Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.12 yuan, based on a PE valuation of 16X for 2024 [3][4]. Core Insights - The company achieved a revenue of 13.345 billion yuan in H1 2024, representing a year-on-year growth of 11.29%, driven by same-store sales growth and contributions from new stores and industry acquisitions. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan due to declining consumer spending and an increase in sales expense ratio [2][3]. - The company is actively expanding through self-built stores, acquisitions, and franchising, with a focus on integrating online and offline operations. In H1 2024, retail business revenue was 11.065 billion yuan, accounting for 82.9% of total revenue, while franchise and distribution revenue grew by 33.85% to 1.973 billion yuan [2][3]. - The company continues to expand its store network, adding 797 self-built stores and 1,214 franchise stores in H1 2024, bringing the total number of stores to 16,151 [2][3]. Financial Summary - The company forecasts net profits of 1.214 billion yuan, 1.488 billion yuan, and 1.789 billion yuan for 2024, 2025, and 2026 respectively, with a downward revision from previous estimates [3][6]. - Revenue projections for 2024-2026 are set at 28.299 billion yuan, 34.133 billion yuan, and 40.977 billion yuan, reflecting a growth rate of 15.4% in 2024 [6][9]. - The gross margin is expected to decline to 35.1% in 2024, with net profit margin projected at 4.3% [6][9].

| 证券代码：603233 | 证券简称：大参林 | 公告编号：2024-089 | | --- | --- | --- | | 转债代码：113605 | 转债简称：大参转债 | | 大参林医药集团股份有限公司 关于"大参转债"预计满足转股价格修正条件的提示性公告 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、可转换公司债券的基本情况 大参林医药集团股份有限公司（以下简称"公司"）经中国证券监督管理委员 会证监许可[2020]1981号文核准，于2020年10月22日公开发行了14,050,000张可 转换公司债券，每张面值100元，发行总额为人民币140,500.00万元。经上海证券 交易所自律监管决定书【2020】370号文同意，可转换公司债券于2020年11月13 日起在上海证券交易所挂牌交易，债券简称"大参转债"，债券代码"113605"。 本次发行的可转换公司债券初始转股价格为83.85元/股，根据《大参林医药 集团股份有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明 书"）相关条款以及中国证监 ...

2024 年第四次临时股东大会会议材料 大参林医药集团股份有限公司 2024 年第四次临时股东大会 会议材料 二○二四年九月 2024 年第四次临时股东大会会议材料 目 录 | 2024 | 年第四次临时股东大会会议议程 | 1 | | --- | --- | --- | | 2024 | 年第四次临时股东大会会议须知 | 3 | | 2024 | 年第四次临时股东大会会议议案 | 4 | | 议案一：关于公司 | 2024 年半年度利润分配的议案 | 4 | 2024 年第四次临时股东大会会议材料 大参林医药集团股份有限公司 2024 年第四次临时股东大会会议议程 会议表决方式：现场投票与网络投票相结合的方式 会议时间： 2024 年 9 月 18 日 上午 10 点 30 分 网络投票： 2024 年 9 月 18 日 网络投票起止时间：采用上海证券交易所网络投票系统，通过交易系统投票 平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 会议地点：广东省广州市荔湾区龙 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 13.345 billion yuan in H1 2024, representing a year-on-year increase of 11.29%, while the net profit attributable to shareholders was 658 million yuan, down 28.24% [3] - The franchise business is experiencing rapid growth, with franchise and distribution revenue reaching 1.973 billion yuan, up 33.85% [3] - The company is expanding its store network across 21 provinces, with a total of 16,151 stores as of H1 2024, including 10,772 direct-operated stores and 5,379 franchise stores [3] Financial Performance Summary - Total revenue forecast for 2024 is 28.214 billion yuan, with a year-on-year growth of 15.01% [2] - The net profit attributable to shareholders is projected to be 1.352 billion yuan in 2024, reflecting a growth of 15.90% [2] - The latest diluted EPS is expected to be 1.19 yuan per share in 2024, with a P/E ratio of 10.66 [2] Business Segmentation - Retail business revenue for H1 2024 was 11.065 billion yuan, up 8.20%, while the gross margin was 37.22% [3] - The revenue from traditional Chinese and Western medicine reached 9.959 billion yuan, with a gross margin of 30.64% [3] - Non-pharmaceutical products generated 1.564 billion yuan in revenue, with a gross margin of 42.10% [3] Store Expansion Strategy - The company is utilizing a "self-built + acquisition + franchise" strategy to expand into new provinces, with significant growth in franchise stores contributing to overall revenue [3][4] - The total number of stores increased by 2,077 since the beginning of the year, indicating a strong expansion strategy [3]

