Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is steadily improving, with revenue and profit reaching a new quarterly high [1] - The core products are showing robust growth, and the company's profit margins are being maintained despite price pressures from collective procurement [8] - The company is expected to continue its growth trajectory, particularly in the OTC market, while maintaining a high dividend payout ratio [8] Financial Performance Summary - Total revenue for 2024 is projected at 25.78 billion yuan, a year-on-year increase of 32.71% [8] - Net profit attributable to shareholders for 2024 is expected to be 5.08 billion yuan, also reflecting a 32.60% increase [8] - The earnings per share (EPS) for 2024 is forecasted to be 0.72 yuan, with a price-to-earnings (P/E) ratio of 21.99 [1][9] Product Performance Summary - The revenue from the Wuling series is expected to reach 14.38 billion yuan in 2024, with a year-on-year growth of 17.14% [8] - The Chinese herbal medicine series is projected to generate 6.73 billion yuan in revenue, marking a significant increase of 46.02% [8] - The revenue from Chinese herbal formula granules is anticipated to grow by 143.19%, reaching 1.02 billion yuan [8] Future Projections - The company’s net profit is projected to reach 6.55 billion yuan in 2025 and 8.41 billion yuan in 2026, with corresponding P/E ratios of 17 and 13 [8] - By 2027, the net profit is expected to reach 10.41 billion yuan, with a P/E ratio of 11 [1][9]

百令系列中选全国中成药集采，有望实现以价换量公司核心产品百令系列主要包括百令片、百令胶 囊等，百令片为成熟品种，百令胶囊于2023 年12 月29 日获得国家药监局颁发的《药品注册证书》，成 为全国首个获批的同名同方药，于2024 年12 月正式销售。公司百令片中标2024 年京津冀"3+N"联盟药 品集采，有助于增加在"3+N"联盟地区（包括天津、四川、湖北等21 个联盟省份）的竞争力，同时，百 令片和百令胶囊中选2024 年全国中成药集采，有望改善百令片2021 年未中选湖北联盟集采的不利影 响。短期看，百令片2024 年销量增长15.25%，价格下降3%致收入减少7.23%，但长期看，集采中选有 望实现以价换量，带来百令系列的恢复性增长。 佐力药业(300181)：业绩保持稳健增长 以价换量效 果显著 事件： 公司发布2024 年度业绩快报及2025 年一季度业绩预告。2024 年实现营收25.80 亿元，同比增长 32.81%；归母净利润5.05 亿元，同比增长31.79%；扣非归母净利润5.03 亿元，同比增长34.75%；EPS 为0.72 元/股。2025 年一季度实现归母净利润1.78-1.8 ...