CR Sanjiu(SZ:000999) Western Securities·2025-12-02 03:04Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong expected return over the next 6-12 months [5][11]. Core Insights - The company achieved a revenue of 21.986 billion yuan in the first three quarters, representing a year-on-year increase of 11.38%, while the net profit attributable to shareholders was 2.353 billion yuan, down 20.51% year-on-year [1][5]. - The CHC (Consumer Health Care) business shows resilience despite facing pressures from a decline in respiratory disease incidence and adjustments in retail channels. The company has launched several new products under the 999 brand, enhancing its market position [1][2]. - The company is focusing on both internal and external growth strategies, with a clear emphasis on the CHC sector and strategic mergers and acquisitions to enhance operational efficiency and brand value [2][5]. Financial Performance Summary - Revenue projections for the company are as follows: 24.739 billion yuan in 2023, 27.617 billion yuan in 2024, and expected growth to 31.073 billion yuan in 2025, with a growth rate of 36.8% in 2023 and 11.6% in 2024 [3][10]. - The net profit attributable to shareholders is projected to be 2.853 billion yuan in 2023, increasing to 3.368 billion yuan in 2024, with a growth rate of 16.5% in 2023 and 18.1% in 2024 [3][10]. - The earnings per share (EPS) is expected to be 1.71 yuan in 2023, increasing to 2.02 yuan in 2024 [3][10]. Strategic Focus - The company is concentrating on the CHC sector while collaborating with Tian Shili and Kun Yao to enhance management and product pipelines, aiming for a clearer strategic direction and improved performance [2][5]. - The report highlights the company's commitment to innovation in the prescription drug sector, focusing on core areas and exploring diverse opportunities for product acquisition [2][5].