Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 31.3 CNY, compared to the current price of 26.10 CNY [1]. Core Insights - The company demonstrated steady growth with a revenue of 17.22 billion CNY for the first three quarters of 2024, reflecting an 8.4% year-over-year increase, and a net profit of 1.11 billion CNY, up 11.1% year-over-year [1]. - The retail business is developing steadily, with traditional Chinese medicine revenue increasing by 9.0% year-over-year, and non-pharmaceutical revenue showing a slight increase of 0.2% [1]. - The company is focusing on long-term development with a moderate slowdown in store expansion, adding 679 new stores in Q3 2024, bringing the total to 15,050 stores, a 21.9% year-over-year increase [1]. - Profitability remains high, with a gross margin of 41.1% in Q3 2024, an increase of 2.5 percentage points year-over-year [1]. Financial Summary - Total revenue for 2023 is projected at 22.588 billion CNY, with a year-over-year growth rate of 13.6%. For 2024, revenue is expected to reach 24.874 billion CNY, reflecting a 10.1% growth [2]. - The net profit for 2023 is estimated at 1.412 billion CNY, with a growth rate of 11.6%. The forecast for 2024 is a net profit of 1.581 billion CNY, indicating a 12.0% increase [2]. - The earnings per share (EPS) for 2023 is projected at 1.16 CNY, with an expected increase to 1.30 CNY in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has demonstrated steady growth in the first three quarters of 2024, with revenue reaching 17.219 billion yuan, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 1.111 billion yuan, up 11.14% year-on-year [3] - The report highlights the company's effective management and store expansion strategy, which enhances operational resilience and customer satisfaction [5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 172.19 billion yuan, with a gross margin of 40.39% and a net margin of 6.96% [3] - In Q3 2024 alone, revenue was 54.56 billion yuan, reflecting a 5.31% increase year-on-year, while net profit was 3.13 billion yuan, up 6.38% [3] - The company’s retail business generated revenue of 151.84 billion yuan, with a gross margin of 41.43%, while the wholesale business saw revenue of 14.80 billion yuan, albeit with a slight decrease in gross margin to 8.78% [4] Store Expansion and Management - As of Q3 2024, the company operated 15,050 stores, including 3,625 franchise stores, with a net addition of 2,254 stores in the first three quarters [5] - The report emphasizes the importance of professional management and service improvements in driving performance and customer loyalty [5] Future Earnings Forecast - The company’s projected net profits for 2024-2026 are 1.535 billion yuan, 1.732 billion yuan, and 1.955 billion yuan respectively, with corresponding EPS of 1.27 yuan, 1.43 yuan, and 1.61 yuan [3][6] - The current stock price corresponds to a P/E ratio of 20.6 for 2024, 18.3 for 2025, and 16.2 for 2026, indicating a favorable long-term outlook based on management efficiency and store expansion [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance shows steady growth, with a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% year-on-year increase. The net profit attributable to the parent company reached 1.111 billion yuan, up 11.14% year-on-year [6] - The company is focusing on steady expansion and optimization of existing stores, with a total of 15,050 chain pharmacies across ten provinces and cities by the end of the reporting period. The company added 2,254 new stores in the first nine months of 2024, while the pace of overall expansion has slowed down [7] - The retail business is developing steadily, with retail revenue of 15.184 billion yuan and wholesale revenue of 1.480 billion yuan for the first three quarters of 2024, showing year-on-year growth of 6.84% and 17.56%, respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 40.39% (up 0.84 percentage points) and a net profit margin of 6.96% (down 0.14 percentage points). The selling, administrative, and financial expense ratios were 25.99%, 4.39%, and 0.71%, respectively [6] Expansion Strategy - The company has adopted a strategy of regional focus and optimization of existing stores. In Q3 alone, the company added 679 new stores, with a significant increase in the number of closed stores, indicating a shift towards improving operational quality rather than aggressive expansion [7] Business Segments - The retail and wholesale segments are performing well, with the retail segment showing a gross margin of 41.43% and the wholesale segment at 8.78%. The main product categories, including traditional Chinese medicine and non-pharmaceuticals, have also seen positive growth [8] Investment Recommendations - Given the current macroeconomic environment and increasing regulatory scrutiny, the company is expected to maintain strong operational resilience and improve market share. The projected net profits for 2024-2026 are 1.740 billion, 2.129 billion, and 2.584 billion yuan, respectively, with corresponding EPS of 1.43, 1.76, and 