Jiangsu Jibeier Pharmaceutical (688566) 国元证券·2024-05-10 09:30Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company achieved a revenue of 861 million (up 31.49%) and a net profit attributable to the parent of 219 million (up 41.65%) in 2023. The first quarter of 2024 saw a revenue of 194 million (up 17.47%) and a net profit of 53 million (up 38.15%) [2][4]. - The company is actively advancing its new drug development, with significant progress in its core products, including the rapid growth of the anti-tumor drug and hypertension treatment [3][18]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 are as follows: - Revenue growth rates: 24.81% in 2024, 26.13% in 2025, and 24.18% in 2026 - Net profit growth rates: 27.23% in 2024, 27.46% in 2025, and 27.66% in 2026 - Corresponding EPS: 1.47, 1.88, and 2.40 yuan per share for 2024, 2025, and 2026 respectively [4][5]. - The company’s financial data shows a significant increase in revenue from 654.73 million in 2022 to 860.93 million in 2023, with projections of 1,074.49 million in 2024 [5][22]. Product Performance - The main product, Likujun tablets, generated a revenue of 653 million (up 29.91%) in 2023. The hypertension drug, Niqunlor tablets, achieved a revenue of 90 million (up 61.04%) [10][18]. - Other products also showed growth, with Yipingfeng capsules increasing by 77.95% and vinegar chlorofenac enteric-coated tablets decreasing by 8.08% [10].