在复杂多变的市场环境中，国药一致（000028）2024年以稳健经营和积极转型为核心，成功应对多重挑 战，展现出强大的韧性和潜力。公司全年实现营业收入743.78亿元，尽管营收同比下降1.46%，但核心 业务优化与突破成效显著。同时，公司连续10年发布ESG相关报告，2024年在两大评级中均进入A级范 畴，彰显可持续发展责任担当。在市场信心持续增强的背景下，国药一致正以创新与责任为驱动，迈向 高质量发展的新阶段。 转型成果初显，市场信心持续增强 国药一致在2024年展现出稳健的经营韧性和积极的转型成果。尽管全年实现营业收入743.78亿元，同比 下降1.46%；归母净利润6.42亿元，同比下降59.83%，但公司在复杂市场环境下依然保持了核心业务的 优化与突破。 分销业务板块通过加速数字化应用、优化品种结构及提升创新药占比，实现了稳健增长，转型成效显 著，为公司整体业绩提供了重要支撑。与此同时，零售业务板块由国大药房承载，2024年战略方向 从"规模增长"转向"高质量发展"，重点发力自有品牌商品。2024年自有品牌累计销售额突破10亿元，同 比增长46%，毛利额同比增长44%。尽管零售业务因政策调整及减值因素 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.56 CNY [6][12] Core Views - The distribution business shows steady growth, while the retail segment faces pressure due to policy changes and impairment losses. The company is optimizing store operations and focusing on its own brand to drive retail transformation, leveraging the synergy between wholesale and retail [2][12] - The company aims for "high-quality development" as its core strategy, enhancing efficiency through innovation in the distribution segment and improving profitability in the retail segment via store optimization and brand development [12] Financial Summary - For 2024, the company is projected to achieve revenue of 743.78 billion CNY, a decrease of 1.46% from the previous year. The net profit attributable to shareholders is expected to be 642 million CNY, down 59.83% [4][12] - The distribution business is expected to generate revenue of 529.84 billion CNY, reflecting a growth of 1.98%, while the retail segment is projected to decline to 223.57 billion CNY, a decrease of 8.41% [12] - The company plans to adjust its earnings per share (EPS) forecasts for 2025 and 2026 to 2.63 CNY and 2.82 CNY, respectively, with a new forecast for 2027 set at 3.04 CNY [12] Business Segments - The distribution segment is focusing on high-quality development, optimizing product structure, and increasing the proportion of innovative drugs, which is expected to drive future growth [12] - The retail segment is undergoing significant adjustments, shifting from scale growth to high-quality development, with a focus on loss management and the expansion of self-owned brands [12] Market Data - The company's market capitalization is approximately 13.72 billion CNY, with a current stock price of 24.65 CNY [7][12] - The price-to-earnings (P/E) ratio is projected to be 21.35 for 2024, decreasing to 8.12 by 2027 [4][12]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company's 2024 performance was impacted by impairment losses, but it is expected to achieve recovery growth in 2025 [6] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46%, and a net profit attributable to shareholders of 642 million yuan, down 59.83% [2][3] - The report highlights the company's focus on high-quality development and innovation in its distribution and retail segments [4][5] Financial Performance - The company recognized a total impairment of 1.094 billion yuan, which significantly affected its net profit [3] - The distribution segment achieved a revenue of 53 billion yuan, an increase of 1.98%, while the retail segment generated 22.357 billion yuan, a decrease of 8.41% [4] - The gross profit margin for 2024 was 11.09%, down 0.9 percentage points, and the net profit margin was 0.86%, down 1.26 percentage points [5] Profit Forecast and Investment Suggestions - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 1.34 billion yuan, 1.46 billion yuan, and 1.59 billion yuan respectively [6] - The company is positioned as a leading pharmaceutical wholesale and retail platform, with significant potential for profit release in its retail business [6]

