Joincare(SH:600380) KAIYUAN SECURITIES·2024-04-07 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is a leader in inhalation formulations, with accelerated progress in innovative drugs and high-barrier formulations [5] - Despite slight pressure on performance, the company is advancing in diversified businesses and maintains a positive outlook due to its market advantages in multiple fields [3] - The company achieved a revenue of 16.646 billion yuan in 2023, a decrease of 2.90% year-on-year, and a net profit of 1.443 billion yuan, down 3.99% year-on-year [3] Financial Performance Summary - In 2023, the company reported a gross margin of 62.16% and a net margin of 17.13% [3] - The sales expense ratio was 26.64%, management expense ratio was 5.59%, R&D expense ratio was 9.98%, and financial expense ratio was -2.43% [3] - The company forecasts net profits of 1.647 billion yuan, 1.970 billion yuan, and 2.341 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.88, 1.06, and 1.25 yuan per share [3][6] Business Segment Performance - The chemical preparations segment generated revenue of 8.714 billion yuan, down 5.55%, with notable performance in the respiratory field, which saw a revenue increase of 48.35% to 1.741 billion yuan [4] - The health food segment experienced significant growth, with revenue rising by 61.56% to 196 million yuan [4] - The company is actively developing innovative drugs, with several products in various stages of clinical trials [5] Future Outlook - The company is expected to see revenue growth of 6.4% in 2024, 11.0% in 2025, and 13.8% in 2026 [6] - The projected P/E ratios for the next three years are 12.9, 10.8, and 9.1 respectively, indicating potential for value appreciation [3][6]