JINGXIN(002020) 开源证券·2025-04-07 06:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its existing business while innovative drugs are expected to bring additional revenue. The marketing reform effects are becoming evident, and the innovative drug Dazaxin is anticipated to gradually increase in volume [6][7][8] Financial Performance - In 2024, the company achieved revenue of 4.159 billion yuan, a year-on-year increase of 3.99% - The net profit attributable to the parent company was 712 million yuan, up 15.04% - The gross margin for 2024 was 49.97%, a decrease of 0.60 percentage points, while the net profit margin increased by 1.70 percentage points to 17.29% - The sales expense ratio decreased by 2.94 percentage points to 16.65%, while the management expense ratio increased slightly by 0.16 percentage points to 5.49% [6][10] Revenue Breakdown - The company's finished drug revenue was 2.522 billion yuan, a year-on-year increase of 8.42% - Raw material drug revenue was 876 million yuan, a year-on-year decrease of 8.37% - Medical device revenue reached 687 million yuan, a year-on-year increase of 7.84% [7] Future Projections - The company has adjusted its profit forecasts for 2025-2026 and added projections for 2027, expecting net profits of 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The expected EPS for 2025-2027 is 0.95 yuan, 1.11 yuan, and 1.28 yuan, with corresponding P/E ratios of 15.4, 13.2, and 11.4 [6][10] Innovation Pipeline - The first-class innovative drug Dazaxin is expected to enter the medical insurance negotiation by the end of 2024, with further volume growth anticipated - Other innovative drugs are in various stages of clinical trials, including JX11502MA for schizophrenia and JX2201 for LP(a) hyperlipidemia [8]