Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company is expected to see a recovery in net profit margin in 2025, following a significant adjustment phase in its store operations [1][3] - The company achieved a revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit of 1.529 billion yuan, up 8.26% year-on-year [1][4] - The company has a robust store expansion strategy, with 2,512 new stores added in 2024, which is anticipated to drive long-term revenue growth [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 6.843 billion yuan, a 2.14% increase year-on-year, and a net profit of 418 million yuan, up 1.28% year-on-year [1] - For Q1 2025, the company recorded revenue of 6.009 billion yuan, a 0.64% increase year-on-year, and a net profit of 449 million yuan, up 10.51% year-on-year [1] Growth Potential - The company added 94 new stores in Q1 2025, with a net increase of 10 stores compared to the end of 2024, indicating a potential slowdown in store closures [2] - The company has a wide coverage of medical insurance qualifications, with 10,300 out of 10,872 direct chain stores qualified, which is expected to enhance its ability to capture market opportunities from prescription outflow [2] Profitability - The company's gross margin for 2024 was 40.12%, an increase of 1.9 percentage points year-on-year, with specific margins for traditional Chinese medicine and non-drug products also showing improvements [3] - The net profit margin for 2024 was 6.87%, a slight decrease, but it is projected to recover to 8.21% in Q1 2025, indicating a positive trend in profitability [3] Forecast and Valuation - Revenue projections for 2025-2027 are 26.920 billion yuan, 30.834 billion yuan, and 34.079 billion yuan, with respective growth rates of 11.88%, 14.54%, and 10.53% [4][10] - The expected net profit for the same period is 1.758 billion yuan, 2.092 billion yuan, and 2.333 billion yuan, with growth rates of 15.00%, 19.00%, and 11.53% respectively [4][10]

证券研究报告 | 公司点评报告 2025 年 05 月 15 日 益丰药房（603939.SH） 业绩韧性凸显，利润拐点可期 消费品/生物医药 公司发布 2024 年报和 2025 年一季报：2024 年实现了营业收入 240.62 亿元、 归母净利润 15.29 亿元、扣非归母净利润 14.97 亿元，同比分别增长 6.53%、 8.26%、9.96%。其中 2024 年 Q4 实现营业收入 68.43 亿元、归母净利润 4.18 亿元、扣非归母净利润 4.05 亿元，同比分别增长 2.14%、1.28%、2.49%。2025 年 Q1 实现营业收入 60.09 亿元、归母净利润 4.49 亿元、扣非归母净利润 4.38 亿元，同比分别增长 0.64%、10.51%、9.65%。 % 1m 6m 12m 绝对表现 -3 7 -27 相对表现 -8 9 -35 资料来源：公司数据、招商证券 -60 -40 -20 0 20 40 May/24 Aug/24 Dec/24 Apr/25 (%) 益丰药房 沪深300 ❑ 行业环境+关店压力下业绩仍有韧性，提质增效下利润率有望改善，加大分红 力度提升股东回报。20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates robust performance growth, showcasing its refined management capabilities. In 2024, the company achieved a revenue of 24.062 billion yuan (up 6.53% year-on-year) and a net profit attributable to shareholders of 1.529 billion yuan (up 8.26% year-on-year) [2] - The company has seen steady growth in its retail and franchise distribution businesses, with the online O2O business growing rapidly. In 2024, retail revenue reached 21.188 billion yuan (up 4.97% year-on-year), and the O2O segment contributed 1.721 billion yuan, growing 23.02% year-on-year [5] - The company is focused on cost reduction and efficiency improvement while maintaining a steady expansion pace. As of the end of 2024, the total number of stores reached 14,684, with a net increase of 1,434 stores year-on-year [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported a revenue of 6.009 billion yuan (up 0.64% year-on-year) and a net profit of 449 million yuan (up 10.51% year-on-year) [2] - The gross margin for 2024 was 40.12%, and for Q1 2025, it was 39.64%, indicating a slight increase year-on-year [5] Business Segments - The company’s franchise and distribution business achieved a revenue of 2.107 billion yuan in 2024 (up 11.34% year-on-year) [5] - The company has strengthened its prescription drug services and expanded its product offerings, including functional and non-functional food and daily necessities [5] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.755 billion yuan, 1.992 billion yuan, and 2.245 billion yuan, respectively [7] - The earnings per share (EPS) for the same years are expected to be 1.45 yuan, 1.64 yuan, and 1.85 yuan [7]

