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九州通(600998):现金流改善,“三新两化”战略持续推进
Soochow Securities· 2025-09-02 13:03
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown improvement in cash flow and continues to advance its "Three New and Two Transformations" strategy [8] - In the first half of 2025, the company achieved a revenue of 81.106 billion yuan, representing a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 1.446 billion yuan, up 19.70% year-on-year [8] - The company successfully issued public REITs for pharmaceutical warehousing and logistics, contributing a net profit of 438 million yuan [8] - The report adjusts the net profit forecasts for 2025-2027 to 2.694 billion yuan, 2.818 billion yuan, and 3.108 billion yuan respectively, corresponding to a PE ratio of 10, 9, and 8 times [8] Financial Performance Summary - Total revenue forecast for 2023A is 150.14 billion yuan, with a projected growth of 6.92% [1] - The net profit attributable to shareholders for 2023A is forecasted at 2.174 billion yuan, with a year-on-year growth of 4.27% [1] - The latest diluted EPS for 2023A is estimated at 0.43 yuan per share [1] - The company’s operating cash flow is expected to increase significantly, with a net cash flow from operating activities of 6.75 billion yuan in 2025E [9]
九州通:24年报及25年一季报点评业绩稳健增长,持续推进战略转型-20250522
Orient Securities· 2025-05-22 13:30
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.02 CNY based on a 13x PE ratio for 2025 [2][5]. Core Insights - The company achieved a revenue of 151.81 billion CNY in 2024, reflecting a year-on-year growth of 1.1%. The net profit attributable to the parent company was 2.51 billion CNY, up 15.3% year-on-year [10]. - In Q1 2025, the company reported a revenue of 42.02 billion CNY, a 3.8% increase year-on-year, and a net profit of 970 million CNY, which is an 80.4% increase year-on-year [10]. - The CSO business showed strong competitiveness, with a revenue of 19.27 billion CNY in 2024, while the pharmaceutical industrial business grew by 21.5% to 3.01 billion CNY [10]. - The company is expanding its retail and new medical strategies, with over 29,000 franchise stores and a revenue of 5.39 billion CNY from franchise sales in 2024, marking a 54.9% increase [10]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 162.73 billion CNY, a 7.2% increase year-on-year - Net profit: 2.70 billion CNY, a 7.7% increase year-on-year - Earnings per share: 0.54 CNY [3][12]. - The gross margin is expected to stabilize at 7.8% for 2025, with a net margin of 1.7% [3][12]. - The company’s total assets are projected to reach 103.29 billion CNY by 2025, with a debt-to-asset ratio of 66.1% [12].
九州通(600998):24年报及25年一季报点评:业绩稳健增长,持续推进战略转型
Orient Securities· 2025-05-22 11:36
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.02 CNY based on a 13x PE ratio for 2025 [2][5]. Core Insights - The company achieved a revenue of 151.81 billion CNY in 2024, reflecting a year-on-year growth of 1.1%. The net profit attributable to the parent company was 2.51 billion CNY, up 15.3% year-on-year [10]. - The first quarter of 2025 saw a revenue of 42.02 billion CNY, a 3.8% increase year-on-year, and a net profit of 970 million CNY, which is an 80.4% increase year-on-year [10]. - The CSO business showed strong competitiveness, with a revenue of 19.27 billion CNY in 2024, while the pharmaceutical industrial business grew by 21.5% to 3.01 billion CNY [10]. - The company is expanding its retail and new medical strategies, with over 29,000 franchise stores and a revenue of 5.39 billion CNY from franchise sales, marking a 54.9% increase year-on-year [10]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 162.73 billion CNY, a 7.2% increase from 2024 - Net profit: 2.70 billion CNY, a 7.7% increase from 2024 - Earnings per share: 0.54 CNY [3][12]. - The gross margin is expected to stabilize at 7.8% for 2025, with a net margin of 1.7% [3][12]. - The company’s market capitalization is approximately 26.57 billion CNY, with a PE ratio of 9.8 for 2025 [5][12].