2.13 yuan [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance is in line with expectations, showing steady growth in revenue and profit despite external pressures such as weak consumer spending and regulatory measures [2][3]. - The company reported a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% increase year-on-year, and a net profit of 1.111 billion yuan, up 11.14% [2]. - The retail business generated revenue of 15.184 billion yuan (up 6.84%), while the wholesale business saw a revenue increase of 17.56% to 1.480 billion yuan, driven by the rapid growth of franchise stores [2]. Financial Performance - Gross margin and net margin have shown a steady increase, with a gross margin of 40.39% for the first three quarters of 2024, up 0.84 percentage points [3]. - The net profit margin for the same period was 6.45%, an increase of 0.16 percentage points [3]. - The company has maintained stable expense ratios, with a sales expense ratio of 25.99% and a management expense ratio of 4.39% [3]. Store Expansion and Strategy - The company continues to implement a strategy of "regional focus and steady expansion," with a total of 15,050 stores as of September 30, 2024, including 3,625 franchise stores [3]. - In the first nine months of 2024, the company added 2,254 stores, including 1,262 self-built stores and 639 franchise stores [3]. - The company is actively closing underperforming stores to enhance operational efficiency [3]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 24.921 billion yuan, 27.552 billion yuan, and 30.523 billion yuan, respectively, with corresponding net profits of 1.560 billion yuan, 1.733 billion yuan, and 1.940 billion yuan [4][6]. - The current price-to-earnings (P/E) ratios for the next three years are estimated at 17.85, 16.07, and 14.36 [4][6].

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company demonstrates steady revenue growth with a year-on-year increase of 8.38% in revenue for the first three quarters of 2024, reaching 17.219 billion yuan, and a net profit growth of 11.14%, totaling 1.111 billion yuan [3][4]. - The company continues to expand its store network, adding 2,254 new stores in the first nine months of 2024, with 87.08% of its stores qualifying as "designated retail pharmacies" for medical insurance [4]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.545 billion yuan, 1.860 billion yuan, and 2.213 billion yuan respectively, reflecting the company's strong positioning in economically developed regions [4]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.456 billion yuan, a 5.31% increase year-on-year, and a net profit of 313 million yuan, up 6.38% [3][4]. - The gross profit margin for the first three quarters of 2024 is 40.39%, an increase of 0.84 percentage points year-on-year, while the net profit margin is 6.34%, up 0.26 percentage points [4]. - The company’s total assets are projected to grow from 24.137 billion yuan in 2023 to 30.883 billion yuan by 2026, indicating a robust growth trajectory [7][9]. Earnings Forecast - The company’s revenue is expected to increase from 22.588 billion yuan in 2023 to 32.271 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 14.9% [5][6]. - The net profit is forecasted to grow from 1.412 billion yuan in 2023 to 2.213 billion yuan in 2026, reflecting a strong growth outlook [6][9]. - The earnings per share (EPS) is projected to rise from 1.16 yuan in 2023 to 1.83 yuan in 2026 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 17.22 billion RMB for the first three quarters of 2024, representing an 8.38% year-on-year increase, and a net profit attributable to shareholders of 1.11 billion RMB, up 11.14% year-on-year [3]. - The company added 679 new stores in Q3 2024, with a focus on the quality of acquisitions and a slight slowdown in the pace of mergers and acquisitions [3]. - The company closed 365 stores in Q3 2024, which increased short-term costs but is expected to improve overall operational quality in the long term [3]. - The gross margin remained stable across major segments, with traditional Chinese medicine revenue growing by 8.95% year-on-year [3]. Summary by Sections Performance Review - For Q3 2024, the company achieved a revenue of 5.456 billion RMB (+5.31% year-on-year) and a net profit of 313 million RMB (+6.38% year-on-year) [3]. - The first three quarters of 2024 saw a revenue of 17.22 billion RMB and a net profit of 1.11 billion RMB [3]. Operational Analysis - The company opened 679 new stores in Q3 2024, including 420 self-built stores, 60 acquired stores, and 199 franchise stores [3]. - The company closed 365 stores in Q3 2024, with an increase in sales expense ratio to 26.94% and management expense ratio to 5.03% [3]. Financial Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted downwards to 1.48 billion RMB, 1.77 billion RMB, and 2.07 billion RMB, respectively, with expected growth rates of 5%, 19%, and 17% [3]. - The earnings per share (EPS) are projected to be 1.22 RMB, 1.46 RMB, and 1.71 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 13 times [3].

