Jointown(600998) 中邮证券·2024-12-16 09:18Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Insights - The report highlights significant opportunities for the company due to supportive national policies and the growing demand in the pharmaceutical logistics sector, particularly with the upcoming issuance of public REITs [11][20]. - The company is positioned to enhance its capital turnover and operational efficiency through the issuance of public REITs, which is expected to contribute positively to its return on equity (ROE) [12][14]. - The pharmaceutical logistics infrastructure project is characterized by its scarcity and strategic importance, being the first public REIT in this sector in China [11][12]. Summary by Sections Company Overview - The latest closing price is 5.47 yuan, with a total market capitalization of 27.6 billion yuan [3][5]. - The company has a total share capital of 5.042 billion shares and a debt-to-asset ratio of 68.2% [4][7]. Industry Context - The pharmaceutical logistics industry is experiencing steady growth, with the total sales of major pharmaceutical products in China increasing from 2,001.6 billion yuan in 2017 to 2,930.4 billion yuan in 2023, representing a CAGR of 6.6% [27]. - The demand for pharmaceutical logistics is driven by the stable growth in pharmaceutical consumption, while the supply of quality logistics warehousing space is limited [32]. REITs Issuance - The company plans to issue public REITs backed by its pharmaceutical logistics assets, with an expected fundraising of approximately 1.177 billion yuan [11][12]. - The REITs will utilize a structure combining public funds, special plans, and project companies to manage the underlying assets effectively [37]. Financial Projections - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 2,961.49 million yuan, 2,969.32 million yuan, and 3,044.59 million yuan, respectively, with corresponding P/E ratios of 9.35, 9.32, and 9.09 [14][30].