国药一致（000028）：分销板块优化业务结构，国大药房盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the distribution segment is optimizing its business structure, leading to a steady improvement in the profitability of Guoda Pharmacy [4] - In H1 2025, the company achieved revenue of 36.8 billion yuan (down 2.6% year-on-year) and a net profit attributable to shareholders of 670 million yuan (down 10.4% year-on-year) [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 18.5 billion yuan (down 1.0% year-on-year) and a net profit of 340 million yuan (down 4.7% year-on-year) [4] - The distribution segment generated revenue of 26.78 billion yuan in H1 2025 (down 1.1% year-on-year), while the retail segment (Guoda Pharmacy) generated revenue of 10.48 billion yuan (down 6.5% year-on-year) [7] - Guoda Pharmacy's net profit in H1 2025 was 17 million yuan (up 215.8% year-on-year), with a total of 8,591 stores, including 6,931 direct-operated stores and 1,660 franchise stores [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.32 billion yuan, 1.37 billion yuan, and 1.43 billion yuan, with growth rates of 105.9%, 3.9%, and 3.9% respectively [6][7] - The current stock price corresponds to a P/E ratio of 11X for 2025, 10X for 2026, and 10X for 2027 [7]