华润医药（03320）：联营企业减值影响短期业绩，三大业务表现稳健

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Views - The company's revenue for 2024 reached 257.673 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to shareholders was 3.351 billion yuan, a decrease of 13.06% due to impairment losses from joint ventures [1]. - Excluding the impact of one-time items, the company's net profit showed a robust growth of 13.1% year-on-year [1]. - The three main business segments—pharmaceuticals, medical distribution, and retail—demonstrated stable growth, with the pharmaceutical segment contributing significantly to gross profit [2]. Revenue Breakdown - In 2024, the revenue contributions from the three main business segments were as follows: pharmaceuticals at 16.1%, medical distribution at 80.0%, and retail at 3.9% [2]. - The pharmaceutical segment generated revenue of 46.32 billion yuan, up 6.6% year-on-year, with a gross profit of 27.505 billion yuan, reflecting a 7.1% increase [2]. - The distribution segment achieved revenue of 213.237 billion yuan, a 5.5% increase, while the retail segment reported revenue of 10.104 billion yuan, also up 5.5% [2]. Profitability and Cost Management - The company achieved a gross profit of 40.689 billion yuan in 2024, a 6.1% increase, with an overall gross margin of 15.8%, up 0.1 percentage points [3]. - The net profit margin for 2024 was 3.3%, an increase of 0.1 percentage points, while the sales expense ratio remained stable at 7.7% [3]. Strategic Developments - The company has made significant progress in state-owned enterprise reform, enhancing its core competitiveness and operational efficiency [4]. - The introduction of strategic investors into the commercial segment raised a total of 6.26 billion yuan, improving resource allocation and operational efficiency [4]. Earnings Forecast and Valuation - The net profit forecast for 2025-2026 has been adjusted to 4.535 billion yuan and 4.976 billion yuan, respectively, with a projected net profit of 5.377 billion yuan for 2027 [5].