2025Q1 利润稳健，门店优化推动长期发展 [Table_StockName] ——大参林（603233）点评报告 [Table_ReportDate] [Table_Summary] 事件: 4 月 26 日，公司发布 2024 年年报和 2025 年一季报。2024 年，公司实 现总营业收入 264.97 亿元（+8.01%）；实现归母净利润 9.15 亿元（- 21.58%）。2025Q1，公司实现总营业收入 69.56 亿元（+3.02%）；实现归 母净利润 4.60 亿元（+15.45%）。 深耕华南，积极实施省外扩张战略 公司持续新开门店、并购和新拓展加盟等方式，继续下沉已布局区域的 二、三级市场，同步开拓重要区域的新市场，保持零售业务规模优势。 截至 2025Q1，公司拥有门店 16,622 家（含加盟店 6,239 家），净增门 店 69 家。2025Q1，公司华南/华中/华东/东北华北西南和西北地区收入 分别为 43.03/6.76/5.47/12.20 亿元，同比增速分别为 -0.94%/8.31%/5.16%/10.70%，可以看出公司华南以外市场增长较强势。 公司持续推进强势区域的加 ...

Core Insights - The company reported a revenue of 26.497 billion yuan in 2024, representing an 8.01% increase, while the net profit attributable to shareholders was 915 million yuan, down 21.58% [1] - In Q1 2025, the company achieved a revenue of 6.956 billion yuan, a 3.02% increase, and a net profit of 460 million yuan, up 15.45% [2] - The company is focusing on optimizing its store layout and enhancing management efficiency as it enters a consolidation phase after completing its cross-province expansion [3] Revenue and Profit Analysis - In 2024, the company's Chinese and Western medicine revenue was 19.968 billion yuan, up 12.82%, with a gross margin of 30.00%, down 1.16 percentage points [2] - The revenue from traditional Chinese medicine was 2.945 billion yuan, down 0.99%, with a gross margin of 42.32%, down 0.56 percentage points [2] - Non-pharmaceutical revenue was 2.948 billion yuan, down 9.52%, with a gross margin of 41.72%, down 1.80 percentage points [2] Store Expansion and Management - As of Q1 2025, the company had a total of 16,622 stores across 21 provinces, with a net increase of 2,479 stores in 2024 [3] - The company closed 733 stores in 2024, while in Q1 2025, it opened 54 new stores and closed 174 [3] - The gross margin for 2024 was 34.33%, down 1.58 percentage points, attributed to declining consumer spending and a higher number of new stores in the cultivation phase [3] Technological Advancements - The company is embracing AI technology, launching systems for automatic replenishment, intelligent site selection, and smart promotions to enhance operational management [4] - The implementation of digital upgrades is expected to improve management efficiency, with sales and management expense ratios of 23.37% and 4.65%, respectively, showing slight increases [3] Investment Outlook - The company is projected to have EPS of 0.97, 1.14, and 1.35 yuan for the years 2025, 2026, and 2027, respectively [4] - As a leading chain pharmacy, the company is expected to benefit from ongoing industry consolidation and the trend of prescription outflow, which may enhance profitability [4]

Core Viewpoint - The company reported a mixed financial performance for 2024, with revenue growth but a decline in net profit, while the first quarter of 2025 shows signs of recovery in profitability [1][2][4]. Financial Performance Summary - For 2024, the company achieved a revenue of 26.497 billion yuan, with a net profit of 915 million yuan, reflecting year-on-year changes of +8.01% for revenue, -21.58% for net profit, and -22.42% for net profit excluding non-recurring items [1]. - In Q4 2024, revenue was 6.766 billion yuan, with a net profit of 57 million yuan, showing a year-on-year revenue decline of -0.63%, but significant increases in net profit of +820.48% and +240.71% for net profit excluding non-recurring items [1]. - For Q1 2025, revenue reached 6.956 billion yuan, with a net profit of 460 million yuan, indicating year-on-year growth of +3.02% for revenue and +15.45% for net profit [1]. Operational Strategy Summary - The company closed 733 stores in 2024 to optimize its store network, which is expected to improve profitability in the long run despite short-term revenue pressure [2]. - The performance of traditional Chinese and Western medicine segments remained stable, with revenue growth of +12.82% in 2024 and +5.80% in Q1 2025, while consumer products faced challenges with declines in revenue [2]. - The company is leveraging AI technology by integrating DeepSeek-R1's "AI Xiaosan" to enhance operational efficiency through improved customer service and analysis capabilities [2]. Expansion and Market Position Summary - The company continues to expand its store network, with a total of 16,622 stores as of Q1 2025, including 6,239 franchise stores, and a net increase of 2,479 stores in 2024 [3]. - Revenue from franchise and distribution business reached 3.940 billion yuan in 2024, growing by +15.12%, and 1.130 billion yuan in Q1 2025, growing by +25.34% [3]. - The company is making progress in establishing specialized pharmacy qualifications, with 248 DTP pharmacies and over 10,000 designated medical insurance stores by the end of 2024 [3]. Profit Forecast and Investment Outlook - The company is expected to see profit growth outpacing