国药一致：Q3零售板块环比显著改善，恢复盈利可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The retail segment showed significant improvement in Q3, indicating a potential recovery in profitability [2] - The distribution segment achieved revenue of 40.84 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.2%, while the retail segment's revenue was 16.4 billion yuan, a year-on-year decrease of 7.5% [2] - The company has adjusted its operational strategy, leading to a narrowing of losses in Q3 compared to Q2 [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 56.47 billion yuan, a slight decrease of 0.2% year-on-year, and a net profit attributable to shareholders of 1.07 billion yuan, down 10.4% year-on-year [1][2] - The gross profit margin for the first three quarters of 2024 was 10.9%, a decrease of 0.7 percentage points year-on-year [3] - The company’s net profit forecasts for 2024-2026 have been revised downwards to 1.45 billion yuan, 1.63 billion yuan, and 1.83 billion yuan, reflecting a growth rate of -9.2%, 12.5%, and 12.3% respectively [4] Market Performance - The company's stock closed at 28.16 yuan, with a market capitalization of approximately 15.67 billion yuan [1] - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 11X, 10X, and 9X respectively [4]