JUMPCAN(SH:600566) Soochow Securities·2025-08-26 10:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure in the short term, but the innovation pipeline is gradually entering a harvest period [8] - The company achieved a revenue of 2.749 billion yuan in H1 2025, a year-on-year decline of 31.87%, and a net profit attributable to shareholders of 724 million yuan, down 45.87% [8] - The decline in performance is primarily due to changes in terminal demand and the impact of centralized procurement policies [8] - The company is actively responding to industry changes, maintaining healthy inventory levels and price controls [8] - The sales of respiratory products are expected to gradually recover as consumer purchasing behavior normalizes [8] - The company has completed the listing application for a new pediatric constipation drug, which is expected to be the first of its kind in the market [8] - The company has received approval for a new drug for influenza treatment, which has the potential to become a major product in the market [8] - The profit forecast for 2025-2026 has been adjusted downwards due to the overall market environment, with net profits expected to be 1.58 billion yuan and 1.78 billion yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 9.655 billion yuan, with a year-on-year growth of 7.32% [1] - The net profit attributable to shareholders for 2023 is projected at 2.823 billion yuan, with a year-on-year growth of 30.04% [1] - The earnings per share (EPS) for 2023 is estimated at 3.07 yuan [1] - The price-to-earnings (P/E) ratio for the current price and latest diluted EPS is 8.63 [1] - The company's total assets are projected to reach 18.459 billion yuan by 2024 [9] - The company's total liabilities are projected to be 3.733 billion yuan by 2024 [9]