证券代码：603883 证券简称：老百姓 公告编号：2024-032 老百姓大药房连锁股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 股东大会召开日期：2024年6月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 13 日至 2024 年 6 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程 ...

证券代码：603883 证券简称：老百姓 公告编号：2024-033 老百姓大药房连锁股份有限公司 关于控股股东股票质押延期购回的公告 注：本公告中若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造成。 被质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保障用途情 况。医药集团将根据后续质押情况及时履行告知义务，公司将按照相关法律法规要求 及时履行披露义务。 二、控股股东及一致行动人累计质押情况 截至本公告披露日，医药集团及一致行动人累计质押股份情况如下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ●老百姓大药房连锁股份有限公司（以下简称"公司"）控股股东老百姓医药集 团有限公司（以下简称"医药集团"）持有公司股份数量为 152,741,673 股，占公司 总股本比例为 26.11%；累计质押股份数量为 85,780,000 股，占其所持股份比例为 56.16%，占公司总股本比例为 14.66%。 一、上市公司股份质押 公司于 2024 年 5 月 21 日收到控股股东医药集团关于股 ...

Investment Rating - The report maintains a "Buy" rating for the company with an updated DCF target price of RMB 44.31, reflecting a 26% upside potential from the closing price on May 6 [1][4][14]. Core Insights - The company is expected to achieve a revenue and net profit CAGR of 19% and 24% respectively from 2023 to 2026, driven by strong growth in emerging business segments and rapid online sales growth [1][2]. - The company reported 2023 revenues and net profits of RMB 22.44 billion and RMB 0.93 billion, representing year-on-year growth of 11% and 18% respectively [1][8]. - The company is focusing on expanding its store network in advantageous provinces and penetrating lower-tier markets, with a total of 14,109 stores as of Q1 2024 [1][2]. Financial Performance - In Q1 2024, the company achieved revenues and net profits of RMB 5.54 billion and RMB 0.32 billion, showing a year-on-year growth of 2% and 10% respectively [1][8]. - The gross margin improved to 35.2% in Q1 2024, up 2.2 percentage points year-on-year, attributed to the implementation of the Torch Project [2][8]. - The company plans to open 4,000, 5,000, and 6,000 new stores in 2024, 2025, and 2026 respectively, focusing on advantageous provinces and key cities [1][2]. Revenue and Profit Forecasts - The company’s revenue is projected to reach RMB 27.04 billion in 2024, RMB 32.42 billion in 2025, and RMB 38.24 billion in 2026, with corresponding net profits of RMB 1.14 billion, RMB 1.47 billion, and RMB 1.76 billion [3][12][20]. - The report indicates a downward adjustment in the 2024-2025 profit forecasts due to a slowdown in acquisition speed and capital expenditure [11][14]. Market Position and Competitive Landscape - The company is actively expanding its online sales channels, with online sales reaching approximately RMB 2 billion in 2023, a 38% increase year-on-year [2][8]. - The company holds a significant market share in 11 provinces, with four of them being the top market share holders [1][2]. Valuation Metrics - The target price corresponds to a 2024 P/E ratio of 23x, which is higher than the industry average of 16x, indicating a premium valuation due to strong growth prospects [4][14].

