JZJ(SH:605266) Tai Ping Yang Zheng Quan·2025-06-06 13:41Investment Rating - The report maintains a "Buy" investment rating for the company [1][7]. Core Views - The company's performance in 2024 was impacted by an increase in sales expense ratio, leading to a decline in net profit [4]. - The company achieved a revenue of 9.283 billion yuan in 2024, representing a year-on-year growth of 2.23%, while the net profit decreased by 69.08% to 128 million yuan [4][10]. - The company continues to expand its store count, reaching a total of 5,486 stores by the end of 2024, with effective membership exceeding 26 million [5][6]. Financial Performance - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Revenue: 10.1 billion yuan (2025), 11.05 billion yuan (2026), 12.003 billion yuan (2027) with respective growth rates of 8.80%, 9.41%, and 8.62% [7][10]. - Net profit: 196 million yuan (2025), 242 million yuan (2026), 271 million yuan (2027) with growth rates of 53.1%, 23.3%, and 12.2% [7][10]. - The company’s gross margin for 2024 was 34.78%, a decrease of 1.10 percentage points year-on-year [4]. Market Position and Strategy - The company has a compound annual growth rate of 27.32% in the number of direct-operated pharmacies from 2019 to 2024 [6]. - The company is focusing on differentiated competition and multi-channel operations, with online channel revenue growing by 19.51% in 2024, accounting for 27.9% of total revenue [6]. - The company is actively expanding in regions such as Yunnan, Hebei, Chongqing, and Liaoning, aiming to catch up with leading pharmacy chains [6].