TIBET PHARMA(SH:600211) Capital Securities·2025-08-20 10:39Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has maintained stable sales of its core product, Xinhuasu, and is continuously developing a "second growth curve" through the introduction of new products and expansion into new markets [5][7] - The company reported a revenue of 1.651 billion yuan in the first half of 2025, an increase of 2.23%, while the net profit attributable to shareholders decreased by 8.96% to 567 million yuan [7] - The company expects Xinhuasu sales to stabilize in 2025, with new production capacity set to be released, which will help alleviate production bottlenecks [7] - The company is also focusing on expanding its product range, with other products generating a revenue of 192 million yuan in the first half of 2025, an increase of 18.83% [7] - The company has invested in Chen Tai Pharmaceutical, acquiring a 13.04% stake, and has signed an exclusive distribution agreement for Zolotinin, which is expected to enhance its product portfolio [7] Financial Summary - Revenue projections for the company are as follows: 2.929 billion yuan in 2025, 3.168 billion yuan in 2026, and 3.513 billion yuan in 2027, with growth rates of 4.4%, 8.2%, and 10.9% respectively [6][7] - The net profit attributable to shareholders is projected to be 983 million yuan in 2025, 1.045 billion yuan in 2026, and 1.152 billion yuan in 2027, with growth rates of -6.5%, 6.3%, and 10.2% respectively [6][7] - The company's current price-to-earnings (PE) ratios are projected to be 15.6, 14.6, and 13.3 for the years 2025, 2026, and 2027 respectively [6][7]