Summary of the Conference Call Company Overview - The conference call involved **老百姓 (LaobaiXing)**, a prominent player in the **pharmaceutical retail industry** in China, focusing on its operational performance and strategic initiatives for 2023 and 2024 [1][2]. Key Financial Performance - For the fiscal years 2022 and 2023, the company reported: - **Revenue**: CNY 22.437 billion, a year-on-year increase of **11.21%** [2]. - **Net Profit**: CNY 929 million, up **18.35%** year-on-year [2]. - **Net Operating Cash Flow**: CNY 2.73 billion, a growth of **17.95%** [2]. - **Earnings Per Share**: CNY 1.59, reflecting a **16.91%** increase [3]. - **Gross Margin**: 32.5%, an increase of **0.67 percentage points** [3]. Revenue Breakdown - The revenue distribution indicates a strong focus on the pharmaceutical retail sector: - **Retail Revenue**: 86.24% of total revenue, with a growth rate of **9.96%** [3]. - **Franchise and Distribution**: 13.06% of total revenue, growing by **19.62%** [4]. - **Sales Composition**: - **Traditional Chinese and Western Medicine**: 78.56%, with a growth rate of **12.59%** [4]. - **Traditional Chinese Medicine**: 7.4%, growing by **18.19%** [5]. - **Non-Pharmaceutical Products**: 14.04%, with a modest growth of **1.13%** [5]. Expansion and Store Growth - As of Q1 2024, the company operates **14,109 stores**, with **9,470** being direct-operated and **4,639** franchised, indicating a **10%** franchise ratio [8]. - The company added **3,328 stores** in 2023, with **1,802** being direct-operated and **1,586** franchised [8]. - In Q1 2024, **642 new stores** were opened, maintaining a steady growth trajectory [9]. Strategic Initiatives - The company is focusing on enhancing its **franchise model**, which has shown significant growth, with **22 billion** in franchise delivery revenue, up **20%** year-on-year [11]. - The **digital transformation** initiated in 2019 has led to improved operational efficiency, with a reported **CNY 1.33 billion** investment in R&D in 2023 [59]. - The **Torch Project** aims to enhance gross margins without altering retail prices, focusing on product selection and supply chain optimization [31][32]. Market Position and Competitive Advantage - The company has a strong market presence, covering **18 provinces** and over **150 cities** in China, with a significant market share in key provinces [7]. - The **outpatient insurance policy** has positively impacted the business, with **4,673** stores included in the outpatient insurance program, enhancing customer traffic [13][42]. Future Outlook - The company plans to open **4,000 new stores** in 2024, with a focus on franchising [37]. - The **self-owned brand** sales are projected to reach **20-30%** of total sales in the next 2-3 years, currently at **20.8%** [54][55]. - The digital initiatives are expected to continue driving efficiency and profitability, with a focus on enhancing customer experience and operational management [60][61]. Additional Insights - The company emphasizes a **sustainable growth model**, with a focus on community engagement and customer satisfaction, reflected in its membership growth to **86.35 million** [23]. - The **digitalization efforts** have resulted in a significant return on investment, with a net profit contribution of over **CNY 130 million** from digital projects [59]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, market position, and future outlook in the pharmaceutical retail industry.

