Jiangsu wuzhong(SH:600200) INDUSTRIAL SECURITIES·2024-05-22 01:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [9]. Core Insights - The company achieved a revenue of 2.24 billion yuan in 2023, representing a year-on-year growth of 10.5%. However, it reported a net loss attributable to shareholders of 72 million yuan [5][12]. - The company is focusing on enhancing its pharmaceutical research capabilities and expanding its medical aesthetics business, which is currently in the R&D and registration phase [5]. - The gross margin for 2023 was 24.27%, while the net margin was -3.32%, reflecting challenges in the pharmaceutical segment due to product withdrawals from medical insurance and production disruptions [5]. Financial Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 2.86 billion yuan, 3.28 billion yuan, and 3.89 billion yuan, respectively [5]. - Net Profit Forecast: Expected net profits for the same years are 138 million yuan, 231 million yuan, and 370 million yuan, with corresponding EPS of 0.19, 0.32, and 0.52 yuan [5]. - Key Financial Ratios: The gross margin is expected to improve to 31.0% in 2024 and 32.7% in 2026, while ROE is projected to rise to 7.4% and 14.9% in the same years [3][5].