Sinopharm Accord(000028) 国泰海通证券·2025-04-11 11:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.56 CNY [6][12] Core Views - The distribution business shows steady growth, while the retail segment faces pressure due to policy changes and impairment losses. The company is optimizing store operations and focusing on its own brand to drive retail transformation, leveraging the synergy between wholesale and retail [2][12] - The company aims for "high-quality development" as its core strategy, enhancing efficiency through innovation in the distribution segment and improving profitability in the retail segment via store optimization and brand development [12] Financial Summary - For 2024, the company is projected to achieve revenue of 743.78 billion CNY, a decrease of 1.46% from the previous year. The net profit attributable to shareholders is expected to be 642 million CNY, down 59.83% [4][12] - The distribution business is expected to generate revenue of 529.84 billion CNY, reflecting a growth of 1.98%, while the retail segment is projected to decline to 223.57 billion CNY, a decrease of 8.41% [12] - The company plans to adjust its earnings per share (EPS) forecasts for 2025 and 2026 to 2.63 CNY and 2.82 CNY, respectively, with a new forecast for 2027 set at 3.04 CNY [12] Business Segments - The distribution segment is focusing on high-quality development, optimizing product structure, and increasing the proportion of innovative drugs, which is expected to drive future growth [12] - The retail segment is undergoing significant adjustments, shifting from scale growth to high-quality development, with a focus on loss management and the expansion of self-owned brands [12] Market Data - The company's market capitalization is approximately 13.72 billion CNY, with a current stock price of 24.65 CNY [7][12] - The price-to-earnings (P/E) ratio is projected to be 21.35 for 2024, decreasing to 8.12 by 2027 [4][12]