TASLY(SH:600535) KAIYUAN SECURITIES·2025-09-23 01:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company announced the approval of a new indication for its innovative drug, Puyouke, for thrombolytic treatment of acute ischemic stroke, enhancing its product portfolio and long-term growth potential [4][6] - The company is expected to maintain its net profit forecasts for 2025-2027 at 1.183 billion, 1.306 billion, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 19.8, 18.0, and 16.1 for the years 2025, 2026, and 2027 respectively [4][7] Financial Summary - Revenue for 2023 is reported at 8.674 billion yuan, with a slight decrease expected in 2024 to 8.498 billion yuan, followed by a recovery to 8.827 billion yuan in 2025 [7][9] - The gross margin is projected to remain stable around 67% from 2025 to 2027, while the net profit margin is expected to improve from 13.4% in 2025 to 14.6% in 2027 [7][10] - The return on equity (ROE) is forecasted to increase from 9.3% in 2025 to 9.5% in 2027 [7][10]