Investment Rating - The report assigns a "Buy" rating to the company [1] Core Views - The company is a leading domestic pharmaceutical commercialization platform, focusing on providing comprehensive marketing services for pharmaceutical manufacturers, with brand operation as its core business [4][12] - The company has shown strong revenue growth, with a compound annual growth rate (CAGR) of 15.67% over the past five years, and a profit CAGR of 20.52% [4][26] - The brand operation business has significantly contributed to revenue and gross profit, accounting for 58.17% of total revenue in 2023 [4][5] Summary by Sections Company Overview - The company specializes in marketing services for pharmaceutical products, including brand operation, wholesale distribution, and retail [12] - The brand operation business is the core segment, contributing over 80% of gross profit [4][12] Brand Operation - The brand operation revenue grew from 1.994 billion to 4.400 billion yuan from 2019 to 2023, with a CAGR of 21.37% [5][36] - Key brands include Dikao, Pite, and Hailu, with Dikao becoming a leading brand in the maternal and infant calcium supplement market [5][36] - The company successfully acquired Baiyang Pharmaceutical in July 2024, enhancing its product offerings and upstream supply chain [5][36] Wholesale and Retail - The wholesale distribution business has been optimized, focusing on advantageous regions, leading to a decline in revenue [5][12] - Retail business revenue remains stable, contributing a small percentage to total revenue [12][26] Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 8.48 billion, 10.87 billion, and 13.32 billion yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 1.61, 2.07, and 2.53 yuan [5][26] - The current price corresponds to a price-to-earnings (PE) ratio of 18.55, 14.46, and 11.81 for the next three years [5][26] - The report suggests a target price range of 31.05 to 41.40 yuan per share based on a PE ratio of 15-20 for 2025 [5][26]
百洋医药：国内领先的医药产品商业化平台，业绩增长良好