证券研究报告：医药生物 | 公司点评报告 发布时间：2025-08-27 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 5.44 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）274 | / 274 | | 52 周内最高/最低价 | 5.98 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.88 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 公司发布2025年中报：2025H1营业收入 811.06 亿元（+5.10%）， 归母净利润 14.46 亿元（+19.70%），归母净利润实现快速增长主要原 因是公司在保持医药分销收入稳健增长的同时，医药工业、数字物流 等新兴业务板块收入分别实现 1 ...

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].

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].