东吴证券：给予马应龙买入评级

Core Viewpoint - The report highlights that Mayinglong (600993) has shown impressive growth in core products and sustained improvement in profitability, leading to a "buy" rating from Dongwu Securities [1] Financial Performance - In 2024, the company achieved operating revenue of 3.728 billion yuan, a year-on-year increase of 18.85%, and a net profit attributable to shareholders of 528 million yuan, up 19.14% [2] - The non-recurring net profit was 511 million yuan, reflecting a significant growth of 44.98% [2] - For Q4 alone, the company reported revenue of 936 million yuan, a growth of 35.58%, and a net profit of 71 million yuan, which surged by 183.84% [2] Business Segments - The pharmaceutical industry segment generated 2.161 billion yuan in revenue, marking a 17.82% increase, with hemorrhoid treatment products growing by 23.19% [2] - The health and wellness segment saw significant growth, with sales of sanitary wet wipes exceeding 100 million yuan and beauty products revenue increasing by 30% [2] Medical Services and Pharmaceutical Commerce - The medical services segment reported revenue of 449 million yuan, up 30.15%, while the pharmaceutical commerce segment achieved 1.249 billion yuan, a growth of 14.81% [3] - The company turned profitable in its pharmaceutical commerce operations [3] Profitability and Efficiency - The gross margin for the main business improved to 46.03%, with the pharmaceutical industry gross margin rising to 71.42% [3] - The net profit margin after non-recurring items was 13.7%, reflecting an increase of 2.47 percentage points [3] - The sales expense ratio was 25.13%, while the management expense ratio decreased to 3.07%, indicating improved operational efficiency [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted, with net profits expected to be 632 million yuan and 730 million yuan respectively, and 834 million yuan in 2027 [4] - The company is recognized as a leader in its niche market, with stable growth in core products and a positive outlook for the health and wellness business, maintaining a "buy" rating [4]