Joincare(600380) 国泰君安·2024-04-29 05:02Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] - The target price is set at 15.12 CNY, up from the previous forecast of 13.68 CNY [1][2] Core Insights - The company's performance meets expectations, with a gradual increase in the volume of the drug Tobramycin anticipated [1] - The respiratory segment is expected to show positive growth, particularly with the approval of a new product, which will contribute to revenue [1] - The report highlights the potential for Tobramycin to offset revenue declines caused by price reductions in other products [1] Financial Summary - For Q1 2024, the company reported a net profit attributable to shareholders of 1.44 billion CNY, a decrease of 4% year-on-year [1] - The revenue for Q1 2024 is projected at 4.34 billion CNY, reflecting a decline of 4.8% [1] - The earnings per share (EPS) forecast for 2024 is 0.84 CNY, with subsequent years showing an upward trend [1][2] Market Position - The total market capitalization of the company is 22.4 billion CNY [2] - The stock has a 52-week price range of 10.43 to 13.86 CNY [2] - The company operates in the pharmaceutical sector, focusing on a diverse range of products including chemical formulations and traditional Chinese medicine [2]