规模效应减弱拉低毛利率，投资净收益改善利润。23 年公司主营业务毛利率41.44%，同比下降0.53pct，其中医药工业、商业及服务板块毛利率分别变动-0.56%、-0.60%、2.42%，其中工业毛利率下降主要原因是生产量减少，单位生产成本略有上升； 销售费用率、管理费用率、研发费用率分别为22.80%、3.51%、2.20%，同比分别变动0.7pct、0.53pct、-0.01pct；投资净收益同比增加5 千万，最终净利率14.40%，同比提升0.8pct。其中，23Q4毛利率36.71%，销售费用率、管理费用率、研发费用率分别为30.90%、4.05%、2.99%。Incident: In 2023, the company achieved operating income of 3.137 billion yuan, a year-on-year decrease of 11.20%; net profit to mother was 443 million yuan, a year-on-year decrease of 7.38%, after deducting net profit of 352 million yuan, a year-on-year decrease of 23.61%.
Among them, 23Q4 achieved revenue of 691 million yuan, a year-on-year decrease of 7.60%; net profit to mother was 0.25 million yuan, a year-on-year decrease of 60.22%, and net profit loss of 208 million yuan after deducting non-attributable net profit.
Channel and business structure optimization led to a decline in revenue and an improvement in net operating cash flow. By product, in '23, the company achieved revenue of 1,292 billion yuan, 542 million yuan, 1,088 million yuan, and 345 million yuan respectively, with year-on-year changes of -13.18%, -7.30%, -19.67%, and 33.28%, respectively. The decline in revenue was mainly due to channel adjustments in the pharmaceutical industry sector, active optimization of channel inventory, and continuous optimization of the pharmaceutical business structure. The medical service sector benefited from continued growth in the supply chain business scale. In terms of cash flow, the company's net operating cash flow in '23 was 604 million yuan, an increase of 76.70% over the previous year. It was mainly due to factors such as the company implemented a pressure drop to further increase cash repayment efforts, and at the same time, some large deposit books were recovered at maturity.
The scale effect weakens and lowers gross profit margins, and net investment income improves profits. The gross profit margin of the company's main business in '23 was 41.44%, down 0.53 pct year on year. Among them, the gross margin of the pharmaceutical industry, commercial and service sectors changed by -0.56%, -0.60%, and 2.42% respectively. Among them, the main reason for the decline in industrial gross margin was a decrease in production volume and a slight increase in unit production costs; sales expenses ratio, management cost rate, and R&D expenses ratio were 22.80%, 3.51%, and 2.20%, respectively. The net return on investment increased by 0.7 pct, 0.53 pct, and -0.01 pct year on year, eventually Net profit margin was 14.40%, up 0.8 pct year over year. Among them, the gross profit margin for 23Q4 was 36.71%, and the sales expense ratio, management expense ratio, and R&D expense ratio were 30.90%, 4.05%, and 2.99%, respectively.
For 24 years, we have continued to focus on the strategic positioning of health solution providers to create advantages and improve efficiency. The industrial sector strengthens the core advantages of the anorectal sector, focusing on customer drug use needs in the anorectal segment, increasing drug project introduction, accelerating research and development of innovative drugs, raising the strategic level of gut microecology research, while promoting two-wing construction and scale growth; optimizing and adjusting channel business models; and deepening the implementation of the three major terminal interception campaigns. The big health sector promotes category expansion, adheres to an omni-channel layout, focuses on classification strategies, and focuses on improving the refined operation capabilities of online channels, expanding the construction of offline channel networks; speeding up the layout of medical services, innovating commercial operation models, and improving business quality.
Investment advice: The company takes the anorectal and lower digestive tract fields as its core position, creates an anorectal health solution provider, and vigorously develops the health industry. In the anorectal category, brands have accumulated deep and established an advantageous position in the anorectal market segment. As an industry leader, it is expected to enjoy a higher growth rate than the industry as a whole, and the volume and price can be expected; the skin and ophthalmology category broadens category boundaries and forms flank support; further extending to health management throughout the life cycle. Under the low base of the big health industry, it is expected to reap performance elasticity through brand and channel collaboration, explore and build a second growth curve. It is predicted that the company's net profit for 2024-2026 will be 585, 6.76, and 774 million yuan, EPS will be 1.36, 1.57, and 1.79 yuan, respectively. The current stock price corresponding to 2024-2026 PE will be 19, 16, and 14 times, respectively, maintaining the “increase” rating.
Risk warning: changes in regulatory policies, intensification of industry competition, product sales falling short of expectations, new product promotion falling short of expectations, R&D risks, quality and safety risks.
