2025Q1 利润稳健，门店优化推动长期发展 [Table_StockName] ——大参林（603233）点评报告 [Table_ReportDate] [Table_Summary] 事件: 4 月 26 日，公司发布 2024 年年报和 2025 年一季报。2024 年，公司实 现总营业收入 264.97 亿元（+8.01%）；实现归母净利润 9.15 亿元（- 21.58%）。2025Q1，公司实现总营业收入 69.56 亿元（+3.02%）；实现归 母净利润 4.60 亿元（+15.45%）。 投资要点: 深耕华南，积极实施省外扩张战略 公司持续新开门店、并购和新拓展加盟等方式，继续下沉已布局区域的 二、三级市场，同步开拓重要区域的新市场，保持零售业务规模优势。 截至 2025Q1，公司拥有门店 16,622 家（含加盟店 6,239 家），净增门 店 69 家。2025Q1，公司华南/华中/华东/东北华北西南和西北地区收入 分别为 43.03/6.76/5.47/12.20 亿元，同比增速分别为 -0.94%/8.31%/5.16%/10.70%，可以看出公司华南以外市场增长较强势。 公司持续推进 ...

2025Q1 利润稳健，门店优化推动长期发展 [Table_StockName] ——大参林（603233）点评报告 [Table_ReportDate] [Table_Summary] 事件: 4 月 26 日，公司发布 2024 年年报和 2025 年一季报。2024 年，公司实 现总营业收入 264.97 亿元（+8.01%）；实现归母净利润 9.15 亿元（- 21.58%）。2025Q1，公司实现总营业收入 69.56 亿元（+3.02%）；实现归 母净利润 4.60 亿元（+15.45%）。 深耕华南，积极实施省外扩张战略 公司持续新开门店、并购和新拓展加盟等方式，继续下沉已布局区域的 二、三级市场，同步开拓重要区域的新市场，保持零售业务规模优势。 截至 2025Q1，公司拥有门店 16,622 家（含加盟店 6,239 家），净增门 店 69 家。2025Q1，公司华南/华中/华东/东北华北西南和西北地区收入 分别为 43.03/6.76/5.47/12.20 亿元，同比增速分别为 -0.94%/8.31%/5.16%/10.70%，可以看出公司华南以外市场增长较强势。 公司持续推进强势区域的加 ...

核心观点 4 月29 日，公司发布2024 年年度业绩报告，实现营业收入223.58亿元，同比-0.36%，实现归母净利润 5.19 亿元，同比下降44.13%，实现扣非归母净利润4.96 亿元，同比下降41.18%，实现基本每股收益0.68 元，业绩低于我们预期。展望2025 年，公司门店结构持续优化，火炬项目稳步落地，零售板块毛利率 有望持续改善，叠加公司持续落地降本增效举措，我们期待公司利润增速加速恢复。 事件 公司发布2024 年年度业绩报告，业绩低于我们预期4 月29 日，公司发布2024 年年报及2025 年一季报， 2024年实现营业收入、归母净利润及扣非归母净利润分别为223.58 亿元、5.19亿元及4.96亿元，分别同 比下降0.36%、44.13%及41.18%。 2024 年，公司营业收入同比下降0.36%，主要由于：1）公司24 年优化部分盈利能力较差的门店，零售 板块收入同比下降1.25%；2）行业竞争压力加剧，部分老店增长放缓，但公司加盟、联盟及分销业务 增长5.92%为31.05 亿元，较为稳健。归母净利润同比下降44.13%，扣非归母净利润同比下降41.18%， 慢于收入增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrates solid cash cow attributes, with short-term profit pressures not undermining its long-term value. Despite a decline in net profit for 2024, the operating cash flow remains robust, reflecting the company's strong core business [2][4]. - The company is expanding its store network significantly, with a total of 16,553 stores as of the 2024 report, including 10,503 direct-operated and 6,050 franchised stores. This expansion is supported by a successful direct franchise model that enhances operational efficiency [3]. - The new retail model is maturing, with a high penetration of O2O delivery services and a growing B2C business, benefiting from policies promoting prescription drug separation [3]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 26.497 billion yuan, an increase of 8.01% year-on-year, while net profit decreased by 21.58% to 915 million yuan. The first quarter of 2025 showed revenue of 6.956 billion yuan, up 3.02%, and net profit increased by 15.45% to 460 million yuan [1][2]. Store Network Expansion - The total number of stores reached 16,553 by the end of 2024, with a net increase of 2,479 stores during the year. The company has entered new markets, including Shanghai and Inner Mongolia, and plans to enhance regional coverage starting in the second half of 2024 [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised down to 1.048 billion yuan and 1.235 billion yuan, respectively, reflecting a decrease of 38% and 40% from previous estimates. The 2027 net profit is projected to be 1.437 billion yuan, representing a growth of 14.59% [4][5]. The current price corresponds to a P/E ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [4].

