Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.77 CNY based on a 69 times price-to-earnings ratio for 2025 [2][5]. Core Views - The company is experiencing short-term performance pressure but is expected to achieve long-term growth. The revenue forecast for 2025-2027 has been adjusted, with earnings per share projected at 0.33 CNY, 0.61 CNY, and 1.01 CNY respectively [1][2]. - The company reported a revenue of 721 million CNY for 2024, a decrease of 5.2% year-on-year, and a net profit of 108 million CNY, down 32.4% year-on-year. The first quarter of 2025 saw a revenue of 185 million CNY, a decline of 2.35% [9]. - The company is focusing on enhancing its product offerings and marketing strategies, particularly in the gastrointestinal and sexual health segments, while also making progress in R&D for new drugs [9]. Financial Summary - The company's financial performance shows a decline in revenue and net profit for 2024, with a projected recovery starting in 2025. The revenue is expected to grow by 24.0% in 2025, followed by 28.8% in 2026 and 31.9% in 2027 [4][11]. - Key financial metrics include: - Revenue (2023A: 761 million CNY, 2024A: 721 million CNY, 2025E: 894 million CNY) - Net profit (2023A: 160 million CNY, 2024A: 108 million CNY, 2025E: 140 million CNY) - Earnings per share (2023A: 0.38 CNY, 2024A: 0.25 CNY, 2025E: 0.33 CNY) [4][11].
泰恩康(301263):业绩短期承压,看好中长期成长