TASLY(SH:600535) Orient Securities·2025-08-27 07:09Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company's performance is in line with expectations, with a focus on innovation-driven growth [2][12] - The company achieved a revenue of 4.29 billion yuan in the first half of 2025, a year-on-year decrease of 1.9%, primarily due to adjustments in retail channels affecting the pharmaceutical commercial sector [12] - The pharmaceutical industrial sector showed resilience, with a revenue of 3.88 billion yuan, down 0.5% year-on-year [12] - The completion of the acquisition by China Resources Sanjiu is expected to enhance management efficiency and long-term growth potential [12] - The company is accelerating its R&D pipeline, focusing on innovative products, with 83 projects in development, including 31 innovative drugs [12] Financial Summary - The company forecasts earnings per share (EPS) of 0.75, 0.89, and 0.95 yuan for 2025, 2026, and 2027 respectively [5] - Projected revenues for 2025, 2026, and 2027 are 9.069 billion, 9.723 billion, and 10.248 billion yuan, reflecting growth rates of 6.7%, 7.2%, and 5.4% respectively [7] - The net profit attributable to the parent company is expected to be 1.124 billion, 1.325 billion, and 1.423 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 17.6%, 17.9%, and 7.4% respectively [7] - The gross margin is projected to remain stable around 66.5% to 66.7% over the forecast period [7]