1, Yu Zhaolin Date of establishment: 1996 Company affiliated to: Hangzhou Byron Information Technology Co., Ltd. Yu Zhaolin is affiliated to Shanghai Zhaolin Industrial Co., Ltd. Yu Zhaolin’s home moxibustion instrument has always been a product with rave reviews and is very popular among consumers The reader’s love. 2. Kangcaotang was founded: 2015 years. Affiliated company: Shenzhen Kaidingju Technology Co., Ltd. Kangcaotang is affiliated to Shenzhen Kaidingju Technology Co., Ltd. It is a personal home health care brand, and its product silent moxibustion instrument is also very popular. popular. 3. Mudun was established in 2010 years. Affiliated company: Qingdao Mudun Industry and Trade Co., Ltd. Mudun is affiliated to Qingdao Mudun Industry and Trade Co., Ltd. It is a home health care brand. Its remote-controlled moxibustion instrument is cost-effective. Not only is it a heating block, it is also resistant to high temperatures and is very easy to use. 4. Luyuantang was established in 2002. Affiliated company: Jiangxi Luyuantang Pharmaceutical Co., Ltd. Luyuantang is affiliated to Jiangxi Luyuantang Pharmaceutical Co., Ltd. and was established in 2002. It is mainly engaged in the sales of medical devices, sanitary products, cosmetics and other products. 5. Aunt Qi’s founding date: 2011 years Affiliated company: Qi Chunming Aunt Qi Ai Products Co., Ltd. Aunt Qi’s full name is Qi Chunming Aunt Qi Ai Products Co., Ltd. It is a company that grows, processes and sells Qi moxa products and personal care products , the moxibustion instruments it produces have always been a well-known brand. 6. Worms was founded in 2012. Company: Shanghai Haao Trading Co., Ltd. Worms is affiliated to Shanghai Haao Trading Co., Ltd. and was founded in 2012. Since its establishment, the brand has been deeply loved by the majority of users. 7. Liqun was founded: 1964. Company owned by: Liqun Group Co., Ltd. Liqun Group Co., Ltd. is a well-known chain drugstore brand with a history of more than 40 years. It is a time-honored Chinese brand and has been in the market since 2004. Ranked among the top 500 Chinese enterprises. 8. Jinweiyi was founded in 2014. Affiliated company: Hebei Zeqi Environmental Protection Technology Co., Ltd. Jinweiyi brand is affiliated to Hebei Zeqi Environmental Protection Technology Co., Ltd., which was established in 2014. It mainly operates air purifiers, medical equipment, and traditional Chinese medicine equipment. , Ai Zhu, moxa roll sales, etc. 9. Zhifutang was founded in 2017. The company it belongs to: Hangzhou Byrons Information Technology Co., Ltd. Zhifutang is a brand of Hangzhou Byrons Information Technology Co., Ltd. It was born in 2017 and mainly engages in medical treatment. Appliances and instruments, physiotherapy equipment and other health products 10, Guoxintang was established in 2014 years. Affiliated company: Qichun Chutian Health Hall Qiai Products Co., Ltd. Guoxintang is a well-known health brand, born in 201 For 4 years, the company has focused on the production and research and development of moxibustion. The products have been very popular and very popular among consumers.
Summary: The company achieved operating income of 59.65 billion yuan in 2021; net profit attributable to parent companies was 1400 million yuan
The 14th Five-Year Plan is far-sighted and the revenue target of 100 billion is within reach.
By 2025, the company's revenue target will exceed RMB 100 billion and strive to reach more than 120 billion yuan. During the 14th Five-Year Plan period, the compound growth rate of revenue will reach 11%~15%.
In terms of business segments, Guoda Pharmacy strives to account for half of its revenue in 2025. During the 14th Five-Year Plan period, the compound growth rate of Guoda Pharmacy will exceed 25%, and the growth rate of distribution business will be close to double-digit growth.
Earnings forecasts and investment advice.
The EPS in 2021-2023 is expected to be 3.81 yuan, 4.42 yuan and 5.27 yuan respectively, corresponding to PE of 11 times, 10 times and 8 times respectively.
Considering that the company's retail + distribution industry system is complete, logistics, information technology and other infrastructure are perfect, and it accelerates mergers and acquisitions to expand stores, the "hold" rating is maintained.
1. The scale of my country’s pharmaceutical retail market continues to expand. In 2021, my country is still in an important period of strategic opportunities for transformation and development.
However, with the domestic economic growth and structural adjustment, people's living standards continue to improve, and the concept of comprehensive health continues to strengthen. The demand for medical and health services in the whole society will continue to grow, especially the aging of the population, which will further expand the scale of the drug distribution market.
Therefore, the overall development of the industry in 2021 will still show a trend of steady growth.
2. A new round of mergers and reorganizations in the pharmaceutical retail industry further increases industry concentration. As the endogenous growth of the industry slows down, the pharmaceutical distribution industry will enter a new round of external mergers and acquisitions cycle.
On the one hand, national pharmaceutical distribution companies will further expand the coverage of domestic distribution networks through mergers and reorganizations; on the other hand, regional pharmaceutical distribution companies will also accelerate cross-regional mergers and acquisitions to increase regional coverage and market influence; therefore, smaller scale , Drug distribution companies with single channels and insufficient financial strength may face elimination from the market.
3. The scale, standardization and specialization of pharmaceutical supply chain logistics services continue to improve. In order to seek new profit growth points, pharmaceutical distribution companies will expand their business in the direction of upstream production R&D services and downstream terminal sales services by integrating the supply chain.
Provide clinical trials, procurement planning, inventory management, end-to-end logistics and data information services to pharmaceutical companies; provide in-hospital logistics, pharmacy management, pharmaceutical services, drug traceability and other refined extensions to hospitals, clinics, nursing homes, and retail pharmacies. services, and gradually realize the seamless connection of all aspects of drug production, circulation and use.
4. Pharmaceutical e-commerce comprehensively builds a comprehensive health ecosystem. Against the background of the country's in-depth promotion of the "Internet +" action plan, "Internet + drug circulation", "Internet + pharmaceutical services" and other models are ushering in a period of major opportunities.
Pharmaceutical e-commerce companies will make use of their informatization and digital advantages to fully integrate Internet medical institutions, online pharmacies, patients and other terminal resources, explore innovative services, and provide Internet medical institutions with services such as medical insurance settlement convenience and medical big data query; Pharmacies provide services such as remote prescription review, medication guidance, and logistics distribution; customize personalized health management plans for patients, provide comprehensive health management services, and create an open and shared health ecosystem that is patient-centered and linked by data. lock up.
5. Professional support and technological empowerment promote the transformation and upgrading of retail pharmacies. Under the combined influence of policy, technology and the market, specialty pharmacies such as specialty drug pharmacies, chronic disease pharmacies, “pharmacies + clinics”, and traditional Chinese medicine clinics will continue to emerge, providing pharmaceutical services. Professional talents will become the core competitiveness of pharmaceutical retail companies.
At the same time, smart pharmacies will become a new highlight in the transformation and upgrading of the industry.
Retail pharmacies will change their traditional service methods and use information and intelligent tools such as WeChat payment, face payment, and AI robot shopping guides to create new models such as mobile scene marketing and unmanned drug sales to accelerate corporate transformation and upgrading.