MYL(600993) 国元证券·2024-08-11 02:48Investment Rating - The report gives a "Buy" investment rating for the company [5] Core Viewpoints - The company, founded in 1582, is a well-established "Chinese Time-honored Brand" specializing in traditional Chinese medicine, particularly in the field of anorectal health [12][14] - The company has shown steady revenue growth, with Q1 2024 revenue reaching 955 million yuan, a year-on-year increase of 14.70%, and a net profit of 198 million yuan, up 5.36% year-on-year [5][14] - The company is focusing on optimizing its distribution channels and enhancing operational efficiency, which is expected to drive revenue growth in the future [5][34] Summary by Sections Company Overview - The company has a long history of 440 years and has diversified its business into three main segments: pharmaceutical manufacturing, pharmaceutical commerce, and medical services [12][14] - The company’s flagship products include the well-known Ma Ying Long hemorrhoid ointment and other traditional Chinese medicine products [12][26] Pharmaceutical Manufacturing - The hemorrhoid treatment market is expanding, with the market size for hemorrhoid medications in China growing from 3.854 billion yuan in 2018 to 4.973 billion yuan in 2022 [22][24] - The company holds a significant market share in the hemorrhoid medication sector, with its products accounting for 41.40% of the market in 2021 [30][34] - The company is also expanding into the eye care and skin care sectors, leveraging its expertise in traditional Chinese medicine [37] Pharmaceutical Commerce - The company’s pharmaceutical commerce segment includes both retail and wholesale operations, which are expected to continue steady growth [3] Medical Services - The company is developing a comprehensive anorectal health service platform, integrating both online and offline services [4] Financial Forecast - Revenue projections for the company are estimated at 3.389 billion yuan in 2024, 3.651 billion yuan in 2025, and 3.911 billion yuan in 2026, with net profits expected to reach 536 million yuan, 602 million yuan, and 695 million yuan respectively [5][7]