证券代码：603883 证券简称：老百姓 公告编号：2024-031 老百姓大药房连锁股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 5 月 28 日(星期二)上午 10:00-11:30 会议召开地点 ： 上海证券 交易所上证路演中心（ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 5 月 21 日(星期二)至 5 月 27 日(星期一)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@lbxdrugs.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 老百姓大药房连锁股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布公司 2023 年度报告与 2024 年一季度报告，为便于广大投资者更全面深入 地了解公司 2023 年度及 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a focus on expanding its market presence and enhancing profitability through various strategies [1][14]. Core Views - The company has significantly improved its profitability, driven by initiatives such as the "Torch Project," which has enhanced its gross margin [2][5]. - The company is actively expanding its store network, having opened 3,388 new stores in 2023 and 642 in Q1 2024, bringing the total to 14,109 stores [1][9]. - The company is focusing on digital transformation and cost reduction to improve operational efficiency and profitability [11][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22.437 billion yuan, a year-over-year increase of 11.21%, and a net profit of 929 million yuan, up 18.35% [4][5]. - For Q4 2023, revenue was 6.396 billion yuan, with a slight decline of 0.05% year-over-year, while net profit increased by 21.17% to 212 million yuan [4][5]. - In Q1 2024, the company reported revenue of 5.539 billion yuan, a year-over-year increase of 1.81%, and a net profit of 321 million yuan, up 10.27% [4][5]. Profitability and Margin Analysis - The gross margin for Q1 2024 improved to 35.20%, an increase of 2.20 percentage points year-over-year, attributed to the implementation of the "Torch Project" [2][9]. - The company’s gross margin for 2023 was 32.55%, reflecting a year-over-year increase of 0.67 percentage points [13]. Market Expansion and Strategy - The company has established a presence in 18 provincial markets and over 150 cities, capturing approximately 75% of the Chinese pharmaceutical retail market [1][9]. - The company is focusing on a multi-faceted growth strategy that includes direct sales, acquisitions, franchising, and alliances to enhance market share in key provinces [9][11]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 1.47, 1.77, and 2.14 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.1X, 19.9X, and 16.5X [1][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 22.437 billion yuan in 2023, representing a year-on-year increase of 11.21%, with a net profit attributable to shareholders of 0.929 billion yuan, up 18.35% year-on-year [2][4] - The company’s store network has expanded significantly, covering 18 provincial markets and over 150 cities, capturing approximately 75% of the Chinese pharmaceutical retail market [2][3] - The company is implementing a "four-wheel drive" strategy involving direct sales, mergers, franchises, and alliances to enhance its market presence [2][3] Financial Performance - In Q1 2024, the company reported a revenue of 5.539 billion yuan, a year-on-year increase of 1.81%, and a net profit of 0.321 billion yuan, up 10.27% year-on-year [2] - The overall gross margin for 2023 was 32.55%, an increase of 0.67 percentage points year-on-year, while the operating cash flow net amount was 2.730 billion yuan, up 17.95% year-on-year [2][3] - The company’s financial projections for 2024 to 2026 indicate revenues of 26.298 billion yuan, 31.288 billion yuan, and 37.319 billion yuan, respectively, with corresponding net profits of 1.119 billion yuan, 1.363 billion yuan, and 1.638 billion yuan [4][6] Store Expansion and Efficiency - As of Q1 2024, the total number of stores reached 14,109, including 9,470 direct stores and 4,639 franchise stores, with 642 new stores added in Q1 2024 [3][6] - The average preparation period for new direct stores has been reduced to 40 days in 2023, a decrease of 9 days compared to 2022 [2][3] - The company’s new store openings in advantageous provinces and key cities accounted for 86% of total new stores, with 78% of new stores located in lower-tier cities, enhancing profitability [2][3] Future Outlook - The company expects to maintain strong growth with projected revenue increases of 17.2%, 19.0%, and 19.3% for 2024, 2025, and 2026, respectively [4][7] - The estimated P/E ratios for the next three years are 19X, 15X, and 13X, indicating a favorable valuation trend [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's overall performance is stable, with notable profit growth. In 2023, the company achieved a revenue of 22.437 billion yuan and a net profit attributable to shareholders of 929 million yuan, representing year-on-year growth of 11.2% and 18.4% respectively [9] - The company is focusing on advantageous regions and accelerating its penetration into lower-tier markets, with a total of 14,109 stores as of Q1 2024, including 9,470 direct-operated and 4,639 franchised stores [9] - The company is actively promoting the implementation of integrated management, which has significantly improved sales in stores included in the management system [10] - The company has adjusted its profit forecasts for 2024 and 2025 due to uncertainties related to the implementation of integrated management policies, while introducing profit forecasts for 2026 [9] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 22.437 billion yuan and a net profit of 929 million yuan, with respective year-on-year growth rates of 11.2% and 18.4% [9] - For Q1 2024, the company achieved a revenue of 5.539 billion yuan and a net profit of 321 million yuan, with year-on-year increases of 1.8% and 10.3% [9] - The company expects net profits for 2024, 2025, and 2026 to be 1.103 billion yuan, 1.339 billion yuan, and 1.638 billion yuan respectively, with corresponding EPS of 1.89, 2.29, and 2.80 yuan [9][11] Market Expansion - The company has accelerated the opening of new stores, with 3,388 new stores added in 2023 and 642 in Q1 2024 [9] - The number of franchised stores increased significantly, with a growth rate exceeding 50% in 2023 [9] - The company is leveraging digitalization to enhance the efficiency of new store openings, reducing the average preparation time for new direct-operated stores to 40 days [9] Strategic Initiatives - The company has integrated 4,673 stores into its management system, with nearly 40% being direct-operated stores [10] - The number of stores eligible for mutual billing under the integrated management system reached 3,338, accounting for 24% of total stores [10] - The company anticipates accelerated growth in its franchising and alliance business in 2024, with alliance business revenue expected to exceed 240 million yuan in 2023 [9]

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证券代码：603883 证券简称：老百姓 老百姓大药房连锁股份有限公司 2023 年报暨 2024 年一季报解读会纪要 一、会议情况 （一）会议时间：2024 年 4 月 29 日 20:30-21:50 （二）会议形式：电话会议 （三）参会人员： 1.公司参会人员： 董事长 谢子龙 总裁 王黎 财务总监 陈立山 董事会秘书 冯诗倪 2.机构参会人员： 中信证券、东吴证券、中金公司、海通证券、兴业证券、中信建投、国盛证券、 招商证券、东北证券、Morgan Stanley、广发证券、国金证券、华安证券、 开源证券、信达证券、国联证券、西部证券、东海证券、民生证券、中邮证券、 华泰证券、国泰君安、申万宏源、摩根大通、野村证券、信达证券、平安证券、 浙商证券、国海证券、天风证券、太平洋证券、国投证券、中原证券、财信证 券、华西证券、甬兴证券、华创证券、国都证券、华鑫证券、海通国际证券、 中信里昂、人寿资产、人保养老、中欧基金、兴全基金、国泰基金、富达基金、 中海基金、嘉实基金、复星、汇添富基金、鹏华基金、华平基金、南方基金、 诺德基金、朱雀基金、华泰柏瑞、海富通基金、淳厚基金、宏利基金、西部利 得基金、长城基金、 ...