JZYY(600750) 中信建投·2025-03-26 11:11Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company reported a total revenue of 4.435 billion yuan for 2024, a year-on-year decline of 2.59%, while the net profit attributable to shareholders was 788 million yuan, reflecting a year-on-year growth of 9.67% [2][8]. - The OTC segment is expected to see steady growth, supported by four major product categories, while the impact of prescription drug procurement is anticipated to diminish [12][11]. - The company is focusing on optimizing its health product structure and expanding through both organic growth and acquisitions [12][11]. Financial Performance Summary - For 2024, the company achieved total revenue of 44.35 billion yuan, a slight decrease of 2.59% year-on-year; net profit attributable to shareholders was 7.88 billion yuan, up 9.67% year-on-year; and the net profit excluding non-recurring items was 7.49 billion yuan, an increase of 6.43% year-on-year [2][8]. - The fourth quarter saw revenue of 13.06 billion yuan, a year-on-year decline of 0.80%, with net profit of 1.41 billion yuan, up 11.31% year-on-year [8]. - The company’s gross margin for 2024 was 63.52%, a decrease of 0.51 percentage points, primarily due to a significant drop in the gross margin of the prescription drug segment [14]. Business Segment Analysis - OTC Business: Revenue reached 32.66 billion yuan, a year-on-year increase of 7.07%, with a gross margin of 72.74% [9]. - Health Products: Revenue was 3.45 billion yuan, down 47.30% year-on-year, impacted by intensified competition and restructuring efforts [10]. - Prescription Drugs: Revenue totaled 7.93 billion yuan, a decline of 3.50% year-on-year, with a gross margin of 39.30% [10]. Future Outlook - For 2025, the company is expected to focus on a "big product, strong category" strategy, enhancing core competitiveness and anticipating revenue growth in the OTC segment driven by key products [11][12]. - The company aims to improve operational efficiency and profitability through continuous optimization of its business model and channel strategies [11].