JINGXIN(002020) 开源证券·2025-04-07 07:15Investment 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 Daxin is anticipated to gradually increase its market presence [6][8] Financial Performance Summary - 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 non-recurring net profit was 647 million yuan, an increase of 21.38% - 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% - Sales expense ratio decreased by 2.94 percentage points to 16.65%, while management expense ratio increased by 0.16 percentage points to 5.49% and R&D expense ratio decreased by 0.81 percentage points to 9.22% [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 was 687 million yuan, a year-on-year increase of 7.84% - The main business has maintained stable growth [7] Innovation and Drug Development - The first-class innovative drug Daxin is expected to enter the medical insurance negotiation by the end of 2024, with further market expansion anticipated - The II phase clinical trial for JX11502MA capsule, a treatment for schizophrenia, is nearing completion - The modified new drug for ulcerative colitis, Kangfu New Enteric Capsule, is also progressing well in its II phase clinical trial - The I phase clinical trial for JX2201 capsule, a first-class innovative drug for LP(a) hyperlipidemia, started in March 2025 - The III phase clinical trial for the schizophrenia treatment, Kalirazine Hydrochloride Capsule, has been completed and will soon submit for market approval [8] Earnings Forecast - The company’s net profit forecast for 2025-2027 is adjusted to 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The earnings per share (EPS) for the same period is projected to be 0.95 yuan, 1.11 yuan, and 1.28 yuan respectively - The current stock price corresponds to a price-to-earnings (P/E) ratio of 15.4, 13.2, and 11.4 times for 2025, 2026, and 2027 respectively [6][10]