Jointown(600998) 兴业证券·2024-11-10 05:58Investment Rating - The report maintains a "Buy" rating for the company 九州通 (600998.SH) [3][5][11] Core Views - The company has shown sequential improvement in performance, with a notable impact from its second growth curve initiatives [4][5] - The total brand promotion business, including pharmaceuticals and medical devices, has seen significant growth, indicating enhanced operational capabilities and market influence [4][7] Financial Summary - For the first three quarters of 2024, the company reported revenue of 1134.29 billion yuan, a year-on-year decrease of 0.82%, and a net profit attributable to shareholders of 16.96 billion yuan, down 6.99% [4][6] - In Q3 2024, the company achieved revenue of 362.58 billion yuan, a year-on-year increase of 3.57%, and a net profit of 4.89 billion yuan, up 1.64% [4][6] - The company expects revenue growth of 8.1%, 9.2%, and 9.5% for 2024, 2025, and 2026, respectively, with net profit growth of 8.5%, 8.9%, and 13.9% for the same years [5][11] Business Performance - The total brand promotion business generated sales of 141.19 billion yuan in the first three quarters of 2024, reflecting an 18.00% year-on-year increase [4][7] - The company has expanded its product offerings significantly, introducing 104 new quality products in the first three quarters of 2024 [7][9] - The "万店加盟" plan has successfully established 26,703 retail stores, surpassing the 2024 target [8][9] Strategic Developments - The company is advancing its "New Retail" strategy, with significant growth in sales from its retail brand 好药师, achieving 37.67 billion yuan in sales, a 58.28% increase year-on-year [8][9] - The company is also progressing in its public REITs strategy, which is expected to enhance its asset liquidity and support business growth [10]