JINGXIN(SZ:002020) Guotai Junan Securities·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) with a target price of 14.04 CNY, down from the previous target of 16.60 CNY [3][19]. Core Insights - The company reported a revenue of 3.999 billion CNY in 2023, reflecting a growth of 5.79%, while the net profit attributable to shareholders was 619 million CNY, a decrease of 6.55% [19]. - The revenue growth is attributed to the successful implementation of sales reforms, with the finished drug segment generating 2.326 billion CNY (up 4.98%) and the raw material drug segment achieving 956 million CNY (up 9.60%) [19]. - The approval of the insomnia drug, Dazisni, is expected to drive future growth, with the product set to launch in March 2024 [19]. Financial Summary - Revenue projections for the upcoming years are as follows: 4.489 billion CNY in 2024 (up 12%), 5.070 billion CNY in 2025 (up 13%), and 5.792 billion CNY in 2026 (up 14%) [9]. - The operating profit (EBIT) is forecasted to be 720 million CNY in 2024, 835 million CNY in 2025, and 960 million CNY in 2026, indicating a recovery from a slight decline in 2023 [9]. - The net profit attributable to shareholders is expected to reach 673 million CNY in 2024, 780 million CNY in 2025, and 917 million CNY in 2026 [9]. Market Data - The stock has a market capitalization of 9.411 billion CNY, with a 52-week price range of 8.60 to 15.87 CNY [21]. - The company has a circulating share ratio of 76%, with an average daily trading volume of 13.39 million shares [21].