Financial Performance - The company's revenue for Q3 2024 reached ¥5,456,496,751.25, representing a year-over-year increase of 5.31%[3] - Net profit attributable to shareholders was ¥312,782,556.35, reflecting a growth of 6.38% compared to the same period last year[3] - The net profit excluding non-recurring items was ¥306,074,278.81, with a year-over-year increase of 6.51%[3] - Basic earnings per share for the quarter were ¥0.26, an increase of 8.33% year-over-year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 17,218,897,862.76, an increase from CNY 15,888,047,446.63 in the same period of 2023, representing a growth of approximately 8.36%[22] - Operating profit for the first three quarters of 2024 was CNY 1,585,544,439.53, up from CNY 1,468,816,500.30 in 2023, reflecting a growth of approximately 7.93%[22] - The total profit for Q3 2024 was approximately ¥1.58 billion, an increase from ¥1.47 billion in Q3 2023, representing a growth of about 7.6%[23] - The net profit attributable to shareholders of the parent company reached approximately ¥1.11 billion, compared to ¥999.18 million in the same period last year, marking a year-on-year increase of about 11.2%[23] - The basic and diluted earnings per share for Q3 2024 were both ¥0.92, up from ¥0.83 in Q3 2023, reflecting a growth of approximately 10.8%[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥27,211,502,295.78, a 12.74% increase from the end of the previous year[4] - The company's total assets as of the end of the reporting period amounted to CNY 27,211,502,295.78, compared to CNY 24,136,539,194.64 at the end of the previous year, marking an increase of about 12.83%[19] - Total liabilities increased to CNY 16,311,796,203.09 from CNY 13,689,451,532.80, representing a growth of approximately 19.06%[19] - Shareholders' equity attributable to the parent company was ¥10,253,079,010.09, up 4.58% from the previous year[4] - The company's equity attributable to shareholders reached CNY 10,253,079,010.09, compared to CNY 9,804,432,476.56 in the previous year, indicating an increase of about 4.56%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,341,774,378.18, showing a growth of 15.96%[3] - Cash inflows from operating activities totaled approximately ¥18.85 billion, compared to ¥17.56 billion in the previous year, indicating an increase of about 7.4%[24] - The cash outflows from operating activities amounted to approximately ¥15.51 billion, up from ¥14.68 billion in the same period last year, which is an increase of about 5.6%[25] - The net cash flow from investing activities was negative at approximately -¥3.67 billion, worsening from -¥1.75 billion in the previous year[25] - The net cash flow from financing activities was also negative at approximately -¥90.66 million, compared to -¥1.54 billion in Q3 2023, showing an improvement[25] - The cash and cash equivalents at the end of Q3 2024 were approximately ¥2.05 billion, down from ¥2.51 billion at the end of Q3 2023, a decrease of about 18.1%[25] Store Expansion and Acquisitions - In the first nine months of 2024, the company added 2,254 stores, including 1,262 self-built stores, 353 acquired stores, and 639 franchise