GUIZHOU SANLI(SH:603439) Guoyuan Securities·2024-05-06 01:00Investment Rating - The report maintains a "Buy" rating for Guizhou Sanli (603439.SH) [1] Core Views - The company's revenue for 2023 reached 1.635 billion yuan, a year-on-year increase of 36.10%, while the net profit attributable to shareholders was 292.70 million yuan, up 45.42% year-on-year [10][12] - The growth in sales is attributed to the performance of the company's flagship product, the "Kaitoujian" spray, which saw sales close to 1.3 billion yuan, growing nearly 20% year-on-year, driven by respiratory diseases and the pandemic [2][11] - The company has expanded its sales network significantly, covering over 334 cities and 2,355 counties, with a total of more than 175,000 terminals [2][11] - The company has been actively pursuing external growth, acquiring companies such as Dechangxiang and Wudi Pharmaceutical, which contributed to revenue and profit growth [2][12] Financial Data and Valuation - Revenue (in million yuan): - 2022A: 1,201.32 - 2023A: 1,634.98 - 2024E: 2,414.43 - 2025E: 2,876.22 - 2026E: 3,427.31 - Year-on-year revenue growth rates: - 2022: 27.94% - 2023: 36.10% - 2024E: 47.67% - 2025E: 19.13% - 2026E: 19.16% [3][10] - Net profit attributable to shareholders (in million yuan): - 2022A: 201.28 - 2023A: 292.70 - 2024E: 374.57 - 2025E: 460.24 - 2026E: 571.21 - Year-on-year net profit growth rates: - 2022: 32.18% - 2023: 45.42% - 2024E: 27.97% - 2025E: 22.87% - 2026E: 24.11% [3][10] - Earnings per share (EPS): - 2022: 0.49 yuan - 2023: 0.71 yuan - 2024E: 0.91 yuan - 2025E: 1.12 yuan - 2026E: 1.39 yuan [3][10] Growth Outlook - The company is expected to continue its robust growth trajectory, with projected net profits of 3.75 billion yuan, 4.60 billion yuan, and 5.71 billion yuan for 2024-2026, respectively [12] - The price-to-earnings (P/E) ratios are projected to be 16 times, 13 times, and 11 times for the years 2024E, 2025E, and 2026E, respectively [12]