Core Insights - The company reported a revenue of 74.378 billion yuan for 2024, a year-on-year decline of 1.46%, with a net profit attributable to shareholders of 642 million yuan, corresponding to an earnings per share of 1.15 yuan, down 59.83% year-on-year [1] Distribution Segment - In 2024, the distribution segment generated a revenue of 52.984 billion yuan, a year-on-year increase of 1.98%, while net profit was 922 million yuan, down 12.74% due to high base effects from land disposal gains in 2023 and increased funding costs from extended accounts receivable [2] - The company is accelerating the transformation of its distribution business, enhancing digital applications, and optimizing product structure to increase the proportion of innovative drugs [2] Retail Segment - The retail segment is undergoing an adjustment, with 2023 revenue at 22.357 billion yuan, a year-on-year decline of 8.41%, and an operating loss of 1.067 billion yuan, down 249.62% [2] - The net profit for the retail segment was -1.104 billion yuan, a decline of 309.53%, primarily due to impairment provisions for intangible assets related to goodwill and acquisition payments [2] - The strategic direction of Guoda Pharmacy has shifted from "scale growth" to "high-quality development," resulting in the closure of over 1,270 direct stores, with a total of 9,569 stores remaining as of December 31, 2024 [2] - Sales of self-owned products at Guoda Pharmacy exceeded 1 billion yuan in 2024, a year-on-year increase of 46%, with gross profit rising by 44% [2] Cash Flow and Financial Ratios - The company's operating cash flow increased by 11.38% year-on-year, reaching 3.271 billion yuan, attributed to improved human efficiency management [3] - The asset-liability ratio stood at 56.36%, up 0.46 percentage points year-on-year, while the current ratio was 1.52, up 0.03, and the quick ratio was 1.18, up 0.05 [3] - The cash ratio improved to 0.29, an increase of 0.05 year-on-year, and the investment income from joint ventures was 370 million yuan, a year-on-year increase of 17.20% [3] Profit Forecast and Valuation - The company maintains a profit forecast of 900 million yuan for 2025 and 1 billion yuan for 2026, representing year-on-year growth of 40.2% and 11.1% respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 15.0 times for 2025 and 13.5 times for 2026 [4] - The company maintains an outperform rating with a target price of 32.13 yuan, implying an upside potential of 32.1% from the current stock price [4]

Core Viewpoint - The company, Guoyao Yizhi, reported a significant decline in net profit for 2024, primarily due to goodwill impairment and increased competition in the retail sector, leading to a net profit drop of 59.83% year-on-year [1][2]. Financial Performance - In 2024, Guoyao Yizhi achieved operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46% [1]. - The net profit attributable to shareholders was 642 million yuan, down 59.83% year-on-year, with earnings per share decreasing by 59.93% [1][2]. - The company recorded a goodwill impairment provision of 8.88 billion yuan during the reporting period, contributing to a net profit reduction of 5.61 billion yuan [2]. Business Segments - The retail segment, primarily represented by Guoda Pharmacy, faced substantial losses, with a net profit of -1.104 billion yuan, a decline of 309.53% year-on-year [5]. - The distribution segment reported operating revenue of 52.984 billion yuan, a slight increase of 1.98%, but net profit decreased by 12.74% [3]. Market Environment - The pharmaceutical retail industry is undergoing significant structural adjustments, with an estimated closure of 39,000 retail pharmacies nationwide in 2024, reflecting a closure rate of 5.7% [6]. - Guoyao Yizhi's total number of Guoda Pharmacy stores was 9,569 as of December 31, 2024, with a net closure of 1,273 direct stores during the year [6]. Strategic Response - The company plans to restructure its business by closing unprofitable stores and focusing on digital transformation and diversified industry layouts [7]. - Despite the challenges, Guoyao Yizhi reported a net cash flow from operating activities of 3.271 billion yuan, an increase of 11.38% year-on-year, attributed to improved cash management and reduced employee-related expenses [7].

