MYL(600993) Soochow Securities·2025-04-07 10:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 3.728 billion yuan in 2024, representing a year-on-year growth of 18.85%. The net profit attributable to shareholders was 528.09 million yuan, up 19.14% year-on-year [8] - The company's core products, particularly in the treatment of hemorrhoids, showed steady growth, with a 23.19% increase in sales. The health and wellness segment also performed well, with sales of hygiene wipes exceeding 100 million yuan [8] - The company's gross profit margin improved to 46.03%, with the pharmaceutical manufacturing segment's gross margin rising to 71.42% [8] - The company is positioned as a leader in the niche market, with strong performance in core products and a positive outlook for the health and wellness business [8] Financial Summary - Total revenue is projected to grow from 3.137 billion yuan in 2023 to 4.769 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.40% [1] - The net profit attributable to shareholders is expected to increase from 443.25 million yuan in 2023 to 730.41 million yuan in 2026, reflecting a CAGR of about 15.55% [1] - The earnings per share (EPS) is forecasted to rise from 1.03 yuan in 2023 to 1.69 yuan in 2026 [1] - The company's price-to-earnings (P/E) ratio is projected to decrease from 24.20 in 2023 to 14.68 in 2026, indicating an improving valuation [1]