中银证券：中银晨会聚焦-20250318

Core Viewpoints - The report highlights the steady profit growth of Kunming Pharmaceutical Group in 2024, with a strong performance in the fourth quarter. The company's channel integration is nearing completion, and improvements in quality and efficiency are anticipated [4][5]. Financial Performance - In 2024, Kunming Pharmaceutical Group achieved an operating revenue of 8.401 billion yuan, a year-on-year decline of 0.34% (adjusted for retrospective changes, a growth of 9.07%). The net profit attributable to shareholders was 648 million yuan, representing a year-on-year increase of 19.86% (adjusted for retrospective changes, a growth of 45.74%). The net profit excluding non-recurring gains and losses was 419 million yuan, up 25.09% year-on-year [4]. - In the fourth quarter, the company reported a single-quarter revenue of 2.944 billion yuan, a year-on-year growth of 4.42%. The net profit attributable to shareholders for the fourth quarter was 261 million yuan, showing a significant year-on-year increase of 68.51 [4]. Cost Management - In 2024, the sales expense ratio was 26.50%, a decrease of 4.82 percentage points year-on-year. The management expense ratio was 4.42%, an increase of 0.35 percentage points year-on-year. The R&D expense ratio was 1.27%, up 0.15 percentage points year-on-year [4]. Strategic Developments - The completion of the acquisition of 51% of Kunming Huaren Shenghuo Pharmaceutical is a key move for the company to address competition with Huaren Sanjiu. This acquisition allows for further resource integration in the health sector and aims to enhance the market share of the company's products [5]. - The company is advancing its strategy of "big products + all channels + branding," with significant progress in integrating retail and medical system channels across the country. This integration is expected to continue to enhance quality and efficiency [5]. - In 2024, the company invested 143 million yuan in R&D, employing a model of "independent research + investment mergers + cooperative research + introduction of agents" to establish an innovative R&D pipeline covering key areas of elderly health and chronic diseases [5].