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九州通(600998):经营稳健向上,加快转型升级
Orient Securities· 2025-09-17 01:24
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.30 CNY based on a 14x PE ratio for 2025 [3][6]. Core Views - The company has shown steady revenue growth, with a 5.1% year-on-year increase in H1 2025, achieving a revenue of 811.1 billion CNY and a net profit of 14.5 billion CNY, which is a 19.7% increase year-on-year [10]. - The company is actively pursuing strategic transformation, focusing on enhancing its operational efficiency and expanding its market presence in new retail and e-commerce channels [10]. - The financial forecasts for 2025-2027 have been adjusted, with expected earnings per share of 0.45, 0.47, and 0.53 CNY respectively, reflecting a downward revision from previous estimates [3][5]. Financial Summary - The company's revenue is projected to grow from 150.14 billion CNY in 2023 to 186.71 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.1% [5][12]. - Operating profit is expected to decline in 2025 to 3.36 billion CNY, down from 3.64 billion CNY in 2024, before recovering to 3.97 billion CNY in 2027 [5][12]. - The net profit attributable to the parent company is forecasted to decrease to 2.27 billion CNY in 2025, with a subsequent increase to 2.68 billion CNY by 2027 [5][12]. - The gross margin is expected to stabilize around 7.8% from 2025 to 2027, while the net margin remains consistent at 1.4% [5][12].
九州通(600998):2025 年中报点评:经营稳健向上,加快转型升级
Orient Securities· 2025-09-17 01:13
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.30 CNY based on a 14x PE ratio for 2025 [3][6]. Core Views - The company has shown steady revenue growth, with a projected increase in revenue from 150.14 billion CNY in 2023 to 186.71 billion CNY by 2027, reflecting a CAGR of approximately 7.1% [5][10]. - The net profit attributable to the parent company is expected to decline slightly in 2025 to 2.27 billion CNY, before recovering to 2.68 billion CNY in 2027, indicating a focus on strategic transformation and operational efficiency [5][10]. - The company is actively pursuing a strategic transformation, focusing on new retail operations and enhancing its product offerings, including a significant increase in medical beauty revenue by 48.6% in the first half of 2025 [10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 162.73 billion CNY, 174.35 billion CNY, and 186.71 billion CNY respectively, with corresponding net profits of 2.27 billion CNY, 2.38 billion CNY, and 2.69 billion CNY [5][10]. - The gross margin is expected to stabilize around 7.8% from 2025 onwards, while the net margin remains consistent at 1.4% [5][10]. - The company’s operating profit is forecasted to decrease by 7.5% in 2025, followed by a recovery in subsequent years, indicating a focus on cost management and efficiency improvements [5][10].
九州通: 九州通2025年半年度报告摘要
Zheng Quan Zhi Xing· 2025-08-26 12:17
Core Viewpoint - The report highlights the financial performance and strategic initiatives of Jiuzhoutong Pharmaceutical Group Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit despite challenges in receivables and increased impairment provisions. Financial Performance - Total assets at the end of the reporting period amounted to approximately 107.77 billion RMB, a decrease of 5.25% compared to the end of the previous year [1] - Operating revenue reached approximately 81.11 billion RMB, with a net profit attributable to shareholders of approximately 9.52 billion RMB, reflecting a year-on-year increase of 19.70% [2][3] - The net profit after deducting non-recurring gains and losses was approximately 951.86 million RMB, down 19.34% year-on-year, primarily due to increased impairment provisions related to receivables [2][3] - Cash flow from operating activities showed a net outflow of approximately 2.82 billion RMB, an improvement of 11.87% compared to the previous year [1] Business Segments and Growth - The core pharmaceutical distribution business generated sales revenue of approximately 67.63 billion RMB, a year-on-year increase of 6.04% [8] - Emerging business segments such as pharmaceutical manufacturing and digital logistics reported significant growth, with pharmaceutical manufacturing achieving a revenue increase of 10.77% to approximately 1.59 billion RMB, and digital logistics growing by 24.66% to approximately 587 million RMB [8] - The new retail business, including the "Good Medicine" franchise, expanded to 31,535 stores, with sales revenue reaching approximately 3.42 billion RMB, a growth of 41.30% [18] Strategic Initiatives - The company is focusing on digital transformation, with a research and development investment of approximately 146 million RMB aimed at enhancing AI applications across various business functions [9] - The implementation of the "Three New and Two Transformations" strategy has led to the establishment of a comprehensive service model integrating pharmaceutical distribution, logistics, and product promotion [4][10] - The company has actively engaged in ESG initiatives, contributing approximately 11.38 million RMB to various social causes and achieving high ratings in ESG assessments [6][7] Market Position and Recognition - Jiuzhoutong is recognized as the largest private pharmaceutical commercial enterprise in China and ranked 165th in the "China Enterprise 500" list [5] - The company has received multiple awards for its investor relations management and was recognized as a model enterprise in ESG practices [5][7] - The company's credit rating was upgraded to AAA, reflecting strong market confidence and potentially lowering financing costs [7]
九州通(600998):经营韧性强 看好“三新两化”持续兑现
Xin Lang Cai Jing· 2025-05-07 08:34
Performance - In 2024, the company achieved total operating revenue of 151.81 billion, a year-on-year increase of 1.11%; net profit attributable to shareholders was 2.51 billion, up 15.33%; and net profit excluding non-recurring items was 1.81 billion, down 7.47% [1] - In Q1 2025, total operating revenue reached 42.02 billion, a year-on-year increase of 3.82%; net profit attributable to shareholders was 970 million, a significant increase of 80.38%; and net profit excluding non-recurring items was 507 million, down 2.76% [1] Growth Potential - The company successfully launched its REITs, marking a new chapter in light asset operations, with the public offering of pharmaceutical warehousing logistics REITs raising 1.16 billion on February 27, 2025 [2] - The CSO business continued to grow, achieving sales revenue of 19.27 billion, with pharmaceutical CSO revenue at 10.77 billion, a year-on-year increase of 19.59% after adjusting for high base effects [2] New Retail and New Medical - The "Good Pharmacist" franchise rapidly expanded, reaching 29,331 stores by the end of March 2025, with sales to franchise pharmacies amounting to 5.39 billion, a year-on-year increase of 54.94% [3] - The "Nine Medical Clinics" membership stores reached 1,377 by the end of March 2025, utilizing AI-assisted diagnostic platforms to empower grassroots medical institutions [3] Profitability - The overall gross margin for 2024 was 7.80%, a decrease of 0.27 percentage points, while Q1 gross margin was 7.33%, an increase of 0.13 percentage points [4] - The net profit margin attributable to shareholders for 2024 was 1.65%, an increase of approximately 0.21 percentage points, with Q1 2025 net profit margin at 2.31%, a significant increase of 0.98 percentage points [4] Operating Quality - The net cash flow from operating activities in 2024 was 3.08 billion, a year-on-year decrease of 35.07%, primarily due to increased procurement payments from strategic cooperation with core suppliers [5] - By Q1 2025, the company's operating cash flow remained stable year-on-year, with slight increases in accounts receivable turnover days and inventory turnover days [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 163.29 billion, 176.46 billion, and 190.08 billion, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [6] - Expected net profits attributable to shareholders for the same period are 2.84 billion, 3.18 billion, and 3.54 billion, with year-on-year growth rates of 13.13%, 12.08%, and 11.21% [6]