内容导读：KeyeventsofinvestmentPokerstarsvrrealmoneyThecompanyannouncedthatitwillachieverevenueof245in2023Pokerstars...……
Key events of investmentPokerstarsvrrealmoneyThe company announced that it will achieve revenue of 245 in 2023Pokerstarsvrrealmoney.3.1 billion yuan (+ 15)Pokerstarsvrrealmoney.45%, indicating the year-on-year growth rate, the net profit is 1.166 billion yuan (+ 12.63%), deducting 1.141 billion yuan (+ 13.56%); 2024Q1's revenue is 6.752 billion yuan (+ 13.54%), the net profit is 398 million yuan (- 19.79%), and the net profit is 396 million yuan (- 20.40%). The franchise business has more than doubled in the past 23 years. From the perspective of industry, the company achieved drug retail income of 20.509 billion yuan (+ 6.58%) in 2023, gross profit margin of 38.15% (- 0.28pct), joining and distribution income of 3.423 billion yuan (+ 122.46%) and gross profit margin of 11.24% (- 0.02pct). The company's "direct franchise" not only contributed to gross profit and net profit scale, but also further enhanced the company.PokerstarsvrrealmoneyThe sales scale and scale advantage can be further strengthened and nurtured the direct retail business. In 2023, the company realized 17.699 billion yuan (+ 16.62%) of Chinese and western patent medicine income, 31.16% (- 2.09pct) of gross profit, 2.974 billion yuan (+ 15.04%) of Chinese ginseng herbal medicine income, 42.88% (+ 0.55pct) of gross profit margin, 3.259 billion yuan (+ 7.93%) of non-drug income and 43.52% (- 3.70pct) of gross profit margin. Sorting out the business data in 2023: the number of stores has doubled, and the growth in Northeast, North China, Northwest and Southwest regions is obvious. 23 for the whole year, the company achieved a gross profit margin of 35.90% (- 1.90pct) and deducted a non-net profit margin of 4.65% (- 0.10pct). From the cost point of view, the company's sales expense rate in 2023 is 22.92% (- 1.36pct), due to the improvement of store efficiency; the management expense rate is 4.83% (- 0.39pct), due to the improvement of management efficiency brought about by digital intelligence upgrading; and the financial expense rate is 0.78% (- 0.20pct). By the end of 2023, the number of the company's stores has reached 14074, of which 9909 are directly operated and 4165 have joined. In 2001, it added 1382 self-built stores, joined 2158 stores, acquired 750 stores, entered 3 provinces (autonomous regions and municipalities directly under the Central Government), and entered 31 prefecture-level cities and counties under the jurisdiction of provinces. In terms of expansion areas, a total of 1443 stores were added in Northeast, North, Northwest and Southwest regions throughout the year, while revenue in these areas reached 3.444 billion yuan, an increase of 66.84 percent over the same period last year. 2024Q1: new stores and sub-new stores disturb profits and are expected to resume high performance growth in the second half of the year. The company's 2024Q1 achieved a gross profit margin of 35.46% (- 2.68pct) and deducted a non-net profit margin of 5.87% (- 2.50pct). The decline in profit margin is due to the fact that 24Q1's new stores are still climbing for the second time in the whole year; 24Q1 sales expense rate is 21.75% (+ 0.79pct), management expense rate is 4.17% (- 0.02pct), and financial expense rate is 0.76% (+ 0.02pct). It is expected that with the turnaround of the new store in the future, the performance is expected to return to high growth in the second half of the year. Profit forecast and investment rating: considering the steady pace of the company's expansion, we have lowered the company's net profit from 1.624 billion yuan to 1.428 billion yuan in 2024-2025, and 2.106 billion yuan in 2026, corresponding to a PE of 17pm 14x12X, maintaining the "buy" rating. Risk hints: the risk of increased market competition, the risk of store expansion or less than expected, and the risk of franchise development or failure to meet expectations. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.