Salubris(SZ:002294) HUAXI Securities·2025-11-27 11:07Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 1.11 billion yuan for the third quarter, representing a year-on-year growth of 15.85%, and a net profit of 220 million yuan, up 34.75% year-on-year [1][2] - The sales structure has shifted towards new products, which are now the core driver of the company's growth, particularly in the CKM (Cardio-Renal-Metabolic) chronic disease sector [2][3] - The company is actively preparing for negotiations related to new products that have passed national medical insurance negotiations, enhancing its market coverage through a multi-channel sales strategy [2][3] Financial Projections - Revenue projections for 2025-2027 are adjusted to 4.5 billion, 5.4 billion, and 6.5 billion yuan, reflecting year-on-year growth rates of 12%, 21%, and 20% respectively [4] - The net profit forecasts for the same period are 660 million, 790 million, and 950 million yuan, with year-on-year growth rates of 9.5%, 19.1%, and 21.2% [4] - The earnings per share (EPS) are projected to be 0.59, 0.70, and 0.85 yuan for 2025, 2026, and 2027 respectively [4] Product Development and Market Strategy - The company has a robust pipeline with 74 new drugs under development, focusing on CKM chronic diseases, with over 50 projects in the pipeline [3] - The company is exploring digital chronic disease management models to enhance patient compliance and blood pressure control, thereby increasing its brand influence in the chronic disease market [3] - A dedicated team is being formed for the promotion of new products to improve market penetration [2][3]