GUIZHOU SANLI(SH:603439) Tianfeng Securities·2024-05-30 10:02Investment Rating - The investment rating for the company is "Buy" with a 6-month target price indicating a potential upside of over 20% [5][13]. Core Views - The company has shown significant growth in revenue and net profit, with a 2023 revenue of 1.63498 billion yuan, representing a year-on-year increase of 36.10%, and a net profit of 292.70 million yuan, up 45.42% [12][18]. - The integration of Hanfang Pharmaceutical has positively impacted the company's product structure and sales channels, leading to a robust expansion in both hospital and OTC channels [12][14]. - The company is expected to maintain steady growth, with revenue projections for 2024 and 2025 adjusted to 2.4423 billion yuan and 2.85799 billion yuan, respectively [13]. Financial Data Summary - Revenue Growth: The company achieved a revenue of 1.63498 billion yuan in 2023, with a projected growth rate of 49.38% for 2024 [8][12]. - Net Profit: The net profit for 2023 was 292.70 million yuan, with forecasts of 324.57 million yuan for 2024 and 400.32 million yuan for 2025 [8][12]. - Earnings Per Share (EPS): EPS is projected to increase from 0.71 yuan in 2023 to 0.79 yuan in 2024 [8][12]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 20.88 in 2023 to 18.83 in 2024, indicating improved valuation [8][12]. - Market Capitalization: The total market capitalization is reported at 6.11105 billion yuan [5]. Operational Highlights - The company has expanded its sales team and marketing channels significantly, adding over 700 hospital channels and 600 small chain pharmacies in 2023 [12][14]. - Online sales channels have been developed through partnerships with major platforms like Alibaba Health and JD Pharmacy, marking a breakthrough in e-commerce sales [12].