JINGXIN(002020) 平安证券·2025-04-06 10:45Investment Rating - The report maintains a "Recommended" rating for Jingxin Pharmaceutical (002020.SZ) [1][9] Core Views - The company has exceeded profit expectations with a total operating revenue of 4.159 billion yuan, up 3.99%, and a net profit attributable to shareholders of 712 million yuan, up 15.04% [3][6] - The innovative pipeline is expected to continue contributing to the company's growth, particularly in the treatment of chronic diseases [6][7] Financial Summary - Revenue and Profit Forecasts: - 2024A: Revenue of 4.159 billion yuan, net profit of 712 million yuan - 2025E: Revenue of 4.724 billion yuan, net profit of 823 million yuan - 2026E: Revenue of 5.357 billion yuan, net profit of 948 million yuan - 2027E: Revenue of 6.092 billion yuan, net profit of 1.103 billion yuan [5][8] - Profitability Ratios: - Gross margin is projected to be around 50.0% in 2024, improving to 52.8% by 2027 - Net margin is expected to increase from 17.1% in 2024 to 18.1% in 2027 [5][8] - Valuation Metrics: - P/E ratio is expected to decrease from 17.1 in 2024 to 11.1 in 2027 - P/B ratio is projected to decline from 2.0 in 2024 to 1.5 in 2027 [5][8] Business Performance - The company has shown significant growth in its core pharmaceutical business, with a notable increase in sales from the outpatient market, growing over 45% year-on-year [6][7] - The innovative drug pipeline includes successful clinical trials and new drug applications, which are expected to enhance market opportunities [6][7]