| | 托分配资金划拨至资产支持票据持有人资金账户的目期。在未发生违 | | --- | --- | | | 约事件或加速清偿事件时,兑付兑息日为本信托设立后届满一年之日 | | | 所在自然季度的循环购买目、本信托预计到期目所在自然季度的前一 | | | 个自然季度的最后一个工作目以及本信拒预计到期目,如遇法定节假 | | | 日或休息日顺延至其后第一个工作日;其中,本信托设立后届满一年 | | | 之日所在自然季度的循环购买日为优先级兑息日,本信托预计到期目 | | | 所在自然季度的前一个自然季度的最后一个工作日以及本信托预计到 | | | 期日为本息兑付目;发生违约事件或加速清偿事件后,兑付兑息日为 | | | 每个资金归集日后的第 7个工作日。 | | | 系指在未发生违约事件或加速滑偿事件时,受托人将资产支持票据的 | | | 预期收益和本金划拨至资产支持票据持有人的资金账户的目期,即本 | | 本息兑付日 | 信托预计到期目所在自然季度的前一个自然季度的最后一个工作日以 | | | 及本信托预计到期目,如遇法定节假日或休息日顺延至其后第一个工 | | | 作日。 | | | 系指在未发生违约事件 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 医药商业 ＃investSuggestion＃ ＃ ＃dy九Com州pan通y＃ （600998.SH） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 新战略进展顺利，总代总销打造第二增长曲线 ange＃ ＃createTime1＃ 2024 年05 月06 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  近日，公司发布2023年年报。2023年，公司实现营业收入1,501.40亿元， 日期 2024.04.30 较上年同期增长6.92%；实现归母净利润21.74亿元，较上年同期增长4.27%， 收盘价（元） 8.21 实现扣非归母净利润19.60亿元，较上年同期增长13.06%，扣非归母净利润 总股本（亿股） 39.09 的增长快于营业收入的增长；经营活动产生的现金流量净额为47.48亿元， 流通股本（亿股） 39.09 较上年同期增长19.10%，公司经营性现金流量持续改善，经营质量显著提升。 净资产（亿元） 245.58 总资产（亿元） 972.41  近日，公司发布2024 ...

公司快报 2024 年 05 月 04 日 九 州通(600998.SH) 证券研究报告 业绩稳健增长，新战略驱动多增长极 医药流通 投资评级 买入-A 发力 首次评级 6 个月目标价 9.60元 事件：公司发布 2023 年年报及 2024 年一季报。 股价 (2024-04-30) 8.21元 2023 年全年，公司实现营业收入1,501.40 亿元/+6.92%，归母净 利润 21.74 亿元/+4.27%,扣非归母净利润 19.60 亿元/+13.06%。 交易数据 公司收入及扣非净利润持续增长的主要原因系医药分销业务稳健 总市值(百万元) 32,092.00 增长，CSO、医药新零售与加盟、医药工业与 OEM 等高毛利业务持 流通市值(百万元) 32,092.00 续实现快速增长。23 年公司经营活动产生的现金流量净额为 总股本(百万股) 3,908.89 47.48 亿元/+19.10%，经营性现金流量持续改善。 流通股本(百万股) 3,908.89 2024年一季度，公司实现营业收入404.72 亿元/-3.85%，归母净 12个月价格区间 6.68/16.62元 利润 5.38 亿元/-4.1 ...

