First Read: Dashenlin Pharmaceutical

研报英文原文证据摘录

First Read: Dashenlin Pharmaceutical

ed stores, and 2,000+ franchised stores, with current progress tracking in line with

12/26E 1.33 1.33 0 1.29

or slightly ahead of plan. Mgmt. expects recently signed acquisitions to make a more

12/27E 1.53 1.53 0 1.50

meaningful financial contribution from Q326 onward, given the timing of consolidation. 12/28E 1.79 1.79 0 1.70

Recent policies: limited near-term impact, long-term positive to leaders Henry Liu, CFA

AnalystMgmt. characterized recent pharmacy-related policy developments as part of the

S1460520110002

sector's ongoing transition toward higher-quality, more compliant growth. In mgmt.'s

henry-za.liu@ubs.com

view, the NHSA's regulatory talks with several pharmacy operators in May were +86-105-832 8509

responses to isolated compliance issues rather than a shift in policy stance. Regarding

Chen Chen, PhDthe development of reimbursement "white lists" for personal accounts, mgmt. believes

Analyst

local HSAs would retain some flexibility, taking into account local pharmacy sales and

S1460520100001

consumer demand. On tighter GLP-1 regulations, mgmt. noted that weight-loss GLP-1s chen-zb.chen@ubs.com

remain eligible for offline pharmacy sales despite the online sales ban, implying a +86-10-5832 8201

neutral-to-slightly positive impact. Looking ahead, mgmt. believes a stricter regulatory

Judy Xie

environment will ultimately benefit leading chains and support the gradual expansion of

Associate

gov. medical insurance access to pharmacies over time. S1460125100001

judy.xie@ubs.com

Valuation: Price target of Rmb26.70; maintain Buy +86-105-832 8006

We derive a DCF-based price target (WACC 9.3%) of Rmb26.70, implying 20x/17x

2026E/27E PE.

Highlights (Rmbm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E