证券代码：600998 证券简称：九州通 公告编号：临 2024-099 九州通医药集团股份有限公司 ●截至本次股东股份解押及质押办理完成日，控股股东楚昌投资及其一致行动 人合计持有公司股份2,338,752,727股，占公司总股本的46.38%。本次股东股份解除 质押及质押办理完成后，控股股东楚昌投资及其一致行动人所持公司股份中已质押 的股份总数为1,260,829,464股，占其所持股份比例为53.91%，占公司总股本的比例 为25.00%。 2024年11月8日，九州通医药集团股份有限公司（以下简称"公司"）收到股 东上海弘康实业投资有限公司（以下简称"上海弘康"）的通知，获悉其持有本公 司的部分股份已办理解除质押及质押手续，具体情况如下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●公司股东上海弘康办理完成27,090,000股的股份解除质押手续，本次解除质押 股份占其所持股份比例为2.49%，占公司总股本的比例为0.54%；同时，上海弘康已 办理24,000,000股的股份质押手续，本次质押股份 ...

证券代码：600998 证券简称：九州通 公告编号：临 2024-097 九州通医药集团股份有限公司 第六届监事会第八次会议决议公告 2024 年 11 月 8 日，九州通医药集团股份有限公司（以下简称"公司"或"九 州通"）召开第六届监事会第八次会议，本次会议以现场结合通讯方式召开，根 据公司《监事会议事规则》，会议通知于 2024 年 11 月 4 日以电话、邮件、微信 等方式通知全体监事。本次会议应到监事 3 人，实到 3 人，会议由监事会主席许 应政先生主持。本次会议的召集和召开程序符合《公司法》及《公司章程》等相 关规定。 经过审议并表决，本次会议通过了《关于公司拟参与设立新产品战略相关投 资基金暨关联交易的议案》，具体情况如下： 经审议，监事会同意公司参与设立新产品战略相关投资基金暨关联交易的议 案。详见公司同日披露的《九州通关于参与设立新产品战略相关投资基金暨关联 交易的公告》（公告编号：临 2024-098）。 关联监事林新扬已回避表决。 表决结果：同意 2 票，反对 0 票，弃权 0 票。 备查文件：公司第六届监事会第八次会议决议 特此公告。 九州通医药集团股份有限公司监事会 2024 年 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's revenue for the first three quarters of 2024 is reported at 113.43 billion yuan, with a year-on-year change of -0.8%. However, in Q3 2024, revenue increased by 3.6% year-on-year [1] - The company's high-margin business segments are experiencing rapid growth, with CSO business revenue increasing by 18.0% year-on-year, and the "Good Medicine" franchise seeing a 58.3% increase [1] - The company is progressing well with its REITs and Pre-REITs projects, which are expected to contribute significantly to net profit if successfully issued [1] Financial Performance Summary - Total revenue for 2023 is projected at 150.14 billion yuan, with a growth rate of 6.9%. For 2024, the revenue is expected to be 151.60 billion yuan, reflecting a modest growth of 1.0% [2] - The net profit attributable to the parent company for 2023 is estimated at 2.17 billion yuan, with a year-on-year growth of 4.3%. However, a decline of 4.9% is expected in 2024 [2] - The company's gross margin for Q3 2024 improved to 8.1%, with a net profit margin of 1.4% [1] Valuation and Price Target - The target price for the company is set at 7.1 yuan, based on a target PE of 15x for 2025 [1][3] - The current market price is 5.50 yuan, indicating potential upside based on the target price [3] Key Financial Metrics - The company has a total market capitalization of 27.73 billion yuan and a debt-to-asset ratio of 67.52% [3] - The earnings per share (EPS) for 2024 is projected at 0.41 yuan, with a PE ratio of 13 [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is improving quarter by quarter, driven by the "Three New and Two Transformation" strategy [3][4] - The company achieved a revenue of 1134.29 billion yuan in the first three quarters of 2024, a decrease of 0.82% year-on-year, with a net profit attributable to shareholders of 16.96 billion yuan, down 6.99% year-on-year [2] - The third quarter alone saw a revenue of 362.58 billion yuan, an increase of 3.57% year-on-year, and a net profit of 4.89 billion yuan, up 1.64% year-on-year [2] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to reach 161.37 billion yuan in 2024, with a year-on-year growth of 7.48% [1] - Net profit attributable to shareholders is expected to be 24.90 billion yuan in 2024, reflecting a growth rate of 14.54% [1] Strategic Initiatives - The "Three New" strategy includes new products, new retail, and new medical services, contributing to revenue growth [3] - The CSO business generated 141.19 billion yuan in revenue, achieving an 18% year-on-year growth [3] - The number of retail stores reached 26,703, with a target of 30,000 by year-end, and B2C e-commerce sales increased by 16.43% [3] - The company aims to expand its "Nine Trust Clinics" to 800 by the end of the year [3] Financial Performance and Valuation - The company is expected to complete the issuance of public REITs and Pre-REITs by the end of 2024, which will enhance cash flow [4] - The projected P/E ratios for 2024-2026 are 10, 9, and 8 times, respectively, indicating a favorable valuation outlook [4]