Core Viewpoint - The annual report of China National Pharmaceutical Group Corporation (Sinopharm) indicates a decline in both revenue and net profit for 2024, primarily due to challenges in the retail sector stemming from policy changes and intensified market competition [1][2]. Financial Performance - Sinopharm achieved operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46% [1]. - The net profit attributable to shareholders was 642 million yuan, down 59.83% year-on-year [1]. - The retail segment, primarily represented by Guoda Pharmacy, reported operating revenue of 22.357 billion yuan, a decline of 8.41% [2]. - The retail segment incurred a net loss of 1.072 billion yuan, a significant drop of 388.83% year-on-year [2]. Retail Sector Challenges - The retail sector's performance was adversely affected by industry policy changes and increased competition, leading to a substantial gap between expected and actual performance [2][3]. - The company recognized impairment losses of 970 million yuan on goodwill and intangible assets, which reduced net profit by 561 million yuan during the reporting period [2]. - The retail environment is characterized by declining customer traffic and sales of high-margin products, exacerbated by intensified competition and the impact of e-commerce [3]. Strategic Adjustments - In response to operational pressures, Sinopharm has initiated store closures, optimizing its retail footprint by shutting down over 1,270 stores in 2024 [3]. - The self-owned brand sales of Guoda Pharmacy exceeded 1 billion yuan, marking a 46% year-on-year increase, while innovative business sales reached 1.89 billion yuan [3]. - Despite these efforts, the overall performance of the retail business has not yet shown signs of recovery [3]. Distribution Segment Performance - The distribution segment generated operating revenue of 52.984 billion yuan, a slight increase of 1.98% year-on-year, but net profit fell by 12.74% to 922 million yuan [4]. - The decline in profitability is attributed to delayed receivables and increased funding costs due to a lack of extraordinary gains compared to the previous year [4]. Market Trends - The retail pharmacy market is experiencing a trend of store closures, with an estimated 39,000 retail pharmacies expected to shut down in 2024, resulting in a closure rate of 5.7% [5]. - The overall sales scale of the Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, reflecting a modest growth of 0.8% year-on-year [5]. Company Restructuring - Sinopharm has initiated bankruptcy liquidation for several subsidiaries, including Guoda Pharmacy's Anhui and Tianjin branches, as part of a strategy to enhance management efficiency and address financial challenges [6]. - The company acknowledges that the rapid expansion phase has led to structural adjustments in the retail sector, with a focus on improving operational quality and risk resilience [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 74.38 billion yuan in 2024, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 640 million yuan, down 59.8% year-on-year. The fourth quarter alone saw a revenue of 17.91 billion yuan, a decline of 5.2%, and a net loss of 420 million yuan, a drop of 203.3% year-on-year [4] - The distribution segment achieved a revenue of 52.98 billion yuan in 2024, an increase of 2.0% year-on-year, while the retail segment reported a revenue of 22.36 billion yuan, a decrease of 8.4% year-on-year, resulting in a net loss of 1.1 billion yuan [8] - The company is expected to recover its profitability, with projected net profits of 1.33 billion yuan, 1.50 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 107.1%, 12.5%, and 11.7% [8] Financial Summary - In 2024, the company had a total market capitalization of approximately 13.7 billion yuan and a circulating market capitalization of about 13.53 billion yuan [2] - The company's total assets were reported at 47.56 billion yuan, with a debt-to-asset ratio of 56.36% [2] - The earnings per share (EPS) for 2024 was 1.15 yuan, with a projected EPS of 2.39 yuan for 2025 [7][9]

Core Viewpoint - The company reported a significant decline in net profit for 2024, attributed to a large goodwill impairment and challenges in the retail sector due to policy changes and increased competition [1][5][6]. Financial Performance - In 2024, the company achieved operating revenue of 74.38 billion yuan, a decrease of 1.46% compared to 2023 [2][3]. - The net profit attributable to shareholders was 642.49 million yuan, down 59.83% year-on-year [2][3]. - The net profit after excluding non-recurring gains and losses was 581.18 million yuan, a decline of 62.08% from the previous year [2][3]. - Basic and diluted earnings per share fell to 1.15 yuan, a drop of 59.93% [2][3]. - The weighted average return on equity decreased to 3.67%, down 5.89 percentage points from 2023 [2]. Business Segments - The distribution