证券研究报告·公司点评报告·医药商业 九州通（600998） 2025 年中报点评：现金流改善，"三新两化" 战略持续推进 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 | 177,268 | 189,609 | | 同比（%） | 6.92 | 1.11 | 9.29 | 6.84 | 6.96 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,694 | 2,818 | 3,108 | | 同比（%） | 4.27 | 15.33 | 7.44 | 4.59 | 10.30 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.53 | 0.56 | 0.62 | | P/E（现价&最新摊薄） | 11.90 | 10.32 | 9.60 | 9.18 | 8.32 | [Table_Tag] [Table_Sum ...

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]