CQP(SZ:000950) Huaan Securities·2024-08-28 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company faced pressure on performance in the first half of 2024, with revenue of 39.779 billion yuan, a year-on-year decrease of 2.30%, and a net profit attributable to shareholders of 238 million yuan, down 53.65% year-on-year [1] - The company is undergoing state-owned enterprise reform, which is expected to enhance its operational capabilities and market position [3] Financial Performance Summary - In Q2 2024, the company reported revenue of 20.155 billion yuan, a year-on-year decline of 4.46%, and a net profit of 13.5 million yuan, down 61.13% year-on-year [1] - The company's accounts receivable turnover days increased by 11 days to 155 days, indicating heightened collection pressure [1] - The pharmaceutical distribution business showed steady growth, with revenue from the distribution segment reaching 8.385 billion yuan, a year-on-year increase of 7.97% [1][2] - The retail segment achieved revenue of 1.753 billion yuan, a year-on-year growth of 13.18%, with the company expanding its retail pharmacy network [1][2] Revenue Growth and Market Expansion - The company is expanding its operations outside of Chongqing, with revenue from regions outside Chongqing accounting for 68.14% of total revenue in the first half of 2024 [3] - The company is actively pursuing new business areas, including medical aesthetics and special medical foods, generating 12.4 million yuan in revenue in the first half of 2024 [2] Earnings Forecast - The revenue forecast for 2024-2026 is adjusted to 83.449 billion yuan, 91.470 billion yuan, and 101.143 billion yuan, representing year-on-year growth of 4.2%, 9.6%, and 10.6% respectively [4] - The net profit forecast for the same period is 732 million yuan, 901 million yuan, and 1.116 billion yuan, with year-on-year growth of 11.7%, 23.1%, and 24.0% respectively [4] Key Financial Metrics - The company reported a gross margin of 7.9% for 2024, with an expected increase to 8.1% by 2026 [8] - The projected P/E ratios for 2024, 2025, and 2026 are 10.91, 8.87, and 7.15 respectively, indicating a favorable valuation trend [8]