segment generated revenue of 52.98 billion yuan, a year-on-year increase of 1.98%, while net profit in this segment was 922 million yuan, down 12.74% [3]. - The retail segment, represented by Guoda Pharmacy, reported revenue of 22.36 billion yuan, a decline of 8.41%, and a net loss of 1.07 billion yuan, a decrease of 388.83% [4][5]. Goodwill Impairment - The company recorded a goodwill impairment of 9.7 billion yuan, which reduced net profit by 561 million yuan [5][6]. - The impairment was due to significant discrepancies between expected and actual performance of acquired assets, influenced by changes in consumer behavior and increased competition [5][6]. Store Closures - The number of stores decreased significantly, with Guoda Pharmacy closing over 1,270 direct-operated stores, resulting in a total of 9,569 stores by the end of 2024 [1][7]. - The strategic focus shifted from "scale growth" to "high-quality development," with measures in place to address losses [7][8]. Industry Context - The retail pharmacy sector is experiencing intense competition, with over 700,000 retail pharmacies in China, leading to a saturation of the market [8]. - The company anticipates further store closures and aims to improve single-store efficiency while adapting to the competitive landscape [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a dual network layout of "Guangdong and Guangxi distribution + national retail," emphasizing the acceleration of performance growth through "quality improvement and efficiency enhancement" [2] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of 642 million yuan, down 59.83% year-on-year [2] - The report anticipates a revenue recovery in 2025, projecting revenues of 75.655 billion yuan, with a net profit of 1.333 billion yuan, reflecting a year-on-year growth of approximately 107.5% [6] Summary by Sections Financial Performance - In 2024, the distribution segment achieved a revenue of 52.984 billion yuan, growing by 1.98% year-on-year, while net profit decreased by 12.74% to 922 million yuan [3] - The retail segment, represented by "Guoda Pharmacy," reported a revenue of 22.357 billion yuan, down 8.41% year-on-year, with a net loss of 1.104 billion yuan, a decline of 309.53% [4] - The company recorded a significant asset impairment loss of 984 million yuan in Q4 2024, primarily related to goodwill and intangible assets [2] Strategic Initiatives - The company is focusing on enhancing its traditional business while expanding innovative operations, including the introduction of 117 new innovative drugs and a 19% increase in innovative drug distribution in the Guangxi region [3] - The strategic direction for Guoda Pharmacy has shifted from "scale growth" to "high-quality development," leading to the closure of over 1,270 stores [4] Future Outlook - The company expects to achieve revenues of 77.229 billion yuan and 79.439 billion yuan in 2026 and 2027, respectively, with net profits projected at 1.446 billion yuan and 1.567 billion yuan [6] - The report maintains a "Buy" rating, indicating confidence in the company's potential for performance reversal in 2025 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a dual network layout of "Guangdong and Guangxi distribution + national retail," emphasizing the acceleration of performance growth through "quality improvement and efficiency enhancement" [2] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of 642 million yuan, down 59.83% year-on-year [2] - The report anticipates a revenue recovery in 2025, projecting revenues of 75.655 billion yuan, with a net profit of 1.333 billion yuan, reflecting a year-on-year growth of approximately 108% [6] Summary by Sections Revenue and Profitability - In 2024, the company's distribution segment achieved a revenue of 52.984 billion yuan, growing by 1.98% year-on-year, while net profit in this segment fell by 12.74% to 922 million yuan [3] - The retail segment, represented by "Guangda Pharmacy," reported a revenue of 22.357 billion yuan, a decline of 8.41%, with a net loss of 1.104 billion yuan, marking a 309.53% decrease [4] Strategic Initiatives - The company is focusing on high-quality development, shifting its strategy from "scale growth" to "high-quality development," and has closed over 1,270 underperforming stores [4] - The introduction of innovative products has been a priority, with the pharmacy segment achieving sales of 1.89 billion yuan from innovative business, including O2O and B2C sales [4] Financial Forecast - The financial forecast indicates a gradual recovery, with expected revenues of 77.229 billion yuan in 2026 and 79.439 billion yuan in 2027, alongside net profits of 1.446 billion yuan and 1.567 billion yuan respectively [5][6] - The report projects an increase in operating cash flow by approximately 11% in 2024, reaching 3.271 billion yuan, driven by improved management of working capital [6]