NPC(SH:600713) Soochow Securities·2024-12-25 08:23Investment Rating - The investment rating for the company is "Increase" with an expected relative return of 5% to 15% over the next six months [84]. Core Viewpoints - The company has shown steady revenue growth since 2019, with a compound annual growth rate (CAGR) of 9.59% from 2019 to 2023. In 2023, the company achieved a revenue of 53.59 billion yuan, a year-on-year increase of 6.71%. However, the net profit attributable to the parent company fluctuated, with a CAGR of 13.60% from 2019 to 2023, and a net profit of 578 million yuan in 2023, a decrease of 3.00% year-on-year [2][49][71]. - The company is the first publicly listed pharmaceutical distribution company in China, possessing strong terminal and channel advantages. It has established a business model centered on supply chain services for medical institutions and retail pharmacy chains, supplemented by third-party logistics and "Internet+" services [6][69]. - The company has a stable sales net profit margin and gross profit margin, with a decrease in sales expense ratio, financial expense ratio, and management expense ratio from 2019 to 2023 [7][55]. Summary by Sections 1. Bond Basic Information - The total issuance scale of the convertible bond is 1.081 billion yuan, with net proceeds used for digital transformation projects and logistics center projects [1][18]. - The dilution rate of the total share capital is 13.51%, with a conversion price of 5.29 yuan per share [2][21]. 2. Investment Subscription Suggestions - The expected listing price of the convertible bond on the first day is between 114.54 and 127.60 yuan, with an estimated subscription rate of 0.0043% [28][68]. 3. Fundamental Analysis of the Company 3.1. Financial Data Analysis - The company’s revenue and net profit have shown a steady upward trend since 2021, with the pharmaceutical wholesale business accounting for over 94% of the main business revenue from 2021 to Q3 2024 [29][73]. 3.2. Company Highlights - The company is a pioneer in pharmaceutical service business in China, engaging in strategic cooperation with various medical institutions to create a mutually beneficial model among pharmaceutical enterprises, patients, hospitals, and government [6][69].