SFPM(SZ:002737) Guohai Securities·2024-04-30 10:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [14][30]. Core Views - The company has shown steady growth, with 2023 revenue reaching 5.7 billion yuan, a year-on-year increase of 11.89%, and a net profit of 1.119 billion yuan, up 29.05% [2][30]. - In Q1 2024, the company experienced a revenue decline of 14.01% year-on-year, totaling 1.518 billion yuan, and a net profit drop of 37.17% to 255 million yuan [2][30]. - The company is actively pursuing its "Six Five Plan," aiming to exceed 10 billion yuan in sales by the end of the plan period [16][30]. Financial Performance - The company reported a dividend payout of 876 million yuan in 2023, with a dividend rate of 78.27%, resulting in a dividend yield of 5.77% [16]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.37 billion yuan, 7.22 billion yuan, and 8.22 billion yuan, respectively, with growth rates of 12%, 13%, and 14% [18][30]. - The expected net profits for the same years are 1.186 billion yuan, 1.318 billion yuan, and 1.482 billion yuan, with growth rates of 6%, 11%, and 12% [18][30]. Market Position - The company maintains a strong product pipeline with 1,126 drug approval numbers, including 555 in the national medical insurance directory and 283 in the essential drug list [33]. - The company aims to strengthen its core brands "Kaihua" and "Xiaokaihua," focusing on expanding its portfolio of key products [33].