Jiuzhou Pharmaceutical(SH:603456) Minsheng Securities·2024-04-25 03:00Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - In Q1 2024, the company reported a revenue of 1.476 billion yuan, a year-on-year decrease of 15.73%, and a net profit attributable to shareholders of 237 million yuan, down 15.65% year-on-year [2]. - The global sales of Entresto accelerated, reaching 1.879 billion USD in Q1 2024, a 36% increase year-on-year, with significant growth in both the US and non-US markets [2]. - The company has a robust project pipeline with 32 commercial projects and 74 Phase III projects, indicating strong future growth potential [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 6.282 billion yuan, 7.244 billion yuan, and 8.331 billion yuan, respectively, reflecting growth rates of 13.7%, 15.3%, and 15.0% [4][8]. - Net profit attributable to shareholders is expected to be 1.181 billion yuan in 2024, 1.371 billion yuan in 2025, and 1.582 billion yuan in 2026, with corresponding growth rates of 14.3%, 16.1%, and 15.4% [4][8]. - The company’s PE ratios are projected to be 11, 10, and 8 for the years 2024, 2025, and 2026, respectively [4][8]. Business Development - The company is expanding its capabilities in peptide and small nucleic acid CDMO services, with expectations of over 30% growth in peptide business in 2024 [3]. - A new CRO platform is being established in Japan to enhance service efficiency and client engagement [3]. - The company has successfully delivered multiple peptide IND projects and is building new commercial capacity to meet increasing demand [3].