证券代码：603233 证券简称：大参林 大参林医药集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------------|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the stock [6][14]. Core Views - The company reported a revenue of 13.345 billion yuan for the first half of 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan [11][12]. - The company is actively expanding its store network, reaching a total of 16,151 stores across 21 provinces by the end of June 2024, with 10,772 being direct-operated and 5,379 being franchise stores [12][13]. Summary by Sections Financial Performance - In the first half of 2024, the retail business generated 11.065 billion yuan in revenue, up 8.20% year-on-year, while the franchise and distribution business saw a revenue increase of 33.85% to 1.973 billion yuan [12]. - The company’s revenue projections for 2024-2026 are 27.642 billion yuan, 32.239 billion yuan, and 38.476 billion yuan, with corresponding growth rates of 12.68%, 16.63%, and 19.35% [14][15]. Store Expansion - The company opened 797 self-built stores, 1,214 franchise stores, and acquired 284 stores in the first half of 2024, while closing 218 stores [13]. - The company has established 248 DTP professional pharmacies and has 9,914 personal account medical insurance designated stores by the end of June 2024 [13]. Regional Performance - Revenue from the South China region was 8.605 billion yuan, growing 5.30% year-on-year, while the East China region achieved 1.009 billion yuan, up 18.73% [12]. - Other regions showed significant growth, with revenue increasing by 44.16% [12]. Profitability Forecast - The forecasted net profit for 2024 is 1.248 billion yuan, with a growth rate of 7.03%, and projected EPS of 1.10 yuan per share [14][15]. - The company’s EBITDA for 2024 is estimated at 3.726 billion yuan, with a corresponding P/E ratio of 12.3 [15].

关于召开 2024 年半年度业绩说明会的公告 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。 证券代码：603233 证券简称：大参林 公告编号：2024-088 重要内容提示： 大参林医药集团股份有限公司 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 3 日(星期二)至 9 月 9 日(星期一)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 DSL1999@dslyy.com 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 董事及总经理：柯国强 董事会秘书、财务总监：彭广智 大参林医药集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营情况及财务状况，公司计划于 2024 年 9 月 10 日上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一 ...

证券代码：603233 证券简称：大参林 公告编号：2024-087 大参林医药集团股份有限公司 关于股份回购进展公告 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。 公司于 2024 年 3 月 15 日召开第四届董事会第十三次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，于 2024 年 4 月 1 日召开 2024 年第二次临时股东大会审议通过上述议案，以使用不低于人民币 10,000 万元（含） 且不超过人民币 20,000 万元（含）的资金实施回购，回购股份价格为不超过人民 币 34.51 元/股。具体内容详见在上海证券交易所网站（www.sse.com.cn）披露的 《关于以集中竞价交易方式回购股份方案的公告》（公告编号：2024-025）及《关 于以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-029）。 二、 回购股份的进展情况 重要内容提示： | 回购方案首次披露日 | 2024/3/16 | | | | | --- | --- | --- | --- | --- | ...

股 票 研 究 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 13.51 登记编号 S0880514030001 S0880523090003 公 司 更 新 报 告 52 周内股价区间（元） 12.10-26.82 总市值（百万元） 15,386 总股本/流通A股（百万股） 1,139/1,139 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 7,295 每股净资产（元） 6.41 市净率（现价） 2.1 净负债率 -18.53% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -31% -49% 相对指数 10% -23% -39% 收入增速放缓，毛利率阶段性承压 大参林(603233) [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 上 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [1][4] Core Views - The company reported a revenue of 13.345 billion yuan for H1 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan due to declining consumer spending and many new stores still in the cultivation phase [2][3] - The company continues to expand its store network, with a total of 16,151 stores as of H1 2024, including 5,379 franchise stores. The company opened 797 new stores and 1,214 new franchise stores during this period [3] - Revenue growth varied by region, with South China achieving 8.605 billion yuan (+5.30%), East China 1.009 billion yuan (+18.73%), and Northeast/ North China/ Southwest/ Northwest 2.226 billion yuan (+44.16%) [3] Financial Summary - The projected net profits for the company from 2024 to 2026 are 1.318 billion yuan, 1.546 billion yuan, and 1.819 billion yuan respectively. The expected EPS for 2024 is 1.16 yuan per share, with a target price of 17.40 yuan per share based on a 15x PE ratio [4][8] - The company’s revenue is expected to grow from 26.666 billion yuan in 2024 to 38.618 billion yuan in 2026, with a net profit margin projected to remain around 4.9% [8]