大家好欢迎参加本次信达医药九州通2023年年报2024年QE报解读电话会议目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后主持人可直接开始发言谢谢 本次电话会议仅面向信达证券签署服务协议的签约客户或收邀客户在任何情况下本电话会议的信息或所表述的意见不构成对任何人的投资建议也没有考虑到客户特殊的投资目标财务状况或需求会议中如设计第三方专家发言其内容仅代表专家个人观点根据监管规定未经信达证券说明授权严禁任何机构或个人转发转载 录音制作并传播禁药或引用会议的任何部分内容等对于违反上述情形的信达证券对此等行为不承担任何责任且信达证券将保留一切法律权利感谢您的理解和支持好的各位同学大家上午好我是信达证券医药首席分析师唐艾军跟我一起在线的话还有我们几个同事张忠涛 那上周五的时候呢九月初发布了这个2023年年报和2024年年报那么二三年的话公司营收是创了历史新高来超过了一千五百亿那么规模低润的话达到了19.61亿也是同比增长了13.06%非常稳健那么尤其是这个经营性的先进流的话呢是达到了47.48亿啊同比有19%的一个增长非常亮丽那么公司的这个医药分销业务的话呢呃市占第一市值面提高的一个基础上那么总代理的品牌 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved stable revenue and profit growth in 2023, with a revenue of 150.14 billion yuan (up 6.92% year-on-year) and a net profit attributable to shareholders of 2.17 billion yuan (up 4.27% year-on-year) [2] - The company's "Three New and Two Transformations" strategy is expected to empower long-term development, despite adjustments to profit forecasts for 2024-2026 due to promotional expenses [2] - The company is focusing on digital pharmaceutical distribution and supply chain business, which showed steady growth, while the general brand promotion business experienced remarkable growth of 46.01% [3] Financial Performance Summary - In 2023, the company's revenue from digital pharmaceutical distribution and supply chain was 124.04 billion yuan (up 2.47%), while the general brand promotion business generated 19.58 billion yuan (up 46.01%) [3] - The company's gross margin in 2023 was 8.07% (up 0.27 percentage points), and the net margin was 1.53% (down 0.10 percentage points) [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.445 billion yuan, 2.778 billion yuan, and 3.194 billion yuan respectively [2] Business Development - The new retail and "Ten Thousand Store Franchise" initiatives are progressing well, with 21,192 stores established across 31 provinces and regions by Q1 2024 [4] - The company is committed to developing a digital platform to enhance services for franchise stores and improve operational efficiency [4] Key Financial Metrics - The company's projected revenue for 2024 is 165.49 billion yuan, with a year-on-year growth of 10.2% [5] - The earnings per share (EPS) for 2024 is expected to be 0.63 yuan, with a price-to-earnings (P/E) ratio of 12.9 times [5] - The total market capitalization of the company is approximately 31.584 billion yuan [6]

