Investment Rating - The report gives a "Buy" rating for China Resources Sanjiu (华润三九) [1] Core Views - China Resources Sanjiu is positioned as a leader in the traditional Chinese medicine health sector, demonstrating long-term resilience in development [1] - The company has shown consistent revenue growth, with a projected increase in net profit for the years 2025-2027 [4][5] - The company is actively expanding its market presence through both organic growth and strategic acquisitions, enhancing its competitive edge in the pharmaceutical industry [4][9] Summary by Sections 1. Company Overview - China Resources Sanjiu has maintained stable revenue growth, with operating income rising from 7.3 billion yuan in 2014 to 27.6 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 14% [12] - The net profit attributable to shareholders increased from 1 billion yuan in 2014 to 3.4 billion yuan in 2024, with a CAGR of 13% [12] 2. Market Position and Business Expansion - The company leads the market in household essential medicines, particularly in the CHC (Consumer Health Care) segment, which includes OTC (Over-the-Counter) products [36] - CHC business revenue has grown from 4.4 billion yuan in 2015 to 12.5 billion yuan in 2024, accounting for approximately 50% of total revenue [37] - The company has a strong brand presence, with its flagship product, 999 Cold Medicine, being a top seller in retail pharmacies [45][48] 3. Brand and Channel Strength - China Resources Sanjiu has built a robust brand over 30 years, with significant investments in marketing leading to high brand recognition [58][63] - The company has established a comprehensive distribution network, covering over 600,000 pharmacies nationwide and collaborating with major e-commerce platforms [70] 4. Financial Forecast and Valuation - The projected net profit for 2025 is 3.87 billion yuan, with a growth rate of 15.01%, and the PE ratio is expected to be 13.89 [5] - The report indicates that the company's valuation is below the average PE of comparable companies, suggesting potential for growth [4] 5. Strategic Acquisitions - Since 2012, the company has completed over 10 acquisitions, including the recent acquisition of Kunming Pharmaceutical Group, enhancing its product offerings and market share [4][31] - The planned acquisition of Tianjin Tasly Pharmaceutical is expected to further strengthen its position in the prescription drug market [34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a steady growth in performance, showcasing strong resilience as a leading enterprise [2] - In 2024, the company achieved revenue of 27.617 billion yuan, a year-on-year increase of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [5][13] - The self-care (CHC) business revenue reached 12.482 billion yuan, growing 14.13% year-on-year, while prescription drug revenue was 6.006 billion yuan, increasing 15.04% year-on-year [14] - The company expects double-digit growth in both revenue and profit for 2025, with projected revenues of 30.685 billion yuan and net profits of 3.792 billion yuan [15][16] Summary by Sections Financial Performance - In Q4 2024, the company recorded revenue of 7.876 billion yuan, a year-on-year increase of 28.47%, but net profit decreased by 9.39% to 408 million yuan [5][13] - The company anticipates a capital expenditure of approximately 1 billion yuan for ongoing fixed asset projects [15] Business Segments - The CHC business continues to strengthen its market position in core categories such as cold and gastrointestinal products, while the prescription drug segment shows recovery in the formula granule business [14] - Traditional Chinese medicine revenue reached 5.213 billion yuan, growing 7.33% year-on-year, with a focus on the Sanqi industry chain and brand innovation [14] Future Projections - Revenue projections for 2025-2027 are 30.685 billion yuan, 33.974 billion yuan, and 37.477 billion yuan, with corresponding growth rates of 11.11%, 10.72%, and 10.31% [16][17] - The expected earnings per share (EPS) for 2025 is 2.95 yuan, with a three-year compound annual growth rate (CAGR) of 12.97% [16]

