科研实力强大，产品有效性得到论证。公司目前已形成四级络病理论研究体系，从世界中医药学会联合会络病专业委员会，到每年一届的国际络病学大会、再到省级络病学会、地级络病分会，完善的四级络病理论研究体系，为络病理论学术推广搭建了良好的平台，有力推动了相关疾病领域中西医结合。美国当地时间10 月24 日，中国国家心血管病中心、中国医学科学院阜外医院杨跃进教授牵头、全国124家医院参与的“中国通心络治疗急性心肌梗死心肌保护研究”论文在全球四大顶级医学期刊之一的《美国医学会杂志》（影响因子120.7分）上重磅刊出。研究结果显示，在指南推荐治疗基础上加用通心络胶囊，可以显著改善ST 段抬高型心肌梗死（STEMI）患者30 天和1 年的临床预后，为改善急性心肌梗死远期预后提供有效治疗药物。Events:
Yiling Pharmaceutical released the third quarterly report of 2023: in the first three quarters of 2023, the company realized revenue of 8.575 billion yuan, an increase of 7.91% over the same period last year; net profit of 1.759 billion yuan, an increase of 24.35% over the same period last year; and net profit of 1.64 billion yuan, an increase of 15.84% over the same period last year.
Main points of investment:
The scientific research strength is strong, and the effectiveness of the product has been proved. At present, the company has formed a four-level theoretical research system of collateral diseases, from the Professional Committee of collateral Diseases of the World Society of traditional Chinese Medicine, to the annual International Congress of collateral Diseases, and then to provincial collateral disease societies and local collaterals disease sectors. the perfect fourth-level collateral disease theory research system has built a good platform for the academic promotion of collateral disease theory and effectively promoted the integration of traditional Chinese and western medicine in related diseases. On October 24, local time in the United States, the "Research on Myocardial Protection of Chinese Tongxinluo in the treatment of Acute Myocardial Infarction" led by Professor Yang Yuejin of Fuwai Hospital of Chinese Academy of Medical Sciences and led by Professor Yang Yuejin of Fuwai Hospital of Chinese Academy of Medical Sciences and led by Professor Yang Yuejin of Fuwai Hospital of Chinese Academy of Medical Sciences, was published in the Journal of American Medical Association (120.7), one of the four top medical journals in the world. The results show that Tongxinluo capsule can significantly improve the clinical prognosis of patients with ST segment elevation myocardial infarction (STEMI) for 30 days and 1 year, and provide effective drugs for improving the long-term prognosis of acute myocardial infarction (AMI).
The layout of public products is rich and the future development is strong. The company promotes the industrialization of traditional Chinese medicine with the innovation of collateral disease theory, uses modern high and new technology to research and develop traditional Chinese medicine and chemical medicine, and develops more than ten national patented new drugs. covering cardiovascular and cerebrovascular diseases, respiratory diseases, tumors, diabetes, nervous system, urinary system diseases and other major diseases, the product layout is complete, the echelon is reasonable, laying a solid foundation for the future development of the company.
Profit forecast and investment rating. We estimate that the operating income of the company from 2023 to 2025 will be 119.98, 136.03 and 15.274 billion yuan, and the return net profit will be 20.50,24.58 and 2.825 billion yuan, corresponding to the PE of 18.17x, 15.15x and 13.18x. As the company continues to focus on its core business, it continues to strengthen the endogenous growth drive and maintain its "buy" rating.
Risk tips: performance growth is less than expected, industry competition intensifies, collection and acquisition price reduction risk, pharmaceutical policy risk, business strategy risk.
