KPC(600422) 中国银河·2024-06-11 00:30Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Views - The company plans to acquire a 51% stake in Huaren Shenghuo for 1.791 billion yuan, which represents a 277.65% increase in value compared to its net asset value of 930 million yuan [1]. - This acquisition is expected to enhance the company's competitiveness in the Sanqi industry chain and help it become a benchmark enterprise in the sector [1]. - The company aims to achieve an industrial revenue of 10 billion yuan by the end of 2028, focusing on premium traditional Chinese medicine and elderly health management [1]. - The projected net profits for 2024-2026 are estimated at 576 million yuan, 777 million yuan, and 1.011 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 15 times [1]. Financial Summary - In 2023, the company reported revenues of 770.31 million yuan, with a year-on-year growth of 1.61%, and a net profit of 203 million yuan, up 0.88% [1]. - The total assets of Huaren Shenghuo are valued at 1.067 billion yuan, with total liabilities of 137 million yuan, resulting in a net asset value of 930 million yuan [1]. - The company has set a five-year strategic plan (2024-2028) to double its revenue, targeting a significant increase in both oral and injectable products [1][26].