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[Brokerage Focus] China Securities Co.,Ltd. maintains a "buy" rating for chinares pharma (03320), stating that the company's commercial sector is expected to grow steadily in the second half of the year.
Jingu Finance News | China Securities Co., Ltd. released a research report pointing out that Chinares Pharma (03320) issued its 2024 interim performance announcement. In the first half of the year, it achieved revenue of 128.598 billion yuan, a year-on-year growth of 4.7%; realized a net income attributable to the parent company of 2.605 billion yuan, a year-on-year decrease of 2.9%, with earnings per share of 0.41 yuan, lower than expected. Looking ahead to the second half of 2024, the bank believes that the commercial sector has a relatively low base, and pharmaceutical demand may gradually be released, with the company's commercial sector expected to grow steadily; as the industrial sector layout gradually optimizes and resource integration progresses continuously, the industrial sector is expected to maintain stable growth.
Hong Kong stocks are volatile | chinares pharma (03320) fell by more than 5% again, institutions say the industry environment is declining, and the company's distribution business growth may slow down internally.
China Resources Pharma (03320) fell more than 5%, as of the time of writing, down 4.47%, at HK$4.92, with a turnover of HK$76.604 million.
With a compound annual growth rate of only 2.6% over the past five years, China's top 100 pharmaceutical companies are entering an adjustment period. How will the industry break through under internal and external pressures?
According to the data from China Meheco Group, in 2023, multiple operation indicators of the pharmaceutical industry's leading companies have declined. The compound annual growth rate of the top 100 pharmaceutical companies in the country in the past five years is only 2.6%, and the industry as a whole has entered the adjustment phase from the initial high-speed growth. Behind the weak growth, the health industry is also undergoing transformation: overseas licensing trades for innovative drugs have reached a new high, and leading companies are accelerating outward expansion...
Founder Securities: the revenue growth rate of the pharmacy sector slows down, and the concentration is expected to accelerate.
The individual account reform of medical insurance has led to a decrease in personal account income, affecting pharmaceutical sales and pharmacy business relying on individual account payments. In 2023, pharmacy medical insurance personal account expenditures decreased by 9%, and this trend is expected to continue in 2024.
[Brokerage Focus] Haitong Int'l lowers the target price of Chinares Pharma (03320) by 15%, indicating that the growth of the company's distribution business will slow down due to the downturn in the industry environment.
Jingu Financial News | Haitong International issued a research report stating that Chinares Pharma (03320) achieved revenue of 128.6 billion RMB (+4.7%) in the first half of 2024, with pharmaceuticals, pharmaceutical distribution, and pharmaceutical retail accounting for 16.5% (-0.2pcts), 79.6% (+0.1pcts), and 3.8% (+0.2pcts) of the revenue, respectively. The gross margin for the first half of the year was 16.3% (+0.2pcts), benefiting from the improvement in the gross margin of the pharmaceutical business. The sales expense ratio was 7.3% (-0.2pcts), and the management expense ratio was 2.4% (+0.1%).
Is the chain of pharmacies entering a "mini ice age"? H1 growth rate "downgrades", the industry's high-growth stores may reach turning point.
① The growth rate of sales revenue of all categories in retail pharmacies has slowed down, and the competition in stock continues to intensify. In the first half of this year, it was difficult for major chain pharmacies to increase revenue and profit. ② In the future, the focus of pharmacy competition will shift to commodity extension and services. According to the prediction of Zhongkang Industry Research Institute, the growth rate of pharmaceuticals in all end terminals in 2024 is expected to decrease to 4.9%, a decrease from 2023.
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