Group 1: Company Performance - In 2024, the company achieved revenue of 18 billion CNY, a year-on-year increase of 3.57% [3] - Net profit attributable to shareholders was 114 million CNY, a decline of 79.23% year-on-year [3] - Total assets amounted to 16.8 billion CNY, with a net asset scale of 7.6 billion CNY [3] - In Q1 2025, revenue was 4.767 billion CNY, a decrease of 6.53% year-on-year, and net profit was 160 million CNY, down 33.83% [3] Group 2: Store Operations - As of December 31, 2024, the number of stores reached 11,498, up from 10,255 at the beginning of the year [6] - In 2025 Q1, the net number of stores decreased by 47, totaling 11,451 stores [6] - The company plans to enhance the operational quality of existing stores rather than focusing on new openings [6] Group 3: Business Development - Retail business aims to reduce reliance on medical insurance payments, targeting a decrease from 30% to below 25% [7] - The company plans to increase the number of traditional Chinese medicine products from 350 to an additional 100 [7] - The medical and health business includes light diagnosis clinics and health management centers [7] Group 4: Market Environment - The consumption market has changed significantly, affecting product demand due to various factors including online and offline dynamics [8] - The industry is experiencing intense competition, with a rapid increase in the number of pharmacies leading to lower per-store output [9] - Regulatory changes may provide consolidation opportunities for leading chain enterprises like Yixin Tang [10] Group 5: Investment and Projects - In 2024, the company repurchased 10,401,300 shares for a total of approximately 134.71 million CNY [11] - Major capital expenditures in 2025 include investments in digitalization and logistics [11] Group 6: Digitalization - The company has implemented cloud services for various operational aspects, enhancing efficiency [12] - Digital applications include customer service, product management, and supply chain tracking [12] Group 7: Medical Insurance Policies - Medical insurance payments currently account for about one-third of total revenue [13] - The company anticipates opportunities for integration and optimization due to stricter medical insurance approvals [15] Group 8: Dividend Distribution - The proposed profit distribution for 2024 is 3 CNY per 10 shares, with a total cash dividend of approximately 172 million CNY [4][19]

Core Viewpoint - The pharmacy industry is experiencing a slowdown, but Dazhenglin has demonstrated resilience with strong revenue and profit growth, indicating its competitive advantage in a challenging market [1][3][11]. Group 1: Company Performance - In 2024, Dazhenglin achieved total revenue of 26.497 billion yuan, a year-on-year increase of 8.01% [3]. - For Q1 2024, the company reported total revenue of 6.956 billion yuan, up 3.02%, and a net profit of 460 million yuan, reflecting a 15.45% increase [1][3]. - The net cash flow from operating activities reached 1.768 billion yuan, a significant increase of 44.14% [3]. Group 2: Expansion and Efficiency - Dazhenglin's store count increased by 2,479 to a total of 16,553 stores by the end of 2024, marking a 17.61% year-on-year growth [3][4]. - The company is expanding its presence in key regions while entering new markets, having established a footprint in 15 provincial-level administrative regions since 2019 [4]. - Dazhenglin is the only listed pharmacy chain showing a decrease in combined expense ratios and inventory turnover days, indicating improved operational efficiency [4][6]. Group 3: Market Trends - Despite the overall pressure on the pharmacy sector, the proportion of retail pharmacies in total sales is increasing, with retail pharmacy sales expected to reach 574 billion yuan in 2024, a 3.7% increase [7][8]. - The market share of the top ten pharmacy chains in China remains relatively low, suggesting significant growth potential for leading players like Dazhenglin [8][9]. - The ongoing healthcare reforms and the shift of prescription drugs to outpatient settings present new growth opportunities for the retail pharmacy market [9][10]. Group 4: Strategic Initiatives - Dazhenglin is actively building a prescription transfer system and enhancing its professional service capabilities to capture the outpatient prescription market [10]. - The company has established a comprehensive health management model that integrates pharmaceuticals and insurance services, aiming to provide a one-stop solution for patients [10]. - The long-term outlook for the pharmacy industry remains positive due to ongoing reforms and increasing market concentration, benefiting large, compliant retail chains like Dazhenglin [11].

近日，人民同泰发布2024年财报。披露公司去年营收下降3.29%至100.48亿元，归属净利润下降27%至2.13亿元。 对于净利润减少，公告解释称，一是销售同比降低，利润减少，二是毛利率同比下降，其中批发板块毛利空间收紧； 零售板块品种的销售结构变化，本期 DTP 品种销售占比提高，毛利减少。公司合理控制费用支出，仍无法弥补毛利额 下降导致的净利润减少。 对于医药零售业务，公告介绍，截至报告期末，公司旗下直营门店数量 382 家，其中，哈尔滨市内门店数量为 237 家，市外门店数量为 145 家，会员人数 260 余万人，会员销售占比约 78%。报告期内，公司 DTP 专业药房发展良 好，带动零售业务收入增长，由于行业政策、销售品种结构变化及市场竞争加剧等多重因素影响，零售业务毛利率下 降。 公司以市场需求为导向，强化供应链管理工作，持续优化商品结构。同时，公司积极推行多元化营销策略，优化门店 布局，加强对会员的精准服务，不断提升专业服务能力。 公司加大新品引进力度，多渠道丰富商品品种，构建多元化的大健康品类矩阵，提升商品满足率。此外，公司持续强 化商品品牌力，打造具有竞争力的产品梯队，优化商品采购、调拨及 ...

