JIANMIN GROUP(SH:600976) Haitong Securities·2024-03-17 16:00Investment Rating - The report maintains an "Outperform" rating for the company [16]. Core Views - The company achieved a revenue of 4.213 billion yuan in 2023, representing a year-on-year growth of 15.72%, and a net profit of 521 million yuan, up 27.78% [4]. - The OTC business generated revenue of 1.106 billion yuan, growing by 14.85%, with strong performance from key products [5]. - The company is expected to continue its growth trajectory, with projected net profits of 612 million yuan, 775 million yuan, and 953 million yuan for 2024, 2025, and 2026, respectively [6]. Financial Performance Summary - In 2023, the company reported total revenue of 4.213 billion yuan, with a gross margin of 46.0% [7]. - The net profit for 2023 was 521 million yuan, with a net profit margin of 12.4% [26]. - The company’s earnings per share (EPS) for 2023 was 3.40 yuan, with projections of 3.99 yuan, 5.05 yuan, and 6.21 yuan for the years 2024, 2025, and 2026, respectively [26]. Business Segment Performance - The prescription drug segment achieved revenue of 1.058 billion yuan in 2023, growing by 15.43%, with several products performing well in the market [21]. - The OTC segment's leading product, Longmu Bone Granules, maintained stable growth, while the company focused on brand building and marketing strategies [5]. - The company’s pediatric products also showed promising sales, with new products entering the market and ongoing clinical trials for additional offerings [21]. Future Outlook - The company is expected to benefit from strong brand capabilities and stable growth in its core business, with a projected revenue increase to 5.338 billion yuan in 2025 and 6.023 billion yuan in 2026 [26]. - The anticipated growth rates for net profit are 17.3%, 26.7%, and 22.9% for the years 2024, 2025, and 2026, respectively [6].