Joincare(SH:600380) EBSCN·2025-03-26 11:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [7]. Core Views - The company is experiencing fluctuations in inhalation formulation revenues, but there is optimism for growth driven by the gradual increase in sales of key products such as Tobramycin and others [3][4]. - The company is advancing its innovation strategy, focusing on "mechanism innovation + multi-indication coverage," with developments in anti-infection, respiratory, and analgesic areas [4]. - The approval of new products, such as the progesterone injection for assisted reproductive technology, is expected to contribute significantly to revenue growth [2]. Summary by Sections Revenue and Sales Performance - In the first three quarters of 2024, the sales revenue from respiratory formulations was 799 million yuan, a year-on-year decrease of 28.18% [3]. - The decline in inhalation product revenue is attributed to slow sales growth in ICU departments and the impact of centralized procurement policies on other products [3]. Research and Development - The company is actively investing in R&D, with a focus on innovative drugs and complex formulations, including the anti-influenza drug TG-1000, which is expected to be approved in the second half of 2025 [4]. - The company is also developing a Nav1.8 sodium channel inhibitor for pain management, currently in clinical phase I, emphasizing safety research [2][4]. Profit Forecast and Valuation - The projected net profits for the company from 2024 to 2026 are 1.443 billion, 1.599 billion, and 1.764 billion yuan, respectively, with corresponding EPS of 0.77, 0.87, and 0.96 yuan [4][6]. - The P/E ratios for the same period are forecasted to be 14, 13, and 12 times, reflecting the company's leading position in the inhalation formulation sector and the expected growth of its core products [4][6].