回款难题、药房闭店潮去年以来，医药流通行业面临多方面的挑战。 面对挑战，作为医药流通龙头企业之一的九州通将如何破局？5月23日，九州通（600998.SH，股价5.15 元，市值259.69亿元）2024年年度股东大会在武汉举行。此次股东大会，吸引了数名中小股东到场。 会后，《每日经济新闻》记者与公司董秘刘志峰沟通了解到，九州通旗下药房主要采用加盟模式，药房 的盈亏对公司影响不大。此外，继近期参与*ST美谷（000615.SZ）的重整后，下一步，九州通还将加 大在医疗器械和下沉市场的布局。 预计今年药房门店将超33500家 九州通的主营业务涵盖医药流通、医药新零售、医药工业、医药CSO（医药合同销售组织）等业态。 2024年，公司归母净利润同比增长15.33%至25.07亿元，但营业收入仅同比微升1.11%。 至于药房闭店潮对公司的影响，刘志峰强调，公司的药房以加盟模式为主，"大约3万家药店门店中只有 几百家是直营药店"，药房的盈亏对公司影响不大。从另一个角度来看，除了这些业务，公司还有代理 业务和医药工业业务等业态，已进化成为医药全生态链服务商。 将加大在医疗器械和下沉市场布局 近期，九州通比较受外界关注的 ...

业绩稳健增长，持续推进战略转型 ——九州通 24 年报及 25 年一季报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根据 2024 年报，我们下调收入、毛利率和费用率预测，调整 2025-27 年每股收益预 测分别为 0.54/0.59/0.65（原预测 25-26 年为 0.53/0.58）元，根据可比公司给予 25 年 13 倍 PE，对应的目标价为 7.02 元，维持"买入"评级。 风险提示 医保和药品比价政策风险；应收账款回款不及时风险；行业竞争加剧风险；盈利能力 下滑风险等 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 150,140 | 151,810 | 162,732 | 174,346 | 186,714 | | 同比增长 (%) | 6.9% | 1.1% | 7.2% | 7.1% | 7.1% | | 营业利润(百万元) | 3,023 | 3,635 | 3,775 | 4,170 | 4,59 ...

业绩稳健增长，持续推进战略转型 ——九州通 24 年报及 25 年一季报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根据 2024 年报，我们下调收入、毛利率和费用率预测，调整 2025-27 年每股收益预 测分别为 0.54/0.59/0.65（原预测 25-26 年为 0.53/0.58）元，根据可比公司给予 25 年 13 倍 PE，对应的目标价为 7.02 元，维持"买入"评级。 风险提示 医保和药品比价政策风险；应收账款回款不及时风险；行业竞争加剧风险；盈利能力 下滑风险等 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 150,140 | 151,810 | 162,732 | 174,346 | 186,714 | | 同比增长 (%) | 6.9% | 1.1% | 7.2% | 7.1% | 7.1% | | 营业利润(百万元) | 3,023 | 3,635 | 3,775 | 4,170 | 4,59 ...

Core Insights - The company, Jiuzhoutong, held a performance briefing on May 7, 2024, discussing its operational status, strategic transformation, and future plans with investors [1] - The B2C e-commerce segment, under the brand "Good Medicine Master," is expected to generate sales revenue of 980 million yuan in 2024, leveraging its extensive experience and user base [1] - Jiuzhoutong reported a total revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan for 2024, reflecting a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] Company Performance - In 2024, Jiuzhoutong's B2C e-commerce business achieved a total sales GMV of over 1.57 billion yuan, with a significant year-on-year growth of 107.7% in interest e-commerce channels like Douyin and Kuaishou [2] - The company operates over 60 strategic partner brands and has launched more than 100 online flagship stores for well-known pharmaceutical and health brands [2] - For Q1 2025, Jiuzhoutong reported a revenue of 42.016 billion yuan, marking a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% increase compared to the same period last year [3]

Group 1 - The core viewpoint of the news is that Jiuzhoutong is successfully implementing its new retail strategy, which focuses on a comprehensive online and offline service system aimed at end consumers [1] - As of now, Jiuzhoutong has nearly 30,000 franchise pharmacies, with new retail revenue expected to reach nearly 3 billion yuan in 2024 [1] - The company reported a rapid growth in sales revenue from franchise pharmacies, reaching 5.392 billion yuan in 2024, a year-on-year increase of 54.94% [1] Group 2 - In 2024, Jiuzhoutong achieved a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% after excluding seasonal disease impacts [2] - The first quarter of 2025 saw Jiuzhoutong generate a revenue of 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, reflecting an 80.38% year-on-year growth [2] - The company’s non-recurring net profit for 2024 was 1.814 billion yuan, showing a year-on-year increase of 14.89% [2]

九州通（600998） 2024 年年报及 2025 年一季报点评：三新两 化战略成效显著，"公募+私募"Reits 平台开 启轻资产化运营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,140 | 151,810 | 165,919 | 181,323 | 197,954 | | 同比（%） | 6.92 | 1.11 | 9.29 | 9.28 | 9.17 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,809 | 3,158 | 3,529 | | 同比（%） | 4.27 | 15.33 | 12.03 | 12.42 | 11.75 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.56 | 0.63 | 0.70 | | P/E（现价&最新摊薄） | 12.15 | 10.54 | 9.41 | 8.37 | 7.49 | 证券研究报告·公司点评 ...