CR Double-Crane(SH:600062) Guotou Securities·2024-04-29 02:30Investment Rating - The report assigns an investment rating of "Buy - A" for the company, with a 6-month target price of 26.98 CNY per share [2][9]. Core Insights - The company reported Q1 2024 revenue of 28.35 billion CNY and a net profit attributable to shareholders of 4.16 billion CNY, representing year-on-year growth of 2.26% and 11.00% respectively [2]. - The infusion segment is steadily developing, contributing to stable growth in the company's performance for Q1 2024, driven by the recovery in infusion demand post-pandemic [2][5]. - The company has acquired Zizhu Pharmaceutical, enhancing its business layout in the female health medication sector, which is expected to strengthen its market position [2][5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 110.80 billion CNY, 121.66 billion CNY, and 133.22 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.39%, 9.80%, and 9.50% [5][11]. - The net profit attributable to shareholders is expected to be 14.80 billion CNY, 16.39 billion CNY, and 18.04 billion CNY for the same years, with growth rates of 11.0%, 10.8%, and 10.1% respectively [5][11]. Valuation Analysis - The current price-to-earnings (PE) ratio for the company is 14.89, which is considered to be at a mid-low valuation level compared to historical averages [7]. - The report suggests a PE of 19 for the company based on comparisons with similar companies in the industry, indicating a target price of 26.98 CNY per share for 2024 [9][10].