TASLY(600535) 东方财富证券·2024-04-29 03:00Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Insights - The company's net profit attributable to shareholders showed steady growth, with a net profit of 295 million yuan in Q1 2024, representing an increase of 11.58% year-on-year. However, total revenue decreased by 1.73% year-on-year to 2.049 billion yuan, primarily due to a significant decline in pharmaceutical commercial sales, which dropped by 33.74% [2][5]. - The company is increasing its R&D investment, with R&D expenses reaching 199 million yuan in Q1 2024, up 19.88% year-on-year, accounting for 9.71% of total revenue. The company has a robust pipeline with 98 products under development, including 41 innovative drugs [2][5]. - The company's profitability remains stable, with a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both showing improvements compared to the previous year [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.049 billion yuan, down 1.73% year-on-year, while the net profit attributable to shareholders was 295 million yuan, up 11.58% year-on-year. The pharmaceutical industrial revenue increased by 4.83%, while the traditional Chinese medicine segment generated 1.441 billion yuan, up 3.83% [2][5]. - The company forecasts revenue for 2024-2026 to be 9.416 billion yuan, 10.211 billion yuan, and 11.064 billion yuan, respectively, with net profits projected at 1.314 billion yuan, 1.477 billion yuan, and 1.596 billion yuan [5][6]. R&D and Product Pipeline - The company has a diverse R&D pipeline with 98 products, including 41 innovative drugs. In Q1 2024, the R&D expenses were 199 million yuan, reflecting a year-on-year increase of 19.88% [2][5]. - Several innovative traditional Chinese medicine products are in advanced clinical stages, indicating a strong commitment to expanding its product offerings [2]. Profitability Metrics - The company reported a gross margin of 67.17% and a net profit margin of 14.30% in Q1 2024, both of which improved compared to the previous year. The sales, management, and financial expense ratios were 33.83%, 13.28%, and 0.28%, respectively [2].