xinbang phar.(SZ:002390) Donghai Securities·2024-04-19 10:30Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company has demonstrated robust performance with rapid profit growth and continuous improvement in cash flow. In 2023, the company achieved revenue of 6.461 billion yuan, a year-on-year increase of 1.75%, and a net profit attributable to shareholders of 287 million yuan, up 28.02% year-on-year [3]. - The company is expected to continue its growth trajectory, with projected revenues of 7.465 billion yuan, 8.161 billion yuan, and 8.852 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 379 million yuan, 443 million yuan, and 505 million yuan for the same years [4]. Summary by Sections Financial Performance - In 2023, the company reported a net cash flow from operating activities of 791 million yuan, reflecting a year-on-year growth of 33.82% due to favorable sales collections and reduced advance payments [3]. - The fourth quarter of 2023 saw a revenue of 1.638 billion yuan, a decrease of 1.57% year-on-year, but a significant increase in net profit attributable to shareholders by 344.08% to 41 million yuan [3]. Revenue Breakdown - The pharmaceutical manufacturing segment generated revenue of 844 million yuan in 2023, a growth of 6.74%, primarily driven by the rapid expansion of the traditional Chinese medicine (TCM) segment [10]. - The medical services segment experienced a revenue of 1.788 billion yuan, a decline of 3.90% year-on-year, attributed to regional medical capacity expansion and macroeconomic factors affecting patient visits [9]. Future Projections - The company anticipates continued revenue growth, with expected earnings per share (EPS) of 0.19 yuan, 0.23 yuan, and 0.26 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 19.0, 16.2, and 14.2 [4][12].