证券研究报告|医药生物|2025年3月21日 www.hczq.com 华创医药投资观点&研究专题周周谈·第118期 2024年零售渠道中成药表现 本周专题联系人：高初茜 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初茜 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: ...

Market Overview - The overall market sentiment for the pharmaceutical sector remains cautious, with the CITIC Pharmaceutical Index rising by 1.08%, underperforming the CSI 300 Index by 0.03 percentage points, ranking 18th among 30 CITIC first-level industry indices [4][7]. - The top ten stocks by weekly gain include Kanghui Pharmaceutical, *ST Jingfeng, and Rongchang Bio, while the biggest losers include Beiyikang and Wuxi Jinghai [3][4]. Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors such as the recovery of US Treasury yields and the driving effect of large categories on the industry [7]. - In the innovative drug segment, there is a shift from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies like Heng Rui, Bai Ji, and Bei Da are recommended for investment [7]. - The medical device market is witnessing a recovery in bidding volumes, particularly in imaging equipment, with companies like Mindray and United Imaging being highlighted. The home medical device market is also expected to benefit from subsidy policies [7]. - The CXO and life sciences services sector is anticipated to see a rebound in investment, with a focus on companies that can deliver high profit elasticity as they enter the return phase [7]. Traditional Chinese Medicine (TCM) Market - The retail sales of TCM are projected to remain stable, with a slight decline expected in 2024. The total retail sales are expected to reach 168 billion yuan, down 3.6% year-on-year [9][10]. - The top categories in TCM retail sales for 2024 include cold medicine, health supplements, and cardiovascular drugs, with notable products like Ganmao Ling Granules and Ejiao experiencing varying growth rates [15][19][24]. Specific Drug Categories - **Cold Medicine**: The retail sales are expected to decline by 8.4% in 2024, with the top product, Ganmao Ling Granules, showing a growth of 5.4% [20][21]. - **Health Supplements**: Despite a high base, the market is expected to see a slight decline, with Ejiao projected to drop by 13.4% [19][21]. - **Cardiovascular Drugs**: This category is experiencing its first decline in recent years, with a projected drop of 5.9% in 2024 [24]. - **Cough and Phlegm Relief**: Retail sales are expected to decrease by 4.3%, with products like Mi Lian Chuan Bei Pi Pa Gao showing a slight increase [29]. - **Gastrointestinal Drugs**: The market remains stable, with a projected decline of 3.4% in 2024 [33]. - **Musculoskeletal Drugs**: This category is expected to continue its downward trend, with a projected decline of 3.7% [36]. - **Urological Drugs**: The market has seen a significant decline, with a projected drop in sales [46]. - **Nervous System Drugs**: This category is expected to maintain stability, with a slight decline of 0.3% [48]. Conclusion - The pharmaceutical sector is navigating a complex landscape with varying performance across different categories. While some areas show promise for recovery and growth, others are facing challenges that could impact overall market sentiment and investment strategies [7][9][20][24].

Market Review - The weekly performance of the CITIC Pharmaceutical Index increased by 1.08%, underperforming the CSI 300 Index by 0.03 percentage points, ranking 18th among 30 primary industries [4] - The top ten stocks by increase included Jincheng Pharmaceutical, Wuxi Jinghai, and Zhongke Meiling, with increases of 42.43%, 39.74%, and 39.09% respectively [3][4] - The top ten stocks by decrease included Shuangcheng Pharmaceutical, Haichuang Pharmaceutical-U, and Ailis, with decreases of 12.21%, 21.21%, and 20% respectively [3][4] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors and the growth potential of major products [6] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies such as Heng Rui, Bai Ji, and Bei Da are recommended for investment [6] - The medical device sector is witnessing a recovery in bidding volumes, particularly in imaging equipment, and there is a growing market for home medical devices. Companies like Mindray and Yuyue are highlighted for their growth potential [6] - The CXO and life sciences services sector is expected to see a rebound in investment, with a positive trend in orders and a recovery in demand. Companies in this space are likely to benefit from increased profitability as the market matures [6] - The pharmaceutical manufacturing sector is poised for growth, with a focus on specialty APIs and the expiration of patents leading to new opportunities. Companies such as Tonghua Dongbao and Huahai Pharmaceutical are recommended [6] Industry and Company Events - The neurointerventional market is expanding, with a significant increase in the number of procedures performed. The lifetime stroke risk for individuals over 25 is 24.9%, with a projected increase in stroke cases in China [11][13] - The penetration rates for neurointerventional procedures in China are still low compared to the US, indicating substantial growth potential. The market for neurointerventional consumables is expected to grow significantly, with a CAGR of 16% from 2017 to 2022 [17][23] - The collection of centralized procurement has led to price reductions, stimulating demand and increasing the market share of domestic manufacturers. Companies like MicroPort and Guichuang Tongqiao are experiencing rapid revenue growth [25][29] - The domestic neurointerventional device market is becoming more competitive, with an increasing number of registered products and a shift towards domestic alternatives. The market is expected to consolidate around leading manufacturers [24][29]