鹭燕医药(002788) - 2023年6月7日投资者关系活动记录表

Business Overview and Revenue Distribution - In 2022, the company achieved approximately 14 billion yuan in revenue in Fujian Province, 3 billion yuan in Sichuan Province, 2 billion yuan in Jiangxi Province, and 500 million yuan in Hainan Province [2] - Fujian Province accounts for the majority of the company's revenue, but there is still room for growth in various cities within the province [2] - The company's market share outside Fujian Province is relatively small, but it is expected to grow significantly due to ongoing healthcare reforms and centralized procurement policies [2] Profitability and Market Trends - The gross profit margin in Fujian Province is 7%, while it is 9% outside Fujian Province, primarily due to stricter healthcare reforms and lower capital occupation in Fujian [3] - The company expects the market concentration in the pharmaceutical distribution industry to increase significantly as healthcare reforms and centralized procurement policies are implemented nationwide [3] - The company believes that the core goal of healthcare reform is to eliminate unreasonable factors in the pharmaceutical distribution process, which will lead to shorter distribution channels and reduced costs [3] Competitive Advantages and Future Strategies - The company has achieved full coverage of medical institutions in Fujian Province and has core competitiveness in responding to market demands and providing customer service [3] - The company plans to focus on building three key capabilities: pharmaceutical service capability, market access capability, and terminal marketing capability [3] - The company's retail pharmacy business will focus on refined management and operational efficiency, with no strict targets for store expansion but potential mergers and acquisitions to accelerate growth [4] - The company has a competitive advantage in the Fujian market due to its brand effect and integrated wholesale-retail model [4] Expansion and Innovation - The company has successfully expanded into Sichuan, Jiangxi, and Hainan through mergers and acquisitions, with the main challenge being the long accounts receivable period outside Fujian Province [5] - The company plans to deepen its market penetration in these regions and focus on strengthening its retail and innovative business operations [5] - The company is developing AI-based medical devices, including dynamic ECG recorders, fetal heart monitoring systems, and AI-assisted cardiac ultrasound image diagnosis systems, which are currently in the commercialization phase [4] Industrial and Medical Equipment Business - The company's industrial segment focuses on the production and sales of traditional Chinese medicine (TCM) decoction pieces, with plans to potentially expand into TCM formula granules in the future [4] - The company expects significant growth in its industrial segment as it expands its service areas and increases production capacity [4] - The medical equipment distribution sector is expected to follow the same trend as pharmaceuticals, with further deepening of centralized procurement and increased market concentration [4]