Shanghai Pharma(601607) 华福证券·2024-11-08 12:03Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 209.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.1%, with a net profit attributable to shareholders of 4.05 billion yuan, up 6.78% year-on-year [1] - The commercial segment showed steady growth, with Q3 revenue reaching 64.7 billion yuan, an increase of 9.9%, while the CSO business experienced a remarkable growth of 185% [2] - The industrial segment's revenue decreased by 9% to 5.55 billion yuan in Q3, but profitability improved due to cost reduction and efficiency enhancement measures [3] Financial Analysis - The company achieved a gross margin of 9.98% in Q3, down 0.65 percentage points year-on-year, and a net margin of 2.03%, down 0.34 percentage points [4] - Accounts receivable turnover days increased to 100.5 days, while inventory turnover days rose to 53.7 days, indicating a slight decline in operational efficiency [4] Earnings Forecast and Investment Suggestions - The revenue forecasts for 2024-2026 are adjusted to 284.4 billion, 312.6 billion, and 242.8 billion yuan, with expected year-on-year growth rates of 9.3%, 9.9%, and 9.7% respectively [5] - The net profit forecasts for the same period are 5.08 billion, 5.7 billion, and 6.36 billion yuan, with corresponding year-on-year growth rates of 35%, 12%, and 12% [5] - The company is positioned as a leader in the national distribution industry, with rapid development in its commercial segment and ongoing transformation in its industrial segment, justifying the "Buy" rating [5]