TASLY(600535) 东方证券·2025-04-03 08:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY based on a 21x PE valuation for 2025 [2][5]. Core Insights - The company has shown stable performance, with a slight decline in revenue for 2024 but a projected recovery in the following years. The revenue is expected to grow from 8.498 billion CNY in 2024 to 10.248 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4][9]. - The company is focusing on product innovation and has a robust pipeline with 98 products under development, including two classic traditional Chinese medicine formulations that are in the production application stage [9]. - The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge through improved management and marketing resources [9]. Financial Summary - Revenue for 2023 was 8.674 billion CNY, with a slight decrease to 8.498 billion CNY in 2024, followed by an increase to 9.069 billion CNY in 2025 [4]. - The net profit attributable to the parent company is projected to recover from 956 million CNY in 2024 to 1.423 billion CNY by 2027, with a significant growth rate of 17.6% in 2025 [4]. - The company's gross margin is expected to remain stable around 66.5% to 66.7% from 2025 to 2027, indicating consistent profitability [4].