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漱玉平民(301017):公司信息更新报告:2025H1经营业绩稳健增长,线上业务优化布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.881 billion yuan in H1 2025, representing a year-on-year increase of 1.30%. The net profit attributable to shareholders was 36 million yuan, up by 49.83%, while the net profit excluding non-recurring items was 32 million yuan, an increase of 24.63% [5] - In Q2 2025, the company reported a revenue of 2.503 billion yuan, a growth of 5.18%. However, the net profit attributable to shareholders decreased by 22.36% to 11 million yuan, and the net profit excluding non-recurring items fell by 47.55% to 8 million yuan [5] - The gross margin for H1 2025 was 26.30%, down by 1.56 percentage points, while the net margin increased by 0.29 percentage points to 0.63% [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance - As of H1 2025, the company operated 9,042 stores, with 5,072 being direct-operated stores. The majority of direct-operated stores (84.62%) are located in Shandong province [6] - The online business has been optimized, with O2O direct sales reaching 455 million yuan, an increase of 11.0%, and B2C sales amounting to 220 million yuan [7] - The company is focusing on building a DTP patient management platform to enhance patient compliance and satisfaction, with over 120 specialty pharmacies for critical diseases and more than 400 adjacent pharmacies [7] Financial Summary and Valuation Metrics - The company’s total market capitalization is 4.905 billion yuan, with a circulating market capitalization of 2.945 billion yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.14, 0.17, and 0.19 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 89.2, 73.3, and 64.1 [5][9]