revenue growth in 2025, with projected net profits of 1.07 billion yuan, 1.23 billion yuan, and 1.40 billion yuan for 2025-2027, respectively [4]. - The company is anticipated to benefit from industry trends and network optimization, leading to improved performance and market share [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrates solid cash cow attributes, with short-term profit pressures not undermining its long-term value. Despite a decline in net profit for 2024, the operating cash flow remains robust, reflecting the company's strong core business [2][4]. - The company is expanding its store network significantly, with a total of 16,553 stores as of the 2024 report, including 10,503 direct-operated and 6,050 franchised stores. This expansion is supported by a successful direct franchise model that enhances operational efficiency [3]. - The new retail model is maturing, with a high penetration of O2O delivery services and a growing B2C business, benefiting from policies promoting prescription drug separation [3]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 26.497 billion yuan, an increase of 8.01% year-on-year, while net profit decreased by 21.58% to 915 million yuan. The first quarter of 2025 showed revenue of 6.956 billion yuan, up 3.02%, and net profit increased by 15.45% to 460 million yuan [1][2]. Store Network Expansion - The total number of stores reached 16,553 by the end of 2024, with a net increase of 2,479 stores during the year. The company has entered new markets, including Shanghai and Inner Mongolia, and plans to enhance regional coverage starting in the second half of 2024 [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised down to 1.048 billion yuan and 1.235 billion yuan, respectively, reflecting a decrease of 38% and 40% from previous estimates. The 2027 net profit is projected to be 1.437 billion yuan, representing a growth of 14.59% [4][5]. The current price corresponds to a P/E ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [4].

Core Insights - Dazhonglin Pharmaceutical Group Co., Ltd. has demonstrated strong performance in the competitive pharmaceutical retail market, achieving significant revenue growth and expanding its store network in 2024 and Q1 2025 [1][3] Group 1: 2024 Performance Overview - In 2024, the company achieved a total revenue of 26.497 billion yuan, representing an 8.01% year-on-year increase, driven by store expansion, operational optimization, and market penetration [1] - The total number of stores reached 16,553 by the end of 2024, with a net increase of 2,479 stores during the year, enhancing brand visibility and revenue generation [1] Group 2: Regional Revenue Analysis - Revenue growth was observed across all regions, with the Northeast, North China, Southwest, and Northwest regions showing particularly strong growth at 34.42%, becoming new engines for revenue [2] - The South China region, with 10,043 stores (6,392 direct stores), generated revenue of 16.725 billion yuan, a 1.91% increase, remaining a key revenue pillar [2] Group 3: Q1 2025 Financial Performance - In Q1 2025, the company reported revenue of 6.956 billion yuan, a 3.02% year-on-year increase, maintaining stable growth [3] - Net profit attributable to shareholders reached 460 million yuan, a significant increase of 15.45%, indicating effective cost control and operational efficiency [3] - The net cash flow from operating activities was 1.768 billion yuan, up 44.14%, providing solid financial support for future business expansion [3] Group 4: Commitment to Health Industry and Social Responsibility - The company is actively expanding into the health industry, aiming to create a comprehensive health service system covering prevention, treatment, rehabilitation, and wellness [4] - Dazhonglin has established a robust drug quality management system and a logistics network with 35 warehouses, ensuring drug safety and efficient distribution [4] - The company emphasizes environmental protection and resource conservation, implementing energy-saving measures and promoting the use of new energy vehicles in logistics [5] Group 5: Community Engagement and Future Outlook - Dazhonglin is involved in rural revitalization efforts, providing medical support and health services to bridge the urban-rural health gap [6] - The company collaborates with governments and communities to build healthy communities and actively participates in charitable activities [6] - Looking ahead, Dazhonglin aims to leverage its core competitive advantages in scale, supply chain, and digitalization to enhance its market position in the health industry [6]

