Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 9.88, compared to the current price of HKD 8.35 [7]. Core Insights - The company, established in 2015, is the largest digital comprehensive service platform in China's outpatient pharmaceutical industry, focusing on digital solutions to empower the entire industry chain [1][14]. - The company has achieved a significant revenue growth from CNY 3.252 billion in 2019 to CNY 17.904 billion in 2024, with a CAGR of 40.66%. It also reported a net profit of over CNY 30.01 million in 2024, marking its first profitable year [1][21]. - The company has expanded its business model to "platform + self-operated + brand promotion," covering the entire outpatient pharmaceutical industry chain [1][14]. Summary by Sections Platform Business - The platform business connects upstream pharmaceutical distributors with downstream pharmacies and grassroots medical institutions, enhancing operational efficiency [2]. - The company has increased its monthly average SKU count to over 3.9 million by 2024, while the number of registered downstream buyers has exceeded 827,000, with a CAGR of 19.2% for pharmacies and 38.8% for grassroots medical institutions from 2020 to 2024 [2][55]. Self-Operated Business - The self-operated business focuses on exclusive strategic partnerships and proprietary brands, with over 830 SKUs by the end of 2024, a significant increase from the previous year [3]. - The GMV for exclusive strategic partnerships and proprietary brands reached CNY 651 million in 2024, a year-on-year growth of approximately 152% [3]. Technological Innovations - The company launched the "Spectrum Cabin" solution in 2024, integrating advanced hardware, SaaS management systems, and AI-assisted systems to enhance the capabilities of grassroots medical practitioners [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 20.693 billion, CNY 24.215 billion, and CNY 28.689 billion from 2025 to 2027, with net profits of CNY 156 million, CNY 373 million, and CNY 602 million respectively [5]. - A relative valuation method suggests a reasonable valuation of CNY 6.2 billion, with a target price of HKD 9.15 [5]. Market Dynamics - The outpatient pharmaceutical market is highly fragmented, with significant growth potential driven by policy support and digital transformation [35][42]. - The digitalization of the outpatient pharmaceutical market is still in its early stages, with a penetration rate of only 28.2% as of 2022, indicating substantial room for growth [42][45]. Competitive Landscape - The company holds a leading position in the market, with a GMV of CNY 37.833 billion in 2022, capturing over 21% of the market share [46]. - The competitive landscape is concentrated, with the top five players holding over 63.5% of the market share, highlighting the company's first-mover advantage [46].
药师帮（09885）：平台+自营+首推，数字化解决方案赋能全产业链