Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The domestic production of "Hewei Zhengchang Wan" is imminent, and the clinical progress of the innovative drug for vitiligo is steady [5] - The company reported a revenue of 721 million yuan for 2024, a decrease of 5.23% year-on-year, and a net profit of 108 million yuan, down 32.45% year-on-year [7] - The company expects significant improvement in profitability following the domestic launch of gastrointestinal medications [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023: 761 million yuan, 2024: 721 million yuan, 2025E: 902 million yuan, 2026E: 1,083 million yuan, 2027E: 1,296 million yuan [6] - The expected growth rates for revenue are -2.90% in 2023, -5.23% in 2024, 25.15% in 2025, 20.06% in 2026, and 19.60% in 2027 [6] - The projected net profit for 2025 is 176 million yuan, with a year-on-year growth of 62.37% [6] - The earnings per share (EPS) are forecasted to be 0.41 yuan in 2025, 0.56 yuan in 2026, and 0.71 yuan in 2027 [6] Business Segmentation - In 2024, the revenue breakdown is as follows: gastrointestinal medications: 206 million yuan (up 1.04% year-on-year), ophthalmic medications: 185 million yuan (up 0.13%), sexual health: 178 million yuan (down 20.87%), traditional Chinese medicine and external medications: 95 million yuan (down 10.03%) [7] - The company has made progress in its R&D pipeline, with the II phase clinical trial for CKBA ointment for vitiligo fully enrolled [7] - The company has received acceptance for the domestic listing application of "Hewei Zhengchang Wan" and is progressing with other innovative drugs [7]
泰恩康（301263）：和胃整肠丸国产化落地在即，白癜风创新药临床稳步推进