TASLY(SH:600535) Haitong Securities·2025-09-25 07:20Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The recent approval of a new indication for the innovative drug Puyouke for acute ischemic stroke treatment validates the company's R&D capabilities and enhances its market competitiveness [2][12]. - The approval of the new indication is expected to expand the sales potential of Puyouke, which is a first-class biological innovative drug supported by national major drug creation projects [12]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.77, 0.83, and 0.89 yuan respectively, with a target price set at 19.25 yuan based on a price-to-earnings (PE) ratio of 25X for 2025 [12][13]. Financial Summary - Total revenue is projected to be 8,674 million yuan in 2023, with a slight decrease to 8,498 million yuan in 2024, followed by a recovery to 8,649 million yuan in 2025, and further growth to 9,071 million yuan in 2026 and 9,548 million yuan in 2027 [4][13]. - Net profit attributable to the parent company is expected to rise significantly from 1,071 million yuan in 2023 to 1,325 million yuan in 2027, reflecting a growth rate of 505.3% in 2023 followed by a decline of 10.8% in 2024, and then a steady increase in subsequent years [4][13]. - The company’s return on equity (ROE) is projected to improve from 8.7% in 2023 to 9.6% in 2027, indicating enhanced profitability [4][13]. Market Data - The company's stock has a 52-week price range of 13.61 to 17.41 yuan, with a total market capitalization of 24,187 million yuan [7][12]. - The current stock price is 16.19 yuan, which is below the target price of 19.25 yuan, suggesting potential upside for investors [12][13].