Gelonghui, Feb. 4 | Dongwu Securities released a research report saying that the first qualifying “buy” rating of Saisheng Pharmaceutical is expected to achieve net profit of 10.14/11.87/1,375 billion yuan in 2023-2025, and the net profit for 2023 is estimated to be 1 billion yuan using the segmented valuation method. The company is worth around RMB 20 billion, which is significantly underestimated. According to the research report, 2023H1 revenue was about 1.603 billion yuan (+8.7%), sales revenue CAGR 18%; net profit was about 630 million yuan (+18.4%), operating profit CAGR reached 102% in the past 5 years, the company's gross profit remained above 75%, net margin above 30%, and sales expenses rate was below 25%; the company paid cash dividends for two consecutive years and completed a 700 million premium repurchase in 2023. Future dividends and repurchases are still the company's long-term strategy.
研报掘金｜东吴证券：首予赛生药业“买入”评级 未来派息及回购仍是公司长期策略
Research Nuggets｜Dongwu Securities: First qualifying Xisheng Pharmaceutical's “buy” rating, future dividend payments and repurchases are still the company's long-term strategy
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