TASLY(600535) ZHESHANG SECURITIES·2025-04-29 07:36Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q1 2025 revenue of 2.055 billion yuan, a year-on-year increase of 0.30%, and a net profit attributable to shareholders of 314 million yuan, up 6.47% year-on-year. The pharmaceutical industrial revenue showed slight growth, and with the expected normalization of product shipments and the dual empowerment from China Resources Sanjiu, the growth rate is anticipated to improve quarterly in 2025 [5][6] - The company has a robust R&D pipeline with 98 products under development, including 33 innovative drugs. The completion of the transfer of control to China Resources Sanjiu is expected to enhance the company's competitive edge and development prospects [5][6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.165 billion, 1.411 billion, and 1.677 billion yuan, respectively, with corresponding EPS of 0.78, 0.94, and 1.12 yuan, indicating strong growth potential [2][5] Financial Summary - For 2025, the company expects revenue of 9.043 billion yuan, a 6.41% increase from 2024, and a net profit of 1.165 billion yuan, a 21.87% increase from 2024. The P/E ratio is projected to decrease from 23.20 in 2024 to 19.04 in 2025 [2][5] - The gross margin for Q1 2025 was 66.62%, with a net profit margin of 11.50%, reflecting a slight decrease compared to the previous year [5][6] - The company’s cash flow from operating activities is projected to be 1.251 billion yuan in 2025, indicating a healthy cash flow position [6]