CQP(SZ:000950) Tebon Securities·2024-09-17 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 39.779 billion yuan in H1 2024, a decrease of 2.30% year-on-year, and a net profit attributable to shareholders of 238 million yuan, down 53.65% year-on-year [3] - The revenue from the medical device segment in H1 2024 was 5.944 billion yuan, a decrease of 10.83% year-on-year, while the pharmaceutical distribution segment generated 33.031 billion yuan, a decrease of 0.27% year-on-year [3] - The company is expanding its commercial network, having added five new city-level layouts, achieving nationwide coverage in 32 provinces, municipalities, and autonomous regions [3] - The forecasted net profits for 2024, 2025, and 2026 are 706 million yuan, 888 million yuan, and 1.009 billion yuan, respectively, with corresponding P/E ratios of 11.7, 9.3, and 8.2 times [3] Financial Summary - Total revenue for 2023 is projected at 80.119 billion yuan, with a slight increase to 80.617 billion yuan in 2024E [4] - The net profit for 2023 is estimated at 655 million yuan, increasing to 706 million yuan in 2024E [4] - The gross margin is expected to be 7.9% in 2023, improving to 8.3% in 2024E [4] - The company's total assets are projected to grow from 63.524 billion yuan in 2023 to 77.580 billion yuan in 2026E [4]