Core Viewpoint - The retail pharmaceutical industry is undergoing significant adjustments due to deepening medical reform policies, increased competition, and the impact of e-commerce, leading to a decline in customer traffic and a challenging environment for store openings and closures [1][2]. Group 1: Industry Performance - The performance of listed chain pharmacies in 2024 shows a polarization, with Yifeng Pharmacy achieving revenue and net profit growth, while Lao Bai Xing experienced declines in both metrics [1][3]. - Shuyu Pingmin reported a substantial net profit decline of 241.90%, marking its first loss after years of profitability, while Yixin Tang's net profit fell to a ten-year low of 1.14 billion yuan, down 79.23% [1][3]. - The overall number of retail pharmacies is expected to decrease, with an estimated 39,000 closures in 2024, resulting in a closure rate of 5.7%, up from 3.8% in 2023 [4]. Group 2: Store Expansion and Strategy - Dacaren's expansion rate has slowed, with a net increase of 2,479 stores in 2024 compared to 4,029 in 2023, while other companies like Yifeng Pharmacy and Lao Bai Xing also reported slower store growth [1][4]. - Many companies are adjusting their store opening strategies, with Jianzhijia reducing its annual expansion plan to around 400 stores [4]. Group 3: Transformation and Innovation - Pharmaceutical retail enterprises are accelerating their transformation, with leading companies adopting the "pharmacy + clinic" model to create community health ecosystems [2][5]. - Companies are focusing on digital transformation and exploring synergies between e-commerce and physical stores to adapt to the changing market landscape [2][5]. Group 4: Financial Performance and Challenges - Shuyu Pingmin's revenue reached 9.57 billion yuan in 2024, a 4.13% increase, but its net profit turned negative due to various operational challenges [3]. - The decline in net profit for many companies is attributed to increased operational costs and the impact of new store openings, which, while contributing to revenue, also lead to higher expenses during their cultivation period [3][5]. Group 5: Market Trends and Consumer Behavior - The retail pharmacy industry is witnessing a shift towards diversified product offerings and a focus on patient-centered health services, moving away from reliance solely on pharmaceutical sales [5][6]. - The proportion of income from medical insurance settlements is decreasing for many companies, indicating a shift towards non-insurance revenue streams [8]. Group 6: O2O and Membership Growth - The O2O (Online to Offline) retail model is becoming a key growth driver, with significant increases in sales through this channel expected in 2024 [8][9]. - Membership numbers are growing across various companies, with Yifeng Pharmacy reporting a membership increase of 19.50% and a membership sales ratio of 82.03% [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has optimized its store network by closing 733 stores in 2024, which is expected to enhance profitability despite short-term revenue pressure [7] - The company is embracing AI opportunities, launching "AI Xiaosan" to improve operational efficiency [7] - The company continues to expand its store network, with a total of 16,622 stores as of Q1 2025, including 6,239 franchise stores [7] - The company has made progress in obtaining professional pharmacy qualifications, with 248 DTP pharmacies and over 10,000 insurance designated stores by the end of 2024 [7] - The company is expected to see a profit growth that outpaces revenue growth in 2025, with projected net profits of 10.7 billion, 12.3 billion, and 14.0 billion for 2025-2027 [7] Financial Data Summary - In 2024, the company reported total revenue of 26,497 million, with a net profit of 915 million, reflecting a year-on-year growth of 8.01% and a decline in net profit of 21.58% [1][3] - The company’s revenue for Q1 2025 was 69,560 million, with a net profit of 4,600 million, showing a year-on-year growth of 3.02% and 15.45% respectively [1] - The company’s projected revenue growth rates for 2025-2027 are 10%, 12%, and 13% respectively [3] - The company’s PE ratio is projected to decrease from 21.0 in 2024 to 13.7 in 2027, indicating an improving valuation [3][10] Store Expansion and Performance - The company added 2,479 stores in 2024, with a net increase of 69 stores in Q1 2025 [7] - Franchise and distribution revenue reached 39.40 billion in 2024, growing by 15.12%, and 11.30 billion in Q1 2025, growing by 25.34% [7] Profitability and Financial Ratios - The company’s net profit margin is projected to improve from 3.5% in 2024 to 3.8% in 2027 [10] - The return on equity (ROE) is expected to increase from 13.3% in 2024 to 16.1% in 2027 [10] - The company’s asset-liability ratio is projected to decrease from 69.2% in 2024 to 65.4% in 2027, indicating improved financial stability [10]

