分板块看，23 年医药工业端收入18.3 亿元，同比下降11.5%。其中治痔类产品收入12.9 亿元，同比下降13.2%；皮肤类产品收入1.2 亿元，同比下降1.2%；眼科类产品收入0.3 亿元，同比下降43.9%；其他药品和大健康产品收入3.9 亿元，同比下降3.5%。医疗服务收入3.5 亿元，同比增长33.3%；医药商业收入10.9 亿元，同比下降19.7%。Key points of investment:
Full-year and Q4 results were under pressure, and after deducting non-net profit, a decline of more than 20%.
The company achieved revenue of 3.14 billion yuan for the full year of 2023, a year-on-year decrease of 11.2%; net profit to mother was 4.4 billion yuan, a year-on-year decrease of 7.4%; net profit after deducting non-return to mother was 350 million yuan, a year-on-year decrease of 23.6%. Single Q4 revenue was 690 million yuan, down 7.6% year on year; net profit due to mother was 0.3 billion, down 60.5% year on year; net profit after deducting non-return to mother was 0.1 billion, down 116.3% year on year.
By sector, the pharmaceutical industry's revenue in '23 was 1.83 billion yuan, a year-on-year decrease of 11.5%. Among them, revenue from hemorrhoid treatment products was 1.29 billion yuan, down 13.2% year on year; revenue from skin products was 120 million yuan, down 1.2% year on year; revenue from ophthalmology products was 0.3 billion yuan, down 43.9% year on year; revenue from other drugs and health products was 390 million yuan, down 3.5% year on year. Medical service revenue was 350 million yuan, up 33.3% year on year; pharmaceutical commercial revenue was 1.09 billion yuan, down 19.7% year on year.
Pharmaceutical industry: Optimized inventory structure, smooth channel sorting, sharp decline in core product inventory.
Key product inventory optimization: In 23 years, the production of Musk Hemorrhoid Cream/Musk Hemorrhoid Supposit/Hemorrhoid Relief Tablets/Babao Eye Ointment/Jinxuan Hemorrhoid Scrub decreased by 11.7%/11.8%/30.6%/30.6%/29.9%, respectively, and inventory volume decreased by 86.1%/44.4%/49.6%/27.2%/51.8%, respectively.
Offline channel integration: the channel has added a joint channel department and a broad channel department to expand the county market and the sinking market; consolidate channels for core products, reduce the number of first-level dealers and optimize cooperation methods; strengthen marketing center support, and basically achieve data collection and tracking throughout the entire chain of sales and storage.
Brand promotion efforts have been strengthened: Through a series of brand activities such as “529 Anorectal Health Day”, “66 Eye Love Day”, and “Travel with Dragon Ball”, we have increased sales of terminal products, focused on key chains, and strengthened marketing planning and promotion. The output of key terminals increased 17% year over year in '23.
Online marketing platform coverage: Expand online global marketing, basically achieve full coverage of the Doukuai platform, and actively promote brand self-broadcasts. The amount of self-broadcasts increased by more than 100% over the same period last year.
Big health business development: In 23 years, the company focused on strategic key areas such as proctology and ophthalmology, and developed and upgraded more than 80 health products. In the anorectal field, we develop and market a series of wet wipe products such as Xiaolan wet toilet paper and big white sanitary wipes. In the field of ophthalmology, Ma Yinglong's Babao series of eye creams has been innovatively developed, and Ma Yinglong's Babao series eye cream has been expanded. Sales revenue of eye health products has increased steadily throughout the year. Among them, Ma Yinglong's Babao series products increased 15% year over year.
Service and commerce: Building an important fulcrum of Ma Yinglong's anorectal industry chain Medical services: 1. Ma Yinglong Anorectal Chain Hospital covers Wuhan, Beijing, Xi'an and Datong.
2. Accelerate the layout and joint construction of anorectal diagnosis and treatment centers. As of 2023, 80 diagnosis and treatment centers have been signed. 3. Build a mobile health cloud platform “Pony Healthcare”. Pharmaceutical business: Pharmaceutical retail and pharmaceutical wholesale go hand in hand.
Profit forecasting and investment advice
Due to the 23-year performance adjustment, we lowered the company's revenue for 24/25 from 38.8/4.32 billion yuan to 35 million yuan.
7/4.05 billion yuan, forecasted revenue of 4.51 billion yuan for 26, with a growth rate of 14%/13%/11%; adjusted the company's net profit for 24/25 from 61/660 million yuan to 56/650 million yuan, and the forecast net profit for 2026 was 740 million yuan, with a growth rate of 25%/17%/14%. The company was given 23 times PE in 2024, with a market capitalization of 12.79 billion yuan and a corresponding target price of 29.7 yuan, maintaining a “buy” rating.
Risk warning: risk of product sales and promotion falling short of expectations; risk of increased industry competition; risk of product price fluctuations; risk of rising costs.
