Joincare(600380) 湘财证券·2025-03-31 08:50Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][7]. Core Insights - The company is a leader in inhalation formulations, driving a new cycle of innovation through a dual engine of innovative drugs and high-barrier complex formulations. It has successfully transitioned over 30 years, focusing on the respiratory sector and advancing multiple innovative pipelines [4][18]. - The respiratory disease market presents significant clinical demand, particularly for asthma and COPD, which have high prevalence rates and low treatment rates. The industry is poised for innovation with new mechanisms and targets being approved [5][41]. - The company's new product combinations and over-the-counter (OTC) drugs are expected to drive new growth, with a recovery in sales following the impact of centralized procurement [6][30]. Summary by Sections Company Overview - The company has a diversified product matrix across various pharmaceutical sectors, including chemical drugs, biological drugs, traditional Chinese medicine, raw materials, diagnostic reagents, and health products, ensuring steady performance [20][22]. Market Opportunities - The respiratory disease market is characterized by unmet clinical needs, with asthma and COPD being major contributors to global mortality. The company is well-positioned to address these needs with its innovative drug pipeline [41][43]. Innovation and Growth - The company has established a high-barrier complex formulation technology platform, focusing on inhalation formulations. It has successfully launched several products, including the first inhalation antibiotic in China, and is advancing its innovative drug pipeline [4][6][57]. - Revenue forecasts for 2024-2026 indicate a recovery trajectory, with expected revenue growth rates of -5.6%, 4.8%, and 7.1%, respectively, alongside net profit growth rates of -1.6%, 7.5%, and 9.6% [7][9]. Financial Projections - The company anticipates a net profit of 14.2 billion, 15.3 billion, and 16.7 billion yuan for 2024, 2025, and 2026, respectively, with earnings per share (EPS) projected at 0.78, 0.83, and 0.92 yuan [7][9].