中信证券股份有限公司关于 益丰大药房连锁股份有限公司 2024 年度持续督导报告书 | 上市公司名称：益丰大药房连锁股份有限公司 | | | --- | --- | | 保荐人名称：中信证券股份有限公司 | | | 保荐代表人姓名：丁元 | 联系方式：021-20262071 | | 保荐代表人姓名：赵岩 | 联系方式：010-60834101 | 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 14 日至 2025 年 4 月 16 日、2025 年 4 月 30 日 对公司进行了现场检查。 根据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 特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕109 号），益丰 大药房连锁股份有限公司（以下简称"益丰药房"或"公司"）由主承销商中信证券 股份有限公司（以下简称"中信证券"或"保荐人"）采用余额包销方式，向社会 ...

中信证券股份有限公司关于 益丰大药房连锁股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作 为正在履行益丰大药房连锁股份有限公司（以下简称"益丰药房"、"上市公司"、 "公司"）持续督导工作的保荐人，对上市公司 2024 年度（以下简称"本持续督导 期间"）的规范运行情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 丁元、赵岩 （三）现场检查时间 2025 年 4 月 14 日至 2025 年 4 月 16 日、2025 年 4 月 30 日 （四）现场检查人员 Liu XiaoLan、丁元、张强、李洋、黄中一 （五）现场检查手段 中信证券股份有限公司 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 24.06 billion yuan, a year-on-year increase of 6.53%, and net profit attributable to shareholders at 1.53 billion yuan, up 8.26% year-on-year [7] - The company is focusing on refined management to continuously enhance profitability [1] - The first quarter of 2025 showed a slight revenue increase of 0.64% to 6.01 billion yuan, with net profit attributable to shareholders rising by 10.51% to 449 million yuan [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 22.59 billion yuan, 2024A: 24.06 billion yuan, 2025E: 26.92 billion yuan, 2026E: 29.61 billion yuan, 2027E: 32.57 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 1.41 billion yuan in 2023A to 2.34 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The company's earnings per share (EPS) is expected to increase from 1.16 yuan in 2023A to 1.93 yuan in 2027E [1] Operational Insights - The company achieved a sales gross margin of 40.12% in 2024, with a slight increase in net profit margin to 6.87% [7] - The total number of stores reached 14,694 by the first quarter of 2025, with a net increase of 1,434 stores in 2024 [7] - The company is focusing on regional expansion and improving operational efficiency, with a significant increase in non-pharmaceutical gross margins [7]

