenue for 2025 is estimated at 9.22 billion RMB, with a net profit of 718 million RMB, reflecting a growth rate of 10.8% [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.95 RMB, with corresponding price-to-earnings ratios of 18.1 times [4][6] - The company reported a total revenue of 8.40 billion RMB in 2024, with a net profit of 648 million RMB, marking a year-on-year growth of 19.86% [7]