Jointown(600998) 东吴证券·2024-11-01 18:06Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is improving quarter by quarter, driven by the "Three New and Two Transformation" strategy [3][4] - The company achieved a revenue of 1134.29 billion yuan in the first three quarters of 2024, a decrease of 0.82% year-on-year, with a net profit attributable to shareholders of 16.96 billion yuan, down 6.99% year-on-year [2] - The third quarter alone saw a revenue of 362.58 billion yuan, an increase of 3.57% year-on-year, and a net profit of 4.89 billion yuan, up 1.64% year-on-year [2] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to reach 161.37 billion yuan in 2024, with a year-on-year growth of 7.48% [1] - Net profit attributable to shareholders is expected to be 24.90 billion yuan in 2024, reflecting a growth rate of 14.54% [1] Strategic Initiatives - The "Three New" strategy includes new products, new retail, and new medical services, contributing to revenue growth [3] - The CSO business generated 141.19 billion yuan in revenue, achieving an 18% year-on-year growth [3] - The number of retail stores reached 26,703, with a target of 30,000 by year-end, and B2C e-commerce sales increased by 16.43% [3] - The company aims to expand its "Nine Trust Clinics" to 800 by the end of the year [3] Financial Performance and Valuation - The company is expected to complete the issuance of public REITs and Pre-REITs by the end of 2024, which will enhance cash flow [4] - The projected P/E ratios for 2024-2026 are 10, 9, and 8 times, respectively, indicating a favorable valuation outlook [4]