Performance Summary - In 2024, the company achieved operating revenue of 24.062 billion yuan, an increase of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26%. In Q4 2024, revenue was 6.843 billion yuan, growing by 2.14%, with a net profit of 418 million yuan, up 1.28%. For Q1 2025, revenue reached 6.009 billion yuan, a 0.64% increase, and net profit was 449 million yuan, up 10.51% [1] - Non-pharmaceutical revenue showed growth against the trend, with stable gross margins across categories. In 2024, revenue from Western and Chinese medicines was 18.045 billion yuan, up 5.56%, with a gross margin of 35.89%, an increase of 1.09 percentage points. Chinese medicine revenue was 2.313 billion yuan, up 6.09%, with a gross margin of 48.40%, up 1.27 percentage points. Non-pharmaceutical revenue was 2.937 billion yuan, up 4.80%, with a gross margin of 45.68%, up 3.14 percentage points. In Q1 2025, non-pharmaceutical revenue was 694 million yuan, up 3.83%, with a gross margin of 47.80%, up 0.92 percentage points [1] Store Optimization and Management - The company has completed store optimization adjustments, expecting improved operational quality. The company adhered to a "regional focus, steady expansion" strategy while adjusting its expansion tactics through a "new openings + acquisitions + franchises" model. In 2024, the company added 2,512 stores, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 underperforming stores to enhance overall operational quality. In Q1 2025, 94 new stores were added, including 26 self-built and 68 franchised, with 84 stores closed [2][3] Financial Management and Future Outlook - The company has achieved a gross margin of 40.12% in 2024, an increase of 1.91 percentage points, with sales and management expense ratios at 25.68% and 4.50%, respectively, both showing year-on-year increases. The improvement in gross margin is attributed to continuous optimization of product structure and supply chain systems, along with effective cost control [3] - The company is projected to have EPS of 1.46, 1.71, and 1.97 yuan for 2025, 2026, and 2027, respectively. As a leading chain pharmacy, the company’s strategy of "regional focus, steady expansion" and excellent management capabilities are expected to continue enhancing operational quality, leading to a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year increase of 6.53%, with a net profit attributable to shareholders of 1.53 billion yuan (up 8.26%) [3][4] - The company is optimistic about the optimization of store operations and refined management capabilities, projecting net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan for 2025-2027 [3][4] - The current stock price corresponds to a PE ratio of 19.6, 17.0, and 14.8 for 2025-2027 [3] Financial Performance - In 2024, the retail business generated revenue of 21.19 billion yuan (up 4.97%), while the franchise and distribution business saw revenue of 2.11 billion yuan (up 11.34%) [4] - For Q1 2025, retail revenue was 5.26 billion yuan (down 0.09%), and franchise and distribution revenue was 573 million yuan (up 12.94%) [4] - The gross margin for 2024 was 40.12%, with a net margin of 6.87% [3][4] Store Expansion and Strategy - The company has a total of 14,684 stores as of the end of 2024, with 2,512 new stores added, including 1,305 self-built, 381 acquired, and 826 franchised [5] - The company focuses on regional markets in Central, East, and North China, employing a strategy of "regional focus and steady expansion" [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 26.51 billion yuan, 29.28 billion yuan, and 32.38 billion yuan, respectively, with corresponding net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan [7][10] - The company’s EPS is projected to be 1.45 yuan, 1.67 yuan, and 1.92 yuan for 2025-2027 [7][10] - The P/E ratio is expected to decrease from 19.6 in 2025 to 14.8 in 2027 [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year increase of 6.53%, and a net profit attributable to shareholders of 1.53 billion yuan, up by 8.26% [3][4] - The company is expected to continue its steady growth, with projected net profits for 2025, 2026, and 2027 at 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan respectively, with corresponding EPS of 1.45 yuan, 1.67 yuan, and 1.92 yuan [3][4] - The company is focusing on optimizing its retail operations and expanding its new retail system, with a total of 14,684 stores by the end of 2024, including 3,812 franchise stores [5] Financial Performance Summary - In 2024, the company's revenue was 240.62 billion yuan, with a gross margin of 40.12% and a net margin of 6.87% [3][4] - The first quarter of 2025 saw a revenue of 60.09 billion yuan, with a net profit of 4.49 billion yuan, reflecting a year-on-year increase of 10.51% [3] - The company’s retail business revenue in 2024 was 211.88 billion yuan, growing by 4.97%, while franchise and distribution revenue reached 21.07 billion yuan, up by 11.34% [4] Growth Strategy - The company is implementing a "regional focus and steady expansion" strategy, utilizing a combination of new openings, acquisitions, and franchising to expand its store network [5] - The integration of membership management and internet healthcare resources is aimed at enhancing the digital upgrade of chronic disease management and optimizing online consultation services [5]

Investment Rating - The investment rating for Yifeng Pharmacy (603939) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The report highlights that Yifeng Pharmacy achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.53 billion yuan, up 8.26% year-on-year [2]. - The company is expected to see continued improvement in profitability, with projected revenues for 2025-2027 of 26.85 billion yuan, 30.20 billion yuan, and 33.76 billion yuan, respectively, reflecting growth rates of approximately 12%, 13%, and 12% [4]. - The report emphasizes the company's strategic focus on regional markets, which has enhanced its competitive position [2]. Financial Performance Summary - In 2024, Yifeng Pharmacy's total revenue was 240.62 billion yuan, with a net profit of 15.29 billion yuan, and a gross margin of 40.12% [5]. - The company opened 1,434 new stores in 2024, bringing the total to 14,684 stores by year-end, including 3,812 franchise stores [5]. - For Q1 2025, the company reported a revenue of 60.09 billion yuan, with a net profit of 4.49 billion yuan, indicating a year-on-year growth of 10.51% [5]. - The gross margin for Q1 2025 was 39.64%, with a net profit margin of 8.21%, reflecting an increase in profitability compared to the previous year [5]. Earnings Forecast - The forecast for Yifeng Pharmacy's earnings indicates a net profit of 1.82 billion yuan in 2025, with a year-on-year growth of 18.8%, and projected earnings per share (EPS) of 1.50 yuan [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 24.39 in 2023 to 18.96 in 2025, suggesting an attractive valuation as earnings grow [7]. Store Expansion and Market Strategy - The company has strategically expanded its store network, with a focus on the central and northern regions of China, which have shown significant revenue growth [5]. - The report notes that the retail business remains the primary revenue driver, contributing 211.88 billion yuan in 2024, while franchise and distribution businesses also showed strong growth [5].