Sinopharm Accord(000028) 信达证券·2025-04-08 12:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a dual network layout of "Guangdong and Guangxi distribution + national retail," emphasizing the acceleration of performance growth through "quality improvement and efficiency enhancement" [2] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of 642 million yuan, down 59.83% year-on-year [2] - The report anticipates a revenue recovery in 2025, projecting revenues of 75.655 billion yuan, with a net profit of 1.333 billion yuan, reflecting a year-on-year growth of approximately 107.5% [6] Summary by Sections Financial Performance - In 2024, the distribution segment achieved a revenue of 52.984 billion yuan, growing by 1.98% year-on-year, while net profit decreased by 12.74% to 922 million yuan [3] - The retail segment, represented by "Guoda Pharmacy," reported a revenue of 22.357 billion yuan, down 8.41% year-on-year, with a net loss of 1.104 billion yuan, a decline of 309.53% [4] - The company recorded a significant asset impairment loss of 984 million yuan in Q4 2024, primarily related to goodwill and intangible assets [2] Strategic Initiatives - The company is focusing on enhancing its traditional business while expanding innovative operations, including the introduction of 117 new innovative drugs and a 19% increase in innovative drug distribution in the Guangxi region [3] - The strategic direction for Guoda Pharmacy has shifted from "scale growth" to "high-quality development," leading to the closure of over 1,270 stores [4] Future Outlook - The company expects to achieve revenues of 77.229 billion yuan and 79.439 billion yuan in 2026 and 2027, respectively, with net profits projected at 1.446 billion yuan and 1.567 billion yuan [6] - The report maintains a "Buy" rating, indicating confidence in the company's potential for performance reversal in 2025 [6]