Gelonghui September 8 | September 5,CITIC SecuritiesPublish research report, first coveragePharmacist Gang(9885.HK) and gave it a "Buy" rating, bullish on its continued profitability and development prospects.CITIC Construction InvestmentSecurities pointed out in the research report that pharmacists help deeply deploy the out-of-hospital sinking market, from 2020 to 2024OPERATING INCOMEIt increased from 6.06 billion yuan to 17.904 billion yuan, with a compound growth rate of 31.1% during the period, with obvious scale advantages. In the self-operated business, the first launch of brands and the accelerated growth of the self-owned brand business led to the simultaneous increase in revenue and gross profit margin; The net difference between the commission rate and subsidy rate of the platform business continued to increase, and the profitability continued to improve. POCT equipment is expected to steadily increase in volume, realize the synergy of medicine + medicine + inspection, and diversify businesses to enter the harvest period. In addition, the company's cash flow is relatively good, and the scale of net cash flow from subsequent operations is expected to gradually increase with the scale of operations. In the first half of 2025, Yaoshibang continued its strong momentum of turning losses into profits in 2024, achieving operating income,Net Profit9.843 billion yuan and 78 million yuan, respectively, representing a year-on-year increase of 11.7% and 258%, respectively, in line with market expectations. CITIC Construction Investment believes that the high-gross business of Pharmacist Gang has accelerated its growth, and the business has entered the harvest stage. It expects the company's net profit attributable to the parent company from 2025 to 2027 to be 148 million yuan, 315 million yuan and 512 million yuan, respectively, representing a year-on-year increase of 393.6%, 112.3% and 62.7%, respectively, and gives it a "buy" rating for the first time. After the disclosure of the performance of the pharmacist's interim report, a number of securities firms have successively updated their research reports and are optimistic about the pharmacist's help. Among them,Cinda SecuritiesIt believes that the label first push business has contributed strong growth momentum and further improved the company's performanceGross profitStructure;Great Wall SecuritiesIt is believed that the scale of private brand business is showing a high growth trend, and the strategic upgrade from "scale expansion" to "profit improvement" is gradually realized. It is estimated that the company will achieve a net profit attributable to the parent of 124 million yuan, 379 million yuan and 720 million yuan from 2025 to 2027. Both brokerages maintain "buy" ratings. Since the beginning of this year, Yaoshibang's share price has increased from HK$5pull upThe largest increase for the year was over 120% at one point. Recently, the stock price of Pharmacist Help has remained at about HK$ 10. According to the analysis of industry insiders, the company is in the period of chip exchange between new and old shareholders, or it shows the characteristics of shock consolidation in stages. Pharmacist Bang has a good basic orientation, a solid long-term logic, and its profitability has been greatly improved in the first half of the year. After completing the chip exchange and stabilization and consolidation, there may be an opportunity to make an upward breakthrough.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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