JINGXIN(SZ:002020) Tai Ping Yang·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][5]. Core Views - The company achieved a revenue of 3.999 billion in 2023, reflecting a year-on-year growth of 5.78%. However, the net profit attributable to shareholders decreased by 6.55% to 619 million [7][10]. - The report highlights the company's ongoing expansion in the formulation sector and the integration of innovative and generic drug development, marking a new era for the company [7][9]. - The company is expected to see revenue growth of 11.54%, 10.12%, and 8.99% for the years 2024, 2025, and 2026, respectively, with net profit growth projected at 17.66%, 15.54%, and 11.84% for the same years [7][10]. Financial Summary - Revenue (Million): - 2023: 3,999 - 2024E: 4,460 - 2025E: 4,912 - 2026E: 5,353 - Net Profit (Million): - 2023: 619 - 2024E: 728 - 2025E: 841 - 2026E: 941 - Earnings Per Share (EPS): - 2023: 0.72 - 2024E: 0.85 - 2025E: 0.98 - 2026E: 1.09 - Price-to-Earnings Ratio (PE): - 2023: 17.67 - 2024E: 12.69 - 2025E: 10.98 - 2026E: 9.82 [10][7].