| 证券代码：603233 | 证券简称：大参林 | 公告编号：2024-049 | | --- | --- | --- | | 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"。 2、2021年5月18日，公司召开2020年度股东大会并审议通过了《关于2020 年度利润分配及资本公积金转增股本的议案》，同意公司以实施权益分派股权登 记日登记的总股本为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced short-term pressure on performance, but rapid store expansion is ongoing [1] - In 2023, the company achieved operating revenue of 24.531 billion yuan, a year-on-year increase of 15.45%, and a net profit attributable to shareholders of 1.166 billion yuan, up 12.63% year-on-year [1] - The company has expanded its store network significantly, covering 19 provinces with a total of 14,074 stores, including 9,909 direct-operated and 4,165 franchised stores [1] - The company has a strong membership base with 93.94 million members, including 50.36 million active members [1] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 6.752 billion yuan, a year-on-year increase of 13.54%, while the net profit attributable to shareholders was 398 million yuan, down 19.79% year-on-year [1] - The overall gross margin for 2023 was 35.90%, a decrease of 1.90 percentage points year-on-year, with a total operating cash flow of 3.174 billion yuan, down 15.51% year-on-year [1][2] Store Expansion - As of March 31, 2024, the company had 14,915 stores, including 4,610 franchised stores, with a total operating area of 877,827 square meters [2] - In the first quarter of 2024, the company added 841 stores, including 396 new stores and 445 franchised stores [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 29.551 billion yuan, 35.936 billion yuan, and 43.477 billion yuan, respectively, with year-on-year growth rates of 20.5%, 21.6%, and 21.0% [3] - Net profit attributable to shareholders is expected to be 1.423 billion yuan, 1.732 billion yuan, and 2.107 billion yuan for the same years, with growth rates of 22.0% for 2024 and 21.7% for 2025 and 2026 [3]

2023 年年度股东大会会议材料 大参林医药集团股份有限公司 2023 年年度股东大会 会议材料 | 2023 | 年年度股东大会会议议程 1 | | --- | --- | | 2023 | 年年度股东大会会议须知 3 | | 2023 | 年年度股东大会会议议案 4 | | 议案一：关于公司 | 2023 年度董事会工作报告的议案 4 | | 议案二：关于公司 | 2023 年度监事会工作报告的议案 10 | | 议案三：关于公司 | 2023 年度财务决算报告的议案 14 | | 议案四：关于公司 | 2023 年年度报告及摘要的议案 21 | | 议案五：关于公司 | 2023 年度利润分配方案的议案 22 | | 议案六：关于续聘天健会计师事务所(特殊普通合伙)为公司 | 2024 年度财务审计机构及内部 | | 控制审计机构的议案 23 | | | 议案七：关于公司 24 | 2023 年度关联交易执行情况及 2024 年度日常关联交易预计的议案 | | 议案八：关于子公司申请银行综合授信额度及提供担保的议案 31 | | | 议案九：关于公司 | 2023 年度董事、监事及高级管理人员薪酬的议案 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃dyC大om参pan林y＃ （603233.SH） investSug 增持 ( 维ges持tionC）h 000009 2023 年年报及 2＃ 0t2itl4e＃年一季报点评： ange＃ 业绩短期波动，门店扩张再起航 ＃createTime1＃ 2024 年05月10 日 ＃市场ma数rk据etData＃ 投资要点 ＃sum公ma司ry＃发布2023年年报及2024年一季报。2023年，公司实现营收245.31 日期 2024/05/09 收盘价（元） 亿元（YOY+15.45%）；归母净利润11.66亿元（YOY+12.63%）；扣非 22.86 总股本（百万股） 归母净利润11.41亿元（YOY+13.56%）。2023Q4，公司实现营收68.08 1,138.85 流通股本（百万股） 亿元（YOY+5.87%）；归母净利润-0.08亿元；扣非归母净利润-0.23亿 1,138.85 净资产（百万元） 7,294.82 元。2024Q1，公司实现营收67.52 亿元（YOY+13. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 26.19 CNY, compared to the current price of 22.27 CNY [7]. Core Insights - The company reported a revenue of 24.531 billion CNY in 2023, representing a year-on-year growth of 15.45%. The net profit attributable to shareholders was 1.166 billion CNY, up 12.63% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 6.752 billion CNY, a year-on-year increase of 13.54%, but the net profit attributable to shareholders decreased by 19.79% to 398 million CNY [2][3]. - The retail business generated 20.509 billion CNY in revenue in 2023, growing by 6.58%, while the franchise and distribution business saw a significant increase in revenue to 3.423 billion CNY, up 122.46% [3]. Financial Performance - The company has expanded its store count to 14,074 by the end of 2023, with 9,909 direct-operated stores and 4,165 franchise stores. In 2023, it opened 1,382 self-built stores, 2,158 franchise stores, and acquired 750 stores [4]. - Revenue projections for 2024-2026 are estimated at 29.275 billion CNY, 35.114 billion CNY, and 42.291 billion CNY, with corresponding growth rates of 19.34%, 19.94%, and 20.44% respectively [5]. - The net profit attributable to shareholders is forecasted to be 1.420 billion CNY, 1.746 billion CNY, and 2.096 billion CNY for 2024-2026, with growth rates of 21.75%, 22.94%, and 20.05% respectively [5]. Valuation Metrics - The company is valued at a P/E ratio of 21 times for 2024, with an estimated EPS of 1.25 CNY, which is projected to grow to 1.84 CNY by 2026 [5][6]. - The company's market capitalization is approximately 25.362 billion CNY, with a current P/B ratio of 3.8 and an EV/EBITDA of 9.3 [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [1]. Core Insights - The company achieved a revenue of 24.53 billion yuan in 2023, reflecting a year-on-year growth of 15.45%, with a net profit attributable to shareholders of 1.17 billion yuan, up 12.63% year-on-year [1]. - In Q1 2024, the company reported a revenue of 6.75 billion yuan, maintaining a year-on-year growth of 13.54%, although net profit showed a decline of 19.79% [1]. - The company continues to expand its store network, adding 841 new stores in Q1 2024, bringing the total to 14,915 stores across 19 provinces [1]. Financial Performance Summary - In 2023, the company's retail pharmacy business generated 20.51 billion yuan, accounting for 85.70% of total revenue, with a growth rate of 6.58% [1]. - The franchise and distribution business saw a remarkable growth of 122.46%, contributing 3.42 billion yuan to the total revenue [1]. - The gross margin for Q1 2024 was reported at 35.46%, down 2.68 percentage points year-on-year, while the expense ratio increased by 0.74 percentage points to 26.87% [1]. Store Expansion and Market Strategy - The company has been actively pursuing a nationwide store expansion strategy, with significant growth in the southern regions, where 924 new stores were opened in 2023 [1]. - The company has successfully integrated 750 stores through acquisitions in 2023, with a focus on the eastern and northern regions [1]. - The report forecasts revenue growth for the company, projecting revenues of 29.73 billion yuan, 36.19 billion yuan, and 44.08 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 21.7%, and 21.8% [2].

