中银晨会聚焦-2025-03-18

Investment Rating - The industry investment rating is "Focus on Key Attention" for the pharmaceutical and biotechnology sector, specifically for Kunming Pharmaceutical Group [4]. Core Viewpoints - Kunming Pharmaceutical Group is expected to achieve stable profit growth in 2024, with a strong performance in the fourth quarter. The company's channel integration is gradually completed, and quality improvement and efficiency enhancement are anticipated [4][5]. - The company reported a total revenue of 8.401 billion yuan in 2024, a year-on-year decrease of 0.34% (adjusted retrospectively, a growth of 9.07% before adjustment). The net profit attributable to shareholders was 648 million yuan, a year-on-year increase of 19.86% (adjusted retrospectively, a growth of 45.74% before adjustment) [4]. - The fourth quarter alone saw a revenue of 2.944 billion yuan, a year-on-year increase of 4.42%, and a net profit of 261 million yuan, a year-on-year increase of 68.51% [4]. - The company’s sales expense ratio for 2024 was 26.50%, a decrease of 4.82 percentage points year-on-year, while the management expense ratio was 4.42%, an increase of 0.35 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2024, Kunming Pharmaceutical Group achieved a total revenue of 8.401 billion yuan, with a net profit of 648 million yuan, reflecting a year-on-year growth of 19.86% [4]. - The fourth quarter performance was particularly strong, with a revenue of 2.944 billion yuan and a net profit of 261 million yuan, marking significant growth compared to the previous year [4]. Strategic Developments - The company completed a cash acquisition of 51% of Kunming Huaren Shenghuo Pharmaceutical, which is a key move to address competition issues with Huaren Sanjiu and further integrate resources in the health sector [5]. - The ongoing strategy of "big single product + all-channel + branding" is being implemented, with significant progress in channel integration across retail and medical systems [5]. Research and Development - In 2024, the company invested 143 million yuan in R&D, employing a model of "independent research + investment mergers + cooperative research + introduction of agency" to establish an innovative R&D pipeline covering key health and chronic disease areas [5].