国药股份（600511）：母公司业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q1 2025 shows stable growth with revenue of 12.713 billion RMB, a year-on-year increase of 4.9%, while net profit attributable to the parent company is 459 million RMB, showing a slight decline of 0.1% [1] - Despite short-term fluctuations in net profit due to market conditions, the long-term growth logic remains intact, supported by the company's leading market share in the distribution of controlled drugs and stable operations in Beijing's pharmaceutical distribution [4][1] - The report forecasts net profits for the parent company to grow steadily from 2.101 billion RMB in 2025 to 2.313 billion RMB in 2027, with corresponding EPS of 2.78 RMB, 2.92 RMB, and 3.07 RMB respectively [4][10] Summary by Sections Financial Performance - In Q1 2025, the company's revenue reached 5.938 billion RMB, a year-on-year increase of 16.3%, with net profit of 337 million RMB, up 6.8% [2] - The investment income from joint ventures was 103 million RMB, reflecting a stable growth of 0.9% year-on-year [2] Cost Management - The sales expense ratio decreased to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points year-on-year, primarily due to a lower proportion of high-margin industrial product revenue [3] Valuation and Forecast - The target price is set at 41.76 RMB, with a PE ratio of 15x for 2025, compared to the industry average of 11x [4][7] - The company is projected to maintain a steady revenue growth rate of approximately 5% annually from 2025 to 2027 [10]