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[Tianfeng Securities: The pharmaceutical distribution sector is expected to usher in valuation repair] Securities Times e Company NewsslotocashfreespinsTianfeng Securities Research Report believes that the proportion of contributions from the second growth curve will increase and the improvement of endogenous efficiency driven by national reform, and the pharmaceutical distribution sector is expected to usher in valuation repair. The valuation of the distribution sector has been at a low level for a long timeslotocashfreespins...

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[Tianfeng Securities: The pharmaceutical distribution sector is expected to usher in valuation repair] Securities Times e Company News, Tianfeng Securities Research News believes that the pharmaceutical distribution sector is expected to usher in valuation repair due to the increase in the proportion of contributions from the second growth curve and the improvement of endogenous efficiency driven by national reform. The valuation of the distribution sector has been in a low position for a long time, mainly due to factors such as the normalization of drug procurement with volume, which has led to a reduction in the industry's gross profit space. In recent years, leading companies have actively explored new business formats, and the pharmaceutical industry, pharmaceutical retail, CSO, etc. are more profitable. The growth of new businesses is impressive and is expected to substantially drive an increase in profit levels; at the same time, the new round of national reform focuses on improving profitability, and circulation companies dominated by state-owned enterprises are expected to usher in valuation repairs. It is recommended to pay attention to national circulation enterprises with wide regional coverage and state-owned enterprise leaders with greater flexibility for improvement: Jiuzhitong, Sinopharm Tongyi, Liuyao Group, Shanghai Pharmaceutical, China Resources Pharmaceutical, and Chongqing Pharmaceutical Holdings.