Joincare(600380)2025-04-09 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a revenue of 15.619 billion yuan in 2024, a year-on-year decrease of 6.17%, with a net profit attributable to shareholders of 1.387 billion yuan, down 3.90% year-on-year [6] - The gross margin for 2024 was 62.69%, an increase of 0.53 percentage points, while the net margin was 19.10%, up 1.97 percentage points [6] - The company is in a product transition phase, with sales of Tobramycin and Shuleide gradually improving, and new drugs like TG-1000 expected to contribute to revenue growth [6][8] Financial Summary - In Q4 2024, the company reported a revenue of 3.721 billion yuan, a decrease of 6.87% year-on-year but an increase of 1.54% quarter-on-quarter [6] - The projected net profits for 2025, 2026, and 2027 are 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan [6][10] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.3, 12.4, and 11.3 respectively [6][10] Business Performance - The company’s revenue from hormone products was 2.812 billion yuan, up 1.64% year-on-year, while respiratory system products saw a significant decline of 36.98% to 1.097 billion yuan [7] - The health food segment experienced substantial growth, with revenue increasing by 92.32% to 377 million yuan, and biological products revenue surged by 102.42% to 171 million yuan [7] - The company is focusing on a comprehensive matrix for respiratory diseases, with several innovative drugs making significant progress in clinical trials [8]