JZYY(SH:600750) Xinda Securities·2024-04-30 08:00Investment Rating - The report does not provide a specific investment rating for the company [12]. Core Views - The company reported a revenue of 1.227 billion yuan in Q1 2024, representing a year-on-year growth of 9.99% [12]. - The net profit attributable to the parent company for Q1 2024 was 267 million yuan, reflecting a year-on-year decline of 8.74% [12]. - The company experienced strong performance in 2023, with a revenue of 4.39 billion yuan and a net profit of 708 million yuan, marking a year-on-year increase of 18.40% [12]. - The OTC (over-the-counter) business remains stable, while the prescription drug segment faced challenges due to changes in product structure and a decline in overall revenue [12]. Financial Summary - Total revenue for 2022 was 3.885 billion yuan, with a growth rate of 35.2% [13]. - The projected revenues for 2024, 2025, and 2026 are 5.046 billion yuan, 5.615 billion yuan, and 6.370 billion yuan, respectively, with growth rates of 14.9%, 11.3%, and 13.4% [13]. - The net profit attributable to the parent company for 2024 is estimated at 872 million yuan, with a year-on-year growth rate of 23.2% [13]. - The gross profit margin is expected to be 65.6% in 2024, slightly increasing from 65.3% in 2023 [13]. - The return on equity (ROE) is projected to be 20.1% for both 2024 and 2025 [13]. Business Segments - The prescription drug revenue for Q1 2024 was 664 million yuan, showing a year-on-year decline of 16.31% [12]. - The OTC segment showed a robust growth with a sales volume increase of 18.89% for certain products [12]. - The company is focusing on modern traditional Chinese medicine and has made significant investments in research and development [12].