以集中竞价交易方式首次回购公司股份暨进展公告 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： 证券代码：603233 证券简称：大参林 公告编号：2024-048 大参林医药集团股份有限公司关于 | 回购方案首次披露日 | 2024/3/16 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 4 月 1 日~2025 3 月 | 年 | 31 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | 累计已回购股数 | 9.39 万股 | | | | | 累计已回购股数占总 | 0.0082% | | | | | 股本比例 | | | | | | 累计已回购金额 | 204.999 万元 | | | | | 实际回购价格区间 | 21.80 元/股~21. ...

[Table_Page] 年报点评|医药商业 证券研究报告 [大Table_参Title] 林（603233.SH） [公Tab司le_I评nves级t] 买入 当前价格 21.78元 业绩符合预期，自建逐季加速 合理价值 24.9元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-05 ⚫ 23年报及24年一季报发布，业绩符合预期。公司23年实现收入245.31 [相Tab对le_P市icQ场uote表] 现 亿元（yoy+15.45%）、归母净利润11.66亿元（yoy+12.63%）、扣非归 母净利润11.41亿元（yoy+13.56%）。单季度来看，公司23Q4实现营 10% 2% 业收入 68.08 亿元（yoy+5.87%）、归母净利润-0.08 亿元（yoy- -6%05/23 07/23 09/23 10/23 12/23 02/24 04/24 106.99%）、扣非归母净利润-0.23亿元（yoy-125.11%）；24Q1实现营 -14% 业收入 67.52 亿元（yoy+13.54%）、归母净利润 3.98 亿元（yoy- -22% 19. ...

2024年5月4日 公司研究 全面推进全国战略，拓店节奏扰动短期业绩 ——大参林（603233.SH）2023 年年报及 2024 年一季报点评 买入（维持） 要点 当前价：21.78元 事件： 作者 1）公司发布2023年年报，实现营业收入、归母净利润、扣非归母净利润分别为 分析师：黄素青 245.31/11.66/11.41亿元，同比+15.45%/12.63%/13.56%。经营活动产生的现金 执业证书编号：S0930521080001 021-52523570 流量净额为31.74亿元，同比-15.51%；EPS（基本）1.03元。拟向全体股东每股 huangsuqing@ebscn.com 派发现金红利0.31元（含税），股利支付率为30.27%。业绩符合市场预期。 3）公司发布2024年一季报，实现营业收入、归母净利润、扣非归母净利润分别为 市场数据 67.52/3.98/3.96亿元，同比+13.54%/-19.79%/-20.40%。经营活动产生的现金流 总股本(亿股) 11.39 量净额为12.26亿元，同比+63.04%；EPS（基本）0.35元。业绩低于市场预期。 总市值(亿元)： 24 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[大ITnaf 参bol]e 林_Ti(tl6e]0 3233) [评Tab级le_：Inv est] 增持 上次评级： 增持 收入较快增长，利润短期承压 目标价格： 31.46 上次预测： 31.46 公 ——大参林 2023 及 2024Q1业绩点评 当前价格： 21.78 司 丁丹(分析师) 张拓(分析师) 2024.05.01 更 0755-23976735 0755-23976170 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhangtuo024925@gtjas.com 证书编号 S0880514030001 S0880523090003 52周内股价区间（元） 20.00-34.62 报 总市值（百万元） 24,804 告 本报告导读： 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 2023及2024Q1收入保持较快增长趋势，门店处于高速扩张态势，全国布局力度加 流通股比例 100% 大，因产品结构变化及省外扩张导致毛 ...