JZYY(SH:600750) GUOTAI HAITONG SECURITIES·2025-09-22 06:53Investment Rating - The report maintains an "Accumulate" rating for Jiangzhong Pharmaceutical [6][12] Core Insights - The company is expected to achieve growth through both "internal" and "external" drivers, despite short-term pressure on OTC products due to changes in terminal demand [2][12] - The health consumer goods segment has shown positive growth through proactive adjustments, while the core OTC segment has faced challenges [2][12] Financial Summary - Total revenue for 2023 is projected at 4,553 million, with a slight decrease to 4,435 million in 2024, followed by a recovery to 4,525 million in 2025, and further growth to 5,004 million in 2026 and 5,548 million in 2027 [4][13] - Net profit attributable to the parent company is expected to rise from 719 million in 2023 to 788 million in 2024, reaching 841 million in 2025, and continuing to grow to 1,062 million by 2027 [4][13] - The earnings per share (EPS) is forecasted to increase from 1.13 in 2023 to 1.32 in 2025, and further to 1.67 by 2027 [4][13] Segment Performance - The OTC segment reported revenue of 1,550 million, a decline of 10.14% year-on-year, primarily due to changes in terminal demand [12] - Prescription drugs achieved revenue of 360 million, reflecting a year-on-year growth of 7.44%, indicating that the pressure from centralized procurement has largely been alleviated [12] - The health consumer goods segment generated revenue of 228 million, marking a year-on-year increase of 17.35%, driven by a focus on self-developed products and key categories [12] Cost Management - The company's gross margin for the first half of 2025 was 66.60%, a decrease of 2.44 percentage points year-on-year, while the net profit margin improved by 1.99 percentage points to 26.13% [12] - Sales, management, R&D, and financial expense ratios were effectively controlled, with sales expense ratio decreasing by 6.20 percentage points [12] Future Outlook - The company plans to enhance its OTC business through new product development and product introduction, while focusing on core categories in health consumer goods [12] - Active exploration of mergers and acquisitions is underway to consolidate industry resources and strengthen core product advantages [12]