JZT(SZ:000989) Changjiang Securities·2025-08-20 01:12Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11][12]. Core Insights - The company is entering a new development phase with the actual controller being the Heilongjiang State-owned Assets Supervision and Administration Commission, following a significant share transfer agreement [8][20]. - The company has a well-established product portfolio in both prescription and OTC drugs, with a strong brand presence in various therapeutic areas [2][9][40]. - The company is actively developing stem cell drugs targeting ischemic stroke, pulmonary alveolar proteinosis, and autism, indicating a promising competitive landscape [10][25]. Summary by Sections Company Overview - The company has a history of over 300 years and has evolved into a large modern pharmaceutical enterprise with 23 subsidiaries, focusing on R&D, production, and sales [20][25]. Product Portfolio - The company’s OTC products focus on tonics and cover multiple fields, including traditional Chinese medicine, with notable products like Liuwei Dihuang Wan and Donkey-hide Gel Blood Granules [2][40][41]. - The prescription drug segment is centered around cardiovascular and neurological products, with key offerings such as Xuexitong Injection and Angong Niuhuang Wan [9][62][66]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.481 billion, CNY 2.716 billion, and CNY 2.976 billion, respectively, with net profits expected to be CNY 231 million, CNY 299 million, and CNY 375 million [11][12]. Market Position - The company has a strong market presence, with several products achieving over CNY 100 million in sales, including Xuexitong Injection and Angong Niuhuang Wan, which are among the top in their respective categories [25][66][67].