JAFRON(SZ:300529) Guotou Securities·2024-04-26 05:00Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 40.09 CNY for the next six months, which corresponds to a dynamic price-to-earnings ratio of 30 times for 2024 [4][35]. Core Insights - The average treatment frequency for patients using the company's blood perfusion products has increased from once a month to four times a month, potentially expanding the market space by four times, which can offset any future price declines [2]. - The company has developed various products targeting different diseases, including uremia, liver disease, sepsis, and lupus, and has registered five new products in 2022, enhancing its product portfolio in the blood purification industry [3]. - Although overseas revenue currently accounts for less than 5% of total revenue, the company's global brand influence has increased due to its COVID-19 treatment products, and it is expected that overseas sales will grow significantly in the long term [3]. - The company is projected to achieve revenue growth rates of 108.5%, 33.6%, and 31.9% for 2024, 2025, and 2026, respectively, with net profit growth rates of 147.2%, 32.4%, and 30.0% during the same period, indicating strong growth potential [4][7]. Financial Summary - The company's revenue for 2022 was 2,491.4 million CNY, with a projected revenue of 4,007.9 million CNY for 2024, reflecting a significant growth trajectory [7][10]. - The net profit for 2022 was 889.5 million CNY, with expectations of reaching 1,079.2 million CNY by 2024 [10][33]. - The gross profit margin is expected to decline from 82.3% in 2022 to 71.6% by 2026, while the net profit margin is projected to decrease from 35.7% to 26.3% over the same period [7][10].