Sinopharm Accord(000028) 新浪财经·2025-04-10 07:54Core 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]