证券代码：600998 证券简称：九州通 公告编号：临 2024-092 九州通医药集团股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次业绩说明会召开情况 九州通医药集团股份有限公司（以下简称"九州通"或"公司"）2024年第三季 度业绩说明会于2024年10月31日（星期四）11:00-12:00在上海证券交易所上证路 演中心（http://roadshow.sseinfo.com/）以网络互动交流的形式召开。公司董事长 刘长云先生、副董事长刘兆年先生、副董事长兼总经理龚翼华先生、独立董事艾 华先生、财务总监夏晓益先生、副总经理全铭女士、副总经理兼董事会秘书刘志 峰先生和证券事务代表张溪女士出席本次说明会，就公司经营成果、业绩亮点、 "新产品、新零售、新医疗、数字化和不动产证券化（REITs）"五大战略（即"三 新两化"战略）实施进展等具体情况与广大投资者进行了沟通交流。 二、投资者提出的主要问题及公司回复情况 在本次业绩说明会上，公司就投资者关注的问 ...

隐证券 医药生物/医药商业 公 司 研 究 九州通（600998.SH） 2024 年 10 月 31 日 2024Q3 经营业绩改善，万店加盟提前完成年度目标 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/30 | | 当前股价 ( 元 ) | 5.14 | | 一年最高最低 ( 元 ) | 8.95/4.35 | | 总市值 ( 亿元 ) | 259.18 | | 流通市值 ( 亿元 ) | 259.18 | | 总股本 ( 亿股 ) | 50.42 | | 流通股本 ( 亿股 ) | 50.42 | | 近 3 个月换手率 (%) | 39.25 | 股价走势图 -20% -10% 0% 10% 20% 30% 2023-10 2024-02 2024-06 九州通 沪深300 数 ...

公司点评报告 ·医药行业 Q3 业绩逐季向好, "三新两化"持续推进 -九州通 2024 年三季报业绩点评 2024年10月 30日 ● 事件: 2024年 10月 29日,九州通发布 2024年三季度报告, 2024年 1-9 月 公司实现营业收入 1134.29 亿元(-0.82%);归母净利润 16.96 亿元(-6.99%); 扣非归母净利润 16.30 亿元（-5.68%）; 经营性现金流-26.58 亿元。2024Q3 公司实现营业收入 362.58 亿元(+3.57%);归母净利润 4.89 亿元(+1.64%); 扣非归母净利润 4.50 亿元(+3.97%);经营性现金流 5.43 亿元。 ● 季节性流感影响逐步消退,Q3 业绩呈现向好趋势。由于 2024 上半年公司 业绩受去年同期季节性流感的高基数影响较大,前三季度业绩仍承压下滑;若 剔除上述特殊因素影响,公司前三季度营业收入同比增长 0.70%,归母净利润 同比增长 10.16%,扣非归母净利润同比增长 12.87%。2024Q3去年同期季节 性流感的影响逐渐消退,公司业绩开始呈现逐季向好趋势,单季度营业收入和 扣非归母净利润分别实现 ...

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company's performance has shown a clear trend of improvement quarter by quarter, with Q3 revenue, profit, and cash flow turning positive year-on-year [3] - High-margin businesses such as CSO, self-produced pharmaceutical products, and digital logistics solutions drove growth, with CSO revenue up 18% YoY in the first three quarters [4] - The company's REITs project has been accepted, accelerating the implementation of its real estate securitization strategy [4] - The company is expected to see a revaluation as its fundamentals improve, with new product strategies and REITs issuance expected to enhance capital turnover [5] Financial Performance - 2024 Q3 revenue was RMB 36.258 billion (+3.57% YoY), with net profit attributable to shareholders of RMB 489 million (+1.64% YoY) [3] - Excluding the impact of seasonal diseases, the company's revenue and net profit attributable to shareholders increased by 0.70% and 10.16% YoY, respectively, in the first three quarters [3] - Operating cash flow improved significantly in Q3, with a net cash flow from operating activities of RMB 543 million, up 93.36% YoY [4] Business Highlights - CSO business revenue reached RMB 14.119 billion in the first three quarters, up 18% YoY [4] - Self-produced pharmaceutical products and OEM business revenue was RMB 2.092 billion, up 18.42% YoY [4] - Digital logistics and supply chain solutions revenue grew 22.99% YoY to RMB 734 million [4] REITs Strategy - The company submitted its REITs application for pharmaceutical warehousing and logistics infrastructure on September 20, 2024, and received acceptance on September 24, 2024 [4] - The company plans to launch a Pre-REITs project to incubate high-quality pharmaceutical logistics assets, aiming to build a multi-tiered real estate equity capital operation platform [4] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 165.27 billion, RMB 185.195 billion, and RMB 209.438 billion, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.618 billion, RMB 3.015 billion, and RMB 3.491 billion for 2024-2026 [6] - The current PE ratio is 10.1x for 2024, 8.8x for 2025, and 7.6x for 2026 [6] Valuation Metrics - The company's PE ratio is 9.55x, with a market capitalization of RMB 26.5 billion [1] - The 52-week high and low prices were RMB 8.54 and RMB 4.39, respectively [1] - The debt-to-asset ratio stands at 68.2% [1]