Summary of the Conference Call Company and Industry - The conference call pertains to **信达医药** (Innovent Biologics) and **九州通** (JiuZhou Tong) for the year 2023 annual report and 2024 QE report interpretation [1] Core Points and Arguments - The call began with a disclaimer, indicating the importance of the information being discussed and the confidentiality of the content [1] Other Important but Possibly Overlooked Content - All participants were initially muted, suggesting a structured approach to the meeting and a focus on the presentation of information before opening the floor for questions [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 150.14 billion yuan in 2023, representing a year-on-year growth of 6.92%, and a net profit attributable to shareholders of 2.17 billion yuan, up 4.27% year-on-year [3] - The company is undergoing a business transformation and upgrading, with significant results from the implementation of its new three-year strategy [1] - The company plans to issue approximately 1.2 billion yuan in REITs and 3 billion yuan in Pre-REITs in 2024, leading to an adjustment in net profit forecasts for 2024-2025 [4] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 140,424, for 2023A was 150,140, and projections for 2024E, 2025E, and 2026E are 166,851, 185,171, and 204,891 respectively, with year-on-year growth rates of 14.72%, 6.92%, 11.13%, 10.98%, and 10.65% [2] - The net profit attributable to shareholders (in million yuan) for 2022A was 2,085, for 2023A was 2,174, and projections for 2024E, 2025E, and 2026E are 4,778, 3,415, and 3,777 respectively, with year-on-year growth rates of -14.84%, 4.27%, 119.77%, -28.53%, and 10.61% [2] - The latest diluted EPS (in yuan/share) for 2022A was 0.53, for 2023A was 0.56, and projections for 2024E, 2025E, and 2026E are 1.22, 0.87, and 0.97 respectively [2] Strategic Initiatives - The CSO business is showing promising growth, with revenue of 19.58 billion yuan in 2023, up 46.01%, and a gross profit margin of 14.24% [3] - The new retail strategy is progressing with a significant increase in franchise pharmacy sales, which reached 3.48 billion yuan in 2023, a year-on-year increase of 83.25% [4] - The company has established a new brand "Quankin Health" for its CSO management, with a promotional team of over 3,000 people [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has shown continuous improvement in operational quality, with a focus on high-quality development. In 2023, it achieved a revenue of 150.14 billion yuan, a growth of 6.92%, and a net profit attributable to shareholders of 2.17 billion yuan, up by 4.27% [5][6]. - The company is implementing a new three-year strategy that emphasizes new products, new retail, new medical services, digitalization, and real estate securitization, which is expected to drive future growth [6][7]. - The company aims for a revenue growth of no less than 15% in 2024, supported by its innovative strategies and expansion plans [6]. Financial Performance Summary - In 2023, the company reported a revenue of 150.14 billion yuan, with a net profit of 2.17 billion yuan. The first quarter of 2024 saw a slight decline in revenue to 40.47 billion yuan, down by 3.85%, and a net profit of 538 million yuan, down by 4.19% [5][6]. - The company's gross profit margin for 2023 was 8.07%, while the net profit margin was 1.53%. In Q1 2024, these margins decreased to 7.20% and 1.34%, respectively [5][6]. - The company’s cash flow from operating activities reached a record high of 4.75 billion yuan in 2023, reflecting improved cash management [5][6]. Future Projections - Revenue projections for 2024-2026 are 165.27 billion yuan, 185.20 billion yuan, and 209.44 billion yuan, respectively, with corresponding net profits of 2.62 billion yuan, 3.02 billion yuan, and 3.49 billion yuan [7][8]. - The expected earnings per share (EPS) for the same period are 0.67 yuan, 0.77 yuan, and 0.89 yuan, indicating a positive growth trajectory [7][8].

九州通医药集团股份有限公司 董事会议事规则 第一条 宗旨 为进一步规范公司董事会的议事方式和决策程序，促使董事和董事会有效地 履行法律法规和公司章程赋予的职责，提高董事会规范运做和科学决策水平，根 据《公司法》《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、行政法规、部门规章、规范性文件及《九州通医药集 团股份有限公司章程》（以下简称《公司章程》）等有关规定，制订本规则。 第二条 董事会的组成 董事会由 11 名董事组成，设董事长 1 人，副董事长 3 人，暂不设职工代表 的董事。公司设独立董事 4 名。 董事会可以根据实际需要，聘任公司创始人为名誉董事长及名誉副董事长。 名誉董事长及名誉副董事长可列席董事会会议，并就公司重大经营和管理问题提 出建议和质询。 第三条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公 ...

九州通医药集团股份有限公司 总经理工作细则 第一章 总 则 第一条 为进一步完善公司法人治理结构，明确总经理的职权、职责，规范总 经理的行为，依据《公司法》和本公司章程，特制定本工作细则。 第二条 公司设总经理 1 名，由董事会聘任或解聘。公司设副总经理若干名， 由董事会聘任或解聘。公司总经理、副总经理、财务总监（财务负责人）、董事会 秘书和业务总裁为公司高级管理人员。 第三条 总经理对董事会负责，组织实施董事会决议，主持公司日常生产经营 和管理工作。 第四条 总经理每届任期三年，连聘可以连任。 （七）决定聘任或者解聘除应由董事会决定聘任或者解聘以外的负责管理人员； （八）董事会授予的其他职权。 第七条 公司副总经理由总经理提名，并经董事会聘任，副总经理协助总经理 开展工作，主要职权如下： 第五条 在公司控股股东、实际控制人单位担任除董事、监事以外其他行政职 务的人员，不得担任公司的高级管理人员。公司高级管理人员仅在公司领薪，不由 控股股东代发薪水。 第二章 总经理的职权 第六条 总经理行使下列职权： （一）主持公司的经营管理工作，组织实施董事会决议，并向董事会报告工作； （二）组织实施公司年度经营计划和投资 ...