MYL(SH:600993)2024-04-26 09:30Investment Rating - The report assigns a rating of "Outperform" for the company [1]. Core Views - The company has undergone a successful channel adjustment in its pharmaceutical industrial sector, leading to improved operational efficiency and revenue growth in Q1 2024 [4][5]. - The company is expanding its health product line, with over 80 new health products developed, focusing on key areas such as proctology and ophthalmology [5]. - Revenue forecasts for 2024-2026 are projected at RMB 3.62 billion, RMB 4.22 billion, and RMB 4.92 billion, respectively, with net profit estimates of RMB 520 million, RMB 610 million, and RMB 710 million [5]. Financial Summary - In 2023, the company reported revenue of RMB 3.14 billion, a year-on-year decrease of 11.2%, and a net profit of RMB 440 million, down 7.4% [4]. - For Q1 2024, revenue reached RMB 960 million, reflecting a year-on-year increase of 14.7%, with a net profit of RMB 200 million, up 5.4% [4]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 1.0, with a growth rate of 17.9% [2]. Valuation Metrics - The current price-to-earnings (P/E) ratio for 2024 is estimated at 22 times [5]. - The projected dividend per share for 2024 is RMB 0.4, with a net dividend yield of 1.5% [2]. - The company maintains a strong return on equity (ROE) of 13.42% for 2024, expected to rise to 15.22% by 2026 [2].