YUNNAN BAIYAO(000538) 光大证券·2024-08-27 12:15Investment Rating - The report maintains an "Accumulate" rating for Yunnan Baiyao with a current price of 53.24 [1] Core Views - The company focuses on enhancing quality and efficiency in its core business, leading to long-term strategic development [6] - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 204.55 billion, 31.89 billion, and 31.35 billion respectively, with year-on-year growth of +0.72%, +12.76%, and +14.56% [4] - The operating cash flow reached 32.62 billion, up by 44.84% year-on-year, indicating strong cash generation [4] Summary by Sections Revenue Performance - In the first half of 2024, revenue grew steadily, with Q1 and Q2 revenues of 107.74 billion and 96.81 billion respectively, showing year-on-year changes of +2.49% and -1.18% [5] - The net profit attributable to shareholders for Q1 and Q2 was 17.02 billion and 14.87 billion, reflecting year-on-year growth of +12.12% and +13.50% [5] - The gross profit margin improved by 1.74 percentage points to 29.30% in the first half of 2024 [5] Business Segments - The company’s four major business segments showed stable development, with pharmaceutical sales, health daily chemicals, traditional Chinese medicine resources, and pharmaceutical distribution achieving revenues of 43.57 billion, 31.53 billion, 8.09 billion, and 117.86 billion respectively [5] - The core product series of Yunnan Baiyao, particularly the aerosol product, saw revenue exceeding 12 billion, growing over 30% year-on-year [5] Strategic Planning - The company aims to become a leading modern pharmaceutical group in China and a world-class player by focusing on the health industry and enhancing its core competitiveness [6] - The strategic plan for 2024-2028 emphasizes both internal and external growth, aiming to strengthen the quality of traditional Chinese medicine and expand health-related products [6] Financial Forecasts - The report slightly raises the profit forecasts for 2024-2026, projecting net profits of 46.80 billion, 51.92 billion, and 57.13 billion respectively, with corresponding P/E ratios of 20, 18, and 17 [7]