Zhejiang Tianyu Pharmaceutical (300702) 华创证券·2024-02-25 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 27.3 yuan based on a 30x PE for 2024 [22][34]. Core Insights - The employee stock ownership plan covers up to 400 individuals, including 7 executives, with a total subscription ratio not exceeding 9.0%, while core employees account for 91% of the subscriptions, enhancing employee cohesion [22]. - The company aims for double-digit growth, with performance assessments tied to revenue growth targets from 2024 to 2026 [22]. - The company anticipates a return to normal profit levels in the next two years, with projected net profits of 0.34 billion, 3.17 billion, and 4.77 billion yuan for 2023-2025, reflecting significant growth rates [22]. Financial Summary - The company reported total revenue of 2,667 million yuan in 2022, with projections of 2,369 million yuan for 2023, 2,986 million yuan for 2024, and 3,701 million yuan for 2025, indicating a growth rate of 26.1% in 2024 and 23.9% in 2025 [35]. - The net profit attributable to the parent company is expected to recover from a loss of 119 million yuan in 2022 to profits of 34 million yuan in 2023, 317 million yuan in 2024, and 477 million yuan in 2025, with growth rates of 128.3% and 840.7% for the following years [35]. - The company's earnings per share (EPS) is projected to increase from -0.34 yuan in 2022 to 0.10 yuan in 2023, 0.91 yuan in 2024, and 1.37 yuan in 2025 [35].