[Table_Tag] [Table_Summary] 投资要点 2025 年 03 月 16 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 股价走势 证券研究报告·公司点评报告·中药Ⅱ 华润三九（000999） 2024 年年报点评：核心业务保持稳健，持续 深入中药产业链条的融合布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 24739 | 27617 | 30655 | 34202 | 37888 | | 同比（%） | 36.83 | 11.63 | 11.00 | 11.57 | 10.78 | | 归母净利润（百万元） | 2853 | 3368 | 3834 | 4409 | 5030 | | 同比（%） | 16.50 | 18.05 | 13.84 | 15.01 | 14.07 | | EPS-最新摊薄（元/股） | 2.22 | 2. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 27.617 billion yuan in 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% [8] - The CHC (Consumer Health Care) business showed steady growth with a revenue of 12.482 billion yuan, increasing by 14.13%, while the prescription drug business also performed well with a revenue of 6.006 billion yuan, up 15.04% [8] - The company is pursuing strategic acquisitions, including a planned acquisition of 28% of Tian Shi Li, which has received approval from the State-owned Assets Supervision and Administration Commission [8] Financial Performance Summary - Total revenue forecast for 2024 is 27.617 billion yuan, with a projected growth rate of 11.63% [9] - The net profit attributable to shareholders is expected to reach 3.368 billion yuan in 2024, with a growth rate of 18.05% [9] - The earnings per share (EPS) for 2024 is projected at 2.62 yuan, with a price-to-earnings (P/E) ratio of 15.98 [9] Business Segment Performance - CHC business revenue is expected to grow steadily, while the prescription drug segment is also anticipated to show positive trends [8] - The traditional Chinese medicine segment reported a revenue of 5.213 billion yuan, reflecting a growth of 7.33% [8] - The gross margin for the CHC business is 60.86%, while the prescription drug segment has a gross margin of 47.51% [8]

Summary of the Conference Call for China Resources Sanjiu (华润三九) Company Overview - **Company**: China Resources Sanjiu - **Industry**: Pharmaceutical Key Financial Performance - **2024 Revenue**: 76.17 billion CNY, up 11.6% year-on-year [2] - **Net Profit**: 33.68 billion CNY, up 18% year-on-year [2] - **Operating Cash Flow**: 44 billion CNY, up 5% year-on-year [2] - **CHC Business Revenue**: 124.8 billion CNY, up 14%, accounting for 45.2% of total revenue [2] - **Prescription Drug Revenue**: 60 billion CNY, up 15% [2] Research and Development - **R&D Investment**: 9.53 billion CNY focused on oncology, orthopedics, and respiratory infections [2] - **Drug Approvals**: Six drug registration approvals and three classic formula registrations obtained [2][6] Mergers and Acquisitions - **Integration with KunYao Group**: Progressing steadily, with the completion of a 51% equity transfer of China Resources Shenghuo [7] - **Acquisition of Tianshili**: Announcement of acquiring 28% of Tianshili shares, approved by regulatory bodies [7] Environmental Initiatives - **Green Factory Recognition**: Five factories recognized as green factories, including national-level certifications [8] - **Zero Carbon Pilot**: Selected as a pilot project for near-zero carbon emissions in Shenzhen [8] Shareholder Returns - **Dividend Distribution**: Cash dividend of 3.2 CNY per 10 shares, totaling 16.9 billion CNY, representing 50.34% of net profit [2][10] Business Segment Performance - **Prescription Drug Business**: Revenue growth in the second half of 2024, but impacted by centralized procurement policies [11] - **Gross Margin**: Overall gross margin decreased to approximately 52%, with prescription drugs at about 48% and CHC at around 60% [12] Strategic Outlook - **2025 Revenue Growth**: Expected to achieve double-digit revenue growth, with net profit growth matching revenue [14] - **CHC Business Strategy**: Focus on comprehensive coverage and leading market