CR Sanjiu(SZ:000999) NORTHEAST SECURITIES·2026-04-01 07:46Investment Rating - The report maintains a "Buy" rating for the company [12] Core Insights - The company achieved a revenue of 31.603 billion (+14.43%) and a net profit attributable to shareholders of 3.421 billion (+1.58%) in 2025, with a significant increase in cash flow from operating activities by 25.23% to 5.513 billion [1][4] - The business structure has changed significantly due to acquisitions, with the self-medication (CHC) business experiencing a revenue decline of 14.67% to 15.111 billion, while the prescription drug business benefited from the consolidation of Tian Shi Li, achieving a revenue of 12.094 billion (+101.38%) [1][2] Financial Performance - The company’s revenue is projected to grow to 34.691 billion in 2026, 37.967 billion in 2027, and 41.103 billion in 2028, with net profit expected to reach 3.813 billion, 4.296 billion, and 4.669 billion respectively [4][14] - The earnings per share (EPS) is forecasted to be 2.29, 2.58, and 2.81 yuan for 2026, 2027, and 2028 respectively [4][14] Business Strategy - The company has established a "One Body, Two Wings" strategy, focusing on CHC as the core and leveraging the strengths of Tian Shi Li in prescription drugs, while also integrating with Kun Yao Group to enhance its market position in consumer health, medical health, and senior health sectors [2][3] - The company’s R&D investment reached 1.734 billion in 2025, with significant achievements in traditional Chinese medicine and innovative collaborations in various therapeutic areas [3][4]