1、为满足子公司的日常经营发展的资金需求，近日，公司就子公司向银行申 请综合授信提供担保，具体情况如下： 证券代码：603233 证券简称：大参林 公告编号：2025-030 大参林医药集团股份有限公司 一、担保情况概述 关于为子公司提供担保的进展公告 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。 重要内容提示： | 担保 | 被担保人 | 担保金额 | 授信机构 | 担保类 | 反担保 | 期限 | | --- | --- | --- | --- | --- | --- | --- | | 人 | | （万元） | | 型 | 情况 | | | 公司 | 南通市江海大药房连锁 | 5,000 | 上海浦东发展银行股 | 连带责 | 无 | 以实际签署 | | | 有限公司 | | 份有限公司南通分行 | 任担保 | | 的合同为准 | | | 陕西大参林药业有限公 | 1,100 | 中信银行股份有限公 | 连带责 | 无 | 以实际签署 | | | 司 | | 司西安分行 | 任担保 | | 的合同为准 | | | 合 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a potential improvement in profitability in 2025, indicating a positive outlook for investors [1][2]. Core Insights - The company reported a revenue of 26.497 billion yuan in 2024, representing a year-on-year increase of 8.01%. However, the net profit attributable to the parent company decreased by 21.58% to 915 million yuan [1][2]. - In Q1 2025, the company achieved a revenue of 6.956 billion yuan, a year-on-year increase of 3.02%, with a notable net profit growth of 15.45% to 460 million yuan [1][2]. - The company is experiencing a decline in gross margin, which fell by 1.58 percentage points to 34.33% in 2024, while the retail business gross margin decreased by 1.53 percentage points to 36.62% [2]. - The company is expected to see a turning point in profitability in 2025, driven by the closure of unprofitable stores and improvements in customer traffic due to ongoing initiatives [2][3]. Summary by Sections Financial Performance - In 2024, the company generated total revenue of 26.497 billion yuan, with a breakdown showing significant contributions from various regions and product categories [2]. - The company’s retail business revenue was 21.921 billion yuan, reflecting a year-on-year increase of 6.88%, while franchise and distribution revenue reached 3.94 billion yuan, up 15.12% [2]. - The projected revenues for 2025-2027 are 28.938 billion yuan, 31.788 billion yuan, and 35.149 billion yuan, with expected growth rates of approximately 9%, 10%, and 11% respectively [5]. Profitability Metrics - The net profit attributable to the parent company is projected to recover to 1.099 billion yuan in 2025, with a year-on-year growth of 20.1% [5]. - The company’s gross margin is expected to stabilize around 34.3% for the next few years, with a slight decline anticipated [4][5]. - The earnings per share (EPS) is projected to be 0.96 yuan in 2025, increasing to 1.31 yuan by 2027 [4][5]. Market Position and Strategy - The company has a strong presence in the South China region, with 10,064 stores, and is expanding its footprint in other regions [2]. - The ongoing strategy includes closing loss-making stores and enhancing store profitability through improved customer traffic management [2][3].

Core Viewpoint - The company reported a mixed performance in its 2024 annual report and 2025 Q1 report, with revenue growth but a decline in net profit for 2024, while Q1 2025 showed signs of recovery in net profit due to cost reduction and efficiency improvements [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 26.497 billion yuan and a net profit of 915 million yuan, representing a year-on-year growth of 8.01% in revenue but a decline of 21.58% in net profit [1][2]. - For Q1 2025, the company reported revenue of 6.956 billion yuan and a net profit of 460 million yuan, with revenue growth of 3.02% and a significant net profit increase of 15.45% year-on-year [1][2]. Group 2: Segment Performance - In 2024, the revenue breakdown showed that traditional Chinese and Western medicine generated 19.968 billion yuan (+12.82%), while Chinese medicinal materials and non-pharmaceuticals generated 2.945 billion yuan (-0.99%) and 2.948 billion yuan (-9.52%) respectively [2]. - For Q1 2025, the revenue from traditional Chinese and Western medicine was 5.324 billion yuan (+5.80%), while Chinese medicinal materials and non-pharmaceuticals generated 714 million yuan (-9.38%) and 709 million yuan (-8.04%) respectively [2]. Group 3: Operational Efficiency - The company has optimized its store operations and implemented cost reduction measures, leading to improved performance. As of Q1 2025, the company operated 16,622 stores, with 54 new self-built stores, 189 new franchise stores, and 174 closures [3]. - The company’s expense ratio decreased by 1.28 percentage points year-on-year in Q1 2025, indicating effective cost control and efficiency improvements [3]. Group 4: Investment Outlook - The company is projected to achieve net profits of 1.063 billion yuan, 1.197 billion yuan, and 1.349 billion yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 16.2%, 12.7%, and 12.7% respectively [4]. - For 2025, the company is assigned a price-to-earnings ratio of 25, with an expected earnings per share of 0.93 yuan, leading to a target price of 23.25 yuan per share, and a buy-A investment rating is recommended [4].