position, with plans to expand the "Ganmaoling" brand into the entire respiratory category [13] - **Future Market Dynamics**: Anticipation of policy changes affecting the market capacity in the formula granule sector [11] Challenges and Responses - **Impact of Centralized Procurement**: The company is adapting to the changes brought by centralized procurement policies, focusing on market share in the short term while enhancing management capabilities for long-term sustainability [19][20] Future Development Plans - **Integration of Tianshili**: Aiming to enhance Tianshili's innovative drug capabilities and establish it as a leading brand in traditional Chinese medicine [16] - **Long-term R&D Strategy**: Focus on innovative drugs and traditional Chinese medicine, with a commitment to increasing R&D investment [21] Conclusion - **Overall Strategy**: China Resources Sanjiu aims to solidify its position as a leading player in the pharmaceutical industry, focusing on core business areas, enhancing R&D capabilities, and exploring potential mergers and acquisitions to drive growth [29]

证券研究报告 | 公司点评 | 中药Ⅱ 华润三九(000999) 报告日期：2025 年 03 月 14 日 内生业务增长亮眼，天士力并购在即 ——华润三九 2024 年年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、并购整合风险 | 财务摘要 | | --- | | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 27,617 | 30,758 | 34,654 | 39,023 | | (+/-) (%) | 11.63% | 11.37% | 12.67% | 12.61% | | 归母净利润 | 3,368 | 3,837 | 4,425 | 5,071 | | (+/-) (%) | 18.05% | 13.94% | 15.31% | 14.60% | | 每股收益(元) | 2.62 | 2.99 | 3.45 | 3.95 | | P/E | 15.98 | 14.02 | 12.16 | 10.61 | | 资料来源：浙商证券研究所 | ...

Investment Rating - The investment rating for China Resources Sanjiu (华润三九) is "Buy" (maintained) [3] Core Views - The company reported a revenue of 27.617 billion yuan for 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [6] - The CHC (Consumer Health Care) business showed rapid growth, with revenue reaching 12.482 billion yuan, a 14.13% increase year-on-year, while the prescription drug business also performed well with a revenue of 6.006 billion yuan, up 15.05% year-on-year [6] - The merger with Tianjin Tasly has received approval from the State-owned Assets Supervision and Administration Commission, which is expected to enhance the company's core competitiveness in the traditional Chinese medicine sector [6] - The company anticipates double-digit revenue growth in 2025, with net profit expected to match revenue growth levels [6] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 27.617 billion yuan (2024), 30.758 billion yuan (2025E), 34.654 billion yuan (2026E), and 39.023 billion yuan (2027E), with respective growth rates of 11.63%, 11.37%, 12.67%, and 12.61% [2] - Net profit attributable to shareholders is projected to be 3.368 billion yuan (2024), 3.837 billion yuan (2025E), 4.425 billion yuan (2026E), and 5.071 billion yuan (2027E), with growth rates of 18.05%, 13.94%, 15.31%, and 14.60% respectively [2] - Earnings per share (EPS) is expected to be 2.62 yuan (2024), 2.99 yuan (2025E), 3.45 yuan (2026E), and 3.95 yuan (2027E) [2] Business Performance - The company achieved a gross profit margin of 51.86% in 2024, a slight decrease of 1.38 percentage points year-on-year, primarily due to business structure adjustments [6] - The net profit margin for 2024 was 12.20%, an increase of 0.67 percentage points year-on-year, and the weighted average return on equity (ROE) was 17.33%, up 1.47 percentage points year-on-year [6] - The integration of Kunming Pharmaceutical Group is progressing, with its revenue for 2024 reported at 8.401 billion yuan, a slight decline of 0.34% year-on-year, but with a net profit increase of 19.86% [6]

