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Mayinglong Pharmaceutical Group (600993): Inheriting and innovating to keep the old traditional chinese medicine brand vibrant; first coverage with a buy rating.
As a market and brand leader who adheres to inheritance and innovation, we maintain sustainable business growth; we expect the company's revenue and profit growth rate CAGR to reach 17.7%/20.1% for 2023-26E; effective channel management is like treating hemorrhoids.
Mayinglong Pharmaceutical Group (600993): Performance meets expectations with both revenue and profit increasing.
Event: The company released its third quarter report for 2024. In Q1-Q3 2024, the company achieved revenue of 2.79 billion yuan, up 14.1% year-on-year; achieved a net income attributable to the parent company of 0.46 billion yuan, up 9.4% year-on-year; achieved a non-net income attributable
Mayinglong Pharmaceutical Group (600993): Hemorrhoid products as the foundation, third-quarter performance steadily grows.
Investment Highlights: The company's performance in the third quarter showed steady growth. In Q1-Q3 of 2024: the company achieved a revenue of 2.79 billion, a year-on-year increase of 14%; achieved a net income attributable to the parent company of 0.46 billion, a year-on-year increase of 9%; achieved a non-GAAP net income of 4 billion.
Ma Yinglong Report for the Third Quarter of 2024
Express News | Mayinglong Pharmaceutical Group: The net income in the first three quarters is approximately 0.458 billion yuan, a year-on-year growth of 9.35%.
Founder Securities: Traditional Chinese medicine sector H1 performance is under short-term pressure. The performance of branded OTC companies is better than the industry as a whole.
Due to the impact of high base in the same period of 23Q2 and external factors such as centralized procurement and same-price policy, the performance of the traditional Chinese medicine sector in Q2 is under pressure compared to the same period last year, and it also declined compared to Q1.
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