GUIZHOU SANLI(SH:603439) Soochow Securities·2025-04-25 09:02Investment Rating - The investment rating for Guizhou Sanli (603439) is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but its multi-dimensional channel expansion is expected to provide long-term growth potential [1][3] - In 2024, the company achieved a total revenue of 2.144 billion yuan, representing a year-on-year growth of 31.16%, while the net profit attributable to shareholders decreased by 6.38% to 274 million yuan [8][9] - The company continues to expand its channels, including the establishment of an e-commerce center and partnerships with major online pharmaceutical platforms [3] Financial Performance Summary - Total revenue projections for Guizhou Sanli are as follows: 1.635 billion yuan in 2023, 2.144 billion yuan in 2024, 2.521 billion yuan in 2025, 2.898 billion yuan in 2026, and 3.280 billion yuan in 2027, with respective year-on-year growth rates of 36.10%, 31.16%, 17.57%, 14.96%, and 13.16% [1][10] - The net profit attributable to shareholders is forecasted to be 292.7 million yuan in 2023, 274.03 million yuan in 2024, 319.78 million yuan in 2025, 380.55 million yuan in 2026, and 447.69 million yuan in 2027, with year-on-year growth rates of 45.42%, -6.38%, 16.70%, 19.01%, and 17.64% respectively [1][10] - The latest diluted EPS is projected to be 0.71 yuan in 2023, 0.67 yuan in 2024, 0.78 yuan in 2025, 0.93 yuan in 2026, and 1.09 yuan in 2027 [1][10] Market Data Summary - The closing price of Guizhou Sanli is 12.03 yuan, with a market capitalization of approximately 4.93 billion yuan [6] - The company has a price-to-earnings (P/E) ratio of 17.99 for the current price and latest diluted EPS [10]