DSL(SH:603233) Guolian Securities·2024-09-03 06:44Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the stock [6][14]. Core Views - The company reported a revenue of 13.345 billion yuan for the first half of 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan [11][12]. - The company is actively expanding its store network, reaching a total of 16,151 stores across 21 provinces by the end of June 2024, with 10,772 being direct-operated and 5,379 being franchise stores [12][13]. Summary by Sections Financial Performance - In the first half of 2024, the retail business generated 11.065 billion yuan in revenue, up 8.20% year-on-year, while the franchise and distribution business saw a revenue increase of 33.85% to 1.973 billion yuan [12]. - The company’s revenue projections for 2024-2026 are 27.642 billion yuan, 32.239 billion yuan, and 38.476 billion yuan, with corresponding growth rates of 12.68%, 16.63%, and 19.35% [14][15]. Store Expansion - The company opened 797 self-built stores, 1,214 franchise stores, and acquired 284 stores in the first half of 2024, while closing 218 stores [13]. - The company has established 248 DTP professional pharmacies and has 9,914 personal account medical insurance designated stores by the end of June 2024 [13]. Regional Performance - Revenue from the South China region was 8.605 billion yuan, growing 5.30% year-on-year, while the East China region achieved 1.009 billion yuan, up 18.73% [12]. - Other regions showed significant growth, with revenue increasing by 44.16% [12]. Profitability Forecast - The forecasted net profit for 2024 is 1.248 billion yuan, with a growth rate of 7.03%, and projected EPS of 1.10 yuan per share [14][15]. - The company’s EBITDA for 2024 is estimated at 3.726 billion yuan, with a corresponding P/E ratio of 12.3 [15].