stores, resulting in a total of 15,050 stores by the end of the reporting period, a net increase of 1,800 stores[13] - The company completed two acquisition projects during the reporting period, including the acquisition of 80% of Hebei Wocheng Xinxing Ankang Pharmaceutical Chain Co., Ltd. for RMB 29.6 million, involving 49 stores, with the equity transfer completed in August 2024[13] - The company also acquired assets and businesses from 11 pharmacies for RMB 2.5 million, with the asset transfer completed in September 2024[15] Current Assets - As of September 30, 2024, the company's total current assets amounted to RMB 14,674,572,132.89, an increase from RMB 12,128,910,739.25 at the end of 2023[16] - The company's cash and cash equivalents decreased from RMB 3,565,905,738.81 at the end of 2023 to RMB 3,228,417,302.16 as of September 30, 2024[16] - The company's trading financial assets increased significantly from RMB 1,630,720,887.94 at the end of 2023 to RMB 4,829,060,856.59 as of September 30, 2024[16] - Accounts receivable decreased from RMB 2,138,274,319.88 at the end of 2023 to RMB 1,678,913,338.21 as of September 30, 2024[16] - The company's inventory increased from RMB 3,807,963,660.86 at the end of 2023 to RMB 3,897,488,801.39 as of September 30, 2024[16] - Other current assets increased from RMB 384,124,342.84 at the end of 2023 to RMB 447,070,028.11 as of September 30, 2024[16] - The company reported a significant increase in debt investment from RMB 154,167,777.78 at the end of 2023 to RMB 208,040,971.84 as of September 30, 2024[16] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 25,185,648.10, up from CNY 15,256,402.00 in 2023, reflecting a growth of approximately 64.93%[22]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-115 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于2024年第三季度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所发布的上市公司分行业信息披露指引及《关于做好主 板上市公司 2024 年第三季度报告披露工作的重要提醒》相关要求，现将益丰 大药房连锁股份有限公司（以下简称"公司"）2024 年第三季度主要经营数据披 露如下： 一、报告期末主要经营数据 1、主要会计数据及财务指标 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比 上年同期 | | 分行业 | 营业收入 | 营业成本 | （%） | 上年同期增 减（%） | 上年同期增 减 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-114 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于使用闲置募集资金委托理财的进展公告 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个别及连带责任。 重要内容提示： 本次委托理财金额：1,000.00 万元 已履行的审议程序：经公司第四届董事会第三十八次会议审议通过 特别风险提示：公司将对投资产品进行严格评估，尽管公司选择本金保障 类理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，面临收益波动风险、流动性风险、信用风险、操作风险、信息技术系统 风险、政策法律风险、不可抗力及意外事件风险、信息传递等风险。 一、 本次委托理财的情况 1、委托理财目的 2、委托理财金额 本次委托理财金额共 1,000.00 万元。 3、资金来源 闲置募集资金。 4、募集资金基本情况 经中国证券监督管理委员会《关于同意益丰大药房连锁股份有限公司向不特 定对象发行可 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-113 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于不向下修正"益丰转债"转股价格的公告 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个别及连带责任。 重要内容提示： 自 2024 年 10 月 8 日至 2024 年 10 月 28 日，公司股票已满足在任意连续 三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%，已触发 "益丰转债"转股价格修正条款。 公司于 2024 年 10 月 28 日召开第五届董事会第九次会议，审议通过了《关 于不向下修正"益丰转债"转股价格的议案》。公司决定本次不向下修正"益丰 转债"的转股价格，并且在未来 3 个月内（即 2024 年 10 月 29 日至 2025 年 1 月 28 日），公司股价若再次触发此条款，亦不向下修正"益丰转债"的转股价格。 下一触发转股价格修正条款的期间从 2025 年 1 月 29 日起重新 ...