JUMPCAN(SH:600566) Great Wall Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Insights - The company reported a revenue of 9.655 billion yuan in 2023, a year-on-year increase of 7.32%, and a net profit attributable to shareholders of 2.823 billion yuan, reflecting a growth of 30.04% year-on-year [2][5]. - The company plans to distribute a cash dividend of 1.30 yuan per share, totaling 1.197 billion yuan, which represents 42.41% of the net profit for 2023 [5]. - The company has a strong cash position with 7.738 billion yuan in cash and 3.178 billion yuan in trading financial assets, supporting its long-term development [3]. Financial Performance Summary - Revenue and Profit Growth: - 2022A Revenue: 8.996 billion yuan; 2023A Revenue: 9.655 billion yuan; 2024E Revenue: 10.021 billion yuan [6]. - 2022A Net Profit: 2.171 billion yuan; 2023A Net Profit: 2.823 billion yuan; 2024E Net Profit: 3.035 billion yuan [6]. - Key Product Performance: - Revenue from heat-clearing and detoxifying products reached 3.380 billion yuan, up 17.68% year-on-year; pediatric products generated 2.741 billion yuan, up 13.01% year-on-year [2]. - Market Position: - The company holds significant market shares in key product categories, ranking second in the market for heat-clearing traditional Chinese medicine and first in pediatric cold medicine [2]. Future Projections - Expected revenue for 2024-2026 is projected to be 10.002 billion yuan, 11.010 billion yuan, and 12.019 billion yuan, respectively, with net profits of 3.035 billion yuan, 3.399 billion yuan, and 3.738 billion yuan [5]. - The report anticipates a steady growth trajectory with EPS projected at 3.29 yuan, 3.69 yuan, and 4.06 yuan for the years 2024, 2025, and 2026, respectively [5].