JINGXIN(002020) 东方证券·2025-04-08 10:23Investment Rating - The investment rating for the company is "Buy" with a target price of 13.65 CNY, maintaining the rating from previous assessments [2][4]. Core Insights - The company has shown steady performance with revenue and net profit growth, achieving a revenue of 41.59 billion CNY (up 3.99% year-on-year) and a net profit of 7.12 billion CNY (up 15.04% year-on-year) in the latest report [9]. - The sales structure has been adjusted, and the commercialization and research and development are expected to make progress, particularly with the product Didasyn [7][9]. - The company has successfully entered nearly 600 hospitals with Didasyn and has conducted over 160 academic promotion activities, indicating strong commercial potential [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 7.81 billion CNY, 8.91 billion CNY, and 10.49 billion CNY respectively, with an upward adjustment in gross margin [2]. - The company’s gross margin is expected to improve from 50.0% in 2024 to 52.9% by 2027, while net profit margin is projected to increase from 17.1% to 19.6% over the same period [7][12]. - The earnings per share (EPS) is forecasted to rise from 0.83 CNY in 2024 to 1.22 CNY in 2027 [12]. Segment Performance - Finished drug revenue reached 25.22 billion CNY (up 8.42% year-on-year), while raw material drug revenue was 8.76 billion CNY (down 8.37% year-on-year) [9]. - Medical device revenue grew to 6.87 billion CNY (up 7.84% year-on-year), driven by market share gains and international expansion [9]. Market Position and Valuation - The company’s market capitalization is approximately 11.12 billion CNY, with a price-to-earnings (PE) ratio of 18.0 for 2023, expected to decrease to 10.6 by 2027 [4][12]. - The company is positioned favorably within the pharmaceutical and biotechnology industry in China, with a focus on innovative drug development and commercialization strategies [4][9].