Investment Rating - The report maintains a "Recommended" rating for China Resources Sanjiu (000999) [1] Core Views - The company achieved an annual revenue of 27.617 billion RMB in 2024, representing a year-on-year increase of 11.63%, with a net profit attributable to shareholders of 3.368 billion RMB, up 18.05% year-on-year [3] - The CHC (Consumer Health Care) business is expected to continue its steady growth, contributing significantly to overall performance [5] - The prescription drug business has shown resilience, with a revenue increase of 15.04% year-on-year [5] - Strategic acquisitions, including the integration of Kunming Pharmaceutical Group and Tian Shi Li, are expected to enhance the company's capabilities in traditional Chinese medicine and chronic disease management [5] Summary by Sections Historical Performance - The company has shown a fluctuating performance over the past years, with a notable increase in revenue and profit in recent quarters [2] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 30.297 billion RMB, 33.540 billion RMB, and 37.455 billion RMB, respectively, with year-on-year growth rates of 9.71%, 10.70%, and 11.67% [5][7] - Expected net profits for the same years are 3.888 billion RMB, 4.389 billion RMB, and 4.942 billion RMB, with growth rates of 15.46%, 12.87%, and 12.60% [5][7] - The report indicates a PE ratio of 14, 12, and 11 for the years 2025, 2026, and 2027, respectively [5] Business Segments - The CHC business generated 12.482 billion RMB in revenue in 2024, growing 14.13% year-on-year, with a strong market position in self-diagnosis products [5] - The prescription drug segment achieved 6.006 billion RMB in revenue, reflecting a strategic focus on enhancing medical value and commercial capabilities [5] - The integration of Kunming Pharmaceutical Group and the acquisition of Tian Shi Li are aimed at strengthening the company's product pipeline and market presence in traditional Chinese medicine [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company achieved a revenue of 27.617 billion RMB in 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion RMB, up 18.05% year-on-year [1]. - The CHC (Consumer Health Care) business showed robust growth with a revenue of 12.48 billion RMB in 2024, reflecting a 14.13% increase year-on-year [2]. - The prescription drug segment exceeded expectations with a revenue of 6.006 billion RMB, marking a 15.04% year-on-year growth [2]. - The company is actively pursuing mergers and acquisitions, with ongoing integration efforts with Kunming Pharmaceutical Group and a planned acquisition of 28% of Tian Shi Li, which is expected to enhance its competitive edge in the market [2]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 7.876 billion RMB, a significant increase of 28.47% year-on-year, although the net profit decreased by 9.39% to 408 million RMB [1]. Operational Analysis - The CHC business's growth is attributed to a diverse product portfolio and improved brand communication strategies despite a challenging retail environment [2]. - The prescription drug segment is anticipated to improve further, with a recovery in sales of traditional Chinese medicine [2]. - The integration with Kunming Pharmaceutical Group is showing positive results, and the acquisition of Tian Shi Li is expected to bolster the company's innovation pipeline [2]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 3.789 billion RMB, 4.389 billion RMB, and 5.058 billion RMB, respectively, with year-on-year growth rates of 12%, 15.83%, and 15.26% [2][5]. - The earnings per share (EPS) are forecasted to be 2.95 RMB, 3.42 RMB, and 3.94 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 10 [2].

业绩简评 2025 年 3 月 12 日，公司发布 2024 年年度报告。2024 年公司实现 收入 276.17 亿元（同比+11.63%），归母净利润 33.68 亿元（同比 +18.05%），扣非归母净利润 31.18 亿元（同比+15.01%）。 单季度看，公司 2024 年 Q4 实现收入 78.76 亿元（同比+28.47%）， 归母净利润 4.08 亿元（同比-9.39%），扣非归母净利润 3.66 亿元 （同比-10.27%）。 经营分析 CHC 业务稳健增长，充分彰显品牌竞争力。24 年公司 CHC 业务实 现收入 124.8 亿元，同比+14.13%。零售环境虽然承压，但公司通 过丰富产品组合、更迭品牌传播方式、强化渠道协同等方式，促 进 CHC 业务稳健增长。 处方药板块增长超预期，未来有望趋势向好。24 年公司处方药板 块实现收入 60.06 亿元，同比+15.04%。此前受中药配方颗粒集采 等多个因素影响，公司处方药板块在 23 年及 24 年 H1 有所承压， 24 年 H1 公司配方颗粒销量实现恢复性增长，24 年全年配方颗粒 收入端已实现增长。国药业务未来有望通过积极拥抱集采， ...