TIBET PHARMA(SH:600211) Xinda Securities·2026-03-13 15:35Investment Rating - The report assigns a "Buy" rating for Tibet Pharmaceutical (600211) based on its stable revenue and profit outlook, alongside strategic acquisitions that are expected to drive future growth [1]. Core Insights - The company reported a revenue of 2.982 billion yuan in 2025, a year-on-year increase of 6.23%, while the net profit attributable to shareholders was 938 million yuan, a decrease of 10.78% primarily due to reduced government subsidies [1][2]. - The main product, recombinant human brain natriuretic peptide (Xinhuasu), accounted for 86.02% of total sales, with a stable sales volume of 7.3459 million units, reflecting a growth of 4.82% year-on-year [2]. - The company plans to achieve a revenue target of 3.3 billion yuan in 2026, with a cost expense ratio controlled below 75% [1]. Revenue Breakdown - The sales of Xinhuasu and other products contributed significantly to the revenue, with the second-largest product, isosorbide mononitrate sustained-release tablets (Yimuduo), accounting for 4.23% of sales, and other products making up 9.75% [2]. - The company has maintained a stable high dividend payout ratio of around 60% for three consecutive years, with a proposed cash dividend of 563 million yuan for 2025, resulting in a dividend yield of approximately 4% [3]. Strategic Acquisitions - Tibet Pharmaceutical is actively pursuing strategic transformation through acquisitions, having completed investments in Chentai Pharmaceutical and controlling stake in Ruizheng Gene in 2025 [4]. - The acquisition of Chentai Pharmaceutical grants the company commercialization rights for the innovative drug Zolitinib, expected to contribute to revenue growth following its inclusion in the national medical insurance directory [4][5]. - The investment in Ruizheng Gene allows entry into the cutting-edge field of gene editing therapy, with early-stage research pipelines ART001 and ART002 that are anticipated to support long-term growth [4][5][6]. Financial Projections - Revenue projections for 2026-2028 are estimated at 3.299 billion yuan, 3.598 billion yuan, and 3.873 billion yuan respectively, with net profits expected to be 998 million yuan, 1.061 billion yuan, and 1.115 billion yuan [8]. - The diluted EPS for the same period is projected to be 3.10 yuan, 3.29 yuan, and 3.46 yuan, with corresponding P/E ratios of 14.15, 13.31, and 12.67 [8].