MYL(600993) Hua Yuan Zheng Quan·2025-04-06 06:17Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with significant growth in the health business creating a new growth driver [5][7] - The company achieved a revenue of 3.728 billion yuan in 2024, representing a year-on-year growth of 18.85%, and a net profit of 528 million yuan, up 19.14% year-on-year [7] - The company plans to increase its dividend payout to 0.62 yuan per share (including tax), raising the payout ratio to 50.61% [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: 3.137 billion yuan (2023), 3.728 billion yuan (2024), 4.411 billion yuan (2025E), 5.064 billion yuan (2026E), and 5.826 billion yuan (2027E) [6] - The net profit projections for the same period are: 443 million yuan (2023), 528 million yuan (2024), 644 million yuan (2025E), 745 million yuan (2026E), and 854 million yuan (2027E) [6] - The company’s gross margin improved significantly to 46.55% in 2024, an increase of 4.64 percentage points [7] - The company’s return on equity (ROE) is projected to be 12.99% in 2024, increasing to 14.77% by 2027 [6] Business Segment Performance - The pharmaceutical industry segment generated revenue of 2.161 billion yuan in 2024, up 17.82% year-on-year, while the pharmaceutical commerce segment achieved 1.249 billion yuan, up 14.81% [7] - The healthcare services segment saw revenue of 449 million yuan, a year-on-year increase of 30.15% [7] - The company’s hemorrhoid treatment products showed steady growth, with revenue of 1.592 billion yuan, up 23.19% [7] Growth Drivers - The health business is expected to become a new growth curve, with over 200 health products developed, including key items like the Baobao Eye Cream and sanitary wet wipes [7] - The beauty product line saw a revenue increase of 30% in 2024, with sanitary wet wipes surpassing 100 million yuan in revenue [7] - The company is enhancing its distribution network and marketing efforts, which are expected to drive further growth in its core product lines [7]