Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 11.762 billion yuan in H1 2024, representing a year-on-year increase of 9.86%, and a net profit attributable to shareholders of 798 million yuan, up 13.13% year-on-year [3] - The company continues to deepen its regional market presence through a strategy of "new openings + acquisitions + franchising," resulting in a total of 14,736 stores by H1 2024, with 1,575 new stores added since the beginning of the year [3] - The O2O business has shown remarkable growth, with online revenue reaching 1.096 billion yuan in H1 2024, a 20.18% increase, and O2O revenue specifically growing by 26.33% to 878 million yuan [3] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 19,886 to 33,042, with a CAGR of approximately 14.46% [2] - Net profit attributable to shareholders (in million yuan) is expected to rise from 1,262 in 2022A to 2,319 in 2026E, reflecting a growth rate of 19.59% [2] - The latest diluted EPS is projected to increase from 1.04 in 2022A to 1.91 in 2026E, indicating a strong upward trend in earnings per share [2] Business Segment Overview - Retail business revenue in H1 2024 was 10.398 billion yuan, up 8.32%, while wholesale business revenue reached 999 million yuan, a significant increase of 20.85% [3] - The gross margin for retail business was 40.94%, showing a slight increase, while the wholesale business gross margin was 9.57%, reflecting a decrease of 0.61 percentage points [3] - Revenue from traditional Chinese and Western medicine reached 8.878 billion yuan, with a gross margin of 34.85%, while non-pharmaceutical products generated 1.353 billion yuan with a gross margin of 51.10% [3] Store Expansion and Market Strategy - The company has expanded its store network significantly, with 1,135 new direct stores and 440 new franchise stores added in H1 2024 [3] - The company is focusing on consolidating its presence in the Central South, East China, and North China regions, with notable new store openings in these areas [3] - The O2O strategy is being enhanced through the integration of membership, big data, and online healthcare services, with over 10,000 stores now part of the O2O multi-channel platform [3]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-083 | | --- | --- | --- | | 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到期赎回 并继续委托理财的公告 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： 本次赎回产品名称：招商银行点金系列看涨两层区间 29 天结构性存款 （2000 万）、利多多公司稳利 24JG3401 期(月月滚利 5 期)人民币对公结构性存 款（7700 万） 赎回金额：9,700.00 万元 | | | 二、 本次委托理财的情况 1、委托理财目的 在确保不变相改变募集资金用途与不影响募集资金投资项目正常运行的情 况下，提高闲置募集资金的使用效率，增加公司收益，降低财务成本。 本次继续委托理财金额：8,100.00 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 ...

证券研究报告 非金融公司|公司点评|益丰药房（603939） 业绩增长稳健，彰显经营韧性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 117.62 亿元，同比增长 9.86%；归母净利 润 7.98 亿元，同比增长 13.13%；扣非后归母净利润 7.86 亿元，同比增长 15.77%。公司坚持 "区域聚焦，稳健扩张"的发展战略，通过"新开+并购+加盟"的拓展模式，深耕中南、华东、华 北市场，截至 2024 年 6 月底，公司门店总数达 14,736 家（含加盟店 3,426 家），较 2023 年 底增加 1,486 家。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 益丰药房(603939) 业绩增长稳健，彰显经营韧性 | --- | --- | |----------------------------|-------------------| | | ...

Investment Rating - The report assigns a "Buy" rating for Yifeng Pharmacy (603939.SH) [1] Core Views - Yifeng Pharmacy achieved a revenue of 11.762 billion yuan in H1 2024, representing a year-on-year growth of 9.86%, and a net profit attributable to shareholders of 798 million yuan, up 13.13% from the previous year [1] - The company is focusing on balanced development and prioritizing efficiency amid industry competition [1] - The retail business gross margin for H1 2024 was 40.94%, slightly up by 0.06 percentage points compared to the same period in 2023 [1] - The company is expected to see revenue growth from 24.786 billion yuan in 2024 to 29.171 billion yuan in 2026, with net profits projected to rise from 1.614 billion yuan to 2.121 billion yuan in the same period [3][4] Summary by Sections Company Overview - Yifeng Pharmacy has maintained a net increase in store numbers despite industry challenges, with 1,575 new stores opened in H1 2024, including 842 self-built stores and 293 acquired stores [1] - The company is adapting to industry changes by enhancing management efficiency and adjusting store opening and closing strategies [1] Financial Performance - The company reported a gross margin of 40.94% in H1 2024, with drug gross margins at 36.46% (down 0.12 percentage points) and non-drug gross margins at 51.1% (up 0.03 percentage points) [1] - Forecasts indicate that the company's revenue will grow from 24.786 billion yuan in 2024 to 29.171 billion yuan in 2026, with corresponding net profits of 1.614 billion yuan and 2.121 billion yuan [3][4] Market Position - Yifeng Pharmacy is positioned as a leading player in the retail pharmacy sector, benefiting from the increasing concentration in the industry due to policy support [2] - The company operates the largest number of chain pharmacies among private pharmacy chains in China, with 14,736 stores as of June 2024 [1]

Financial Performance - Revenue for the first half of 2024 reached 11.762 billion yuan, a year-on-year increase of 9.86% [3] - Net profit attributable to the parent company was 798 million yuan, up 13.13% year-on-year [3] - Non-GAAP net profit was 786 million yuan, representing a 15.77% increase [3] - Proposed cash dividend of 0.25 yuan per share, totaling 303 million yuan [4] Store Operations - Total stores reached 14,736 by the end of the reporting period, including 3,426 franchise stores [3] - Added 1,575 new stores in H1 2024: 842 self-built, 293 acquired, and 440 franchise stores [3] - Relocated 17 stores and closed 72 stores during the reporting period [3] New Retail Business - Membership base reached 96.16 million, with member sales accounting for 77% of total sales [3] - O2O business covered over 10,000 directly operated stores across major cities [3] - Internet sales reached 1.096 billion yuan, a 20.18% year-on-year increase [3] - O2O sales: 878 million yuan, up 26.33% [3] - B2C sales: 218 million yuan, up 0.46% [3] Industry Trends and Strategy - Pharmacy remains a crucial community health gateway, especially for elderly customers [4] - Online platforms complement rather than replace physical stores due to the need for face-to-face services [4] - Global pharmacy trends show diversification into cosmetics, functional foods, and daily necessities [5] - China's 1-2 person households (50% of total) increasingly rely on pharmacies for health services [6][7] Challenges and Responses - Q2 growth slowdown attributed to reduced health product consumption and inventory adjustments [8] - Intensified competition expected to ease as some stores close in July [8] - M&A activity slowed due to market uncertainty, with significant deals expected to resume next year [9] Future Focus Areas - Store optimization through "people-goods-field" transformation [10] - Enhanced professional service models to improve customer engagement [10] - Expansion of health product procurement and sales systems [10] - Comprehensive cost reduction and digital system construction [10] - Organizational innovation and talent system development [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8]. Core Views - The company has demonstrated steady revenue and profit growth, with H1 2024 revenue reaching 11.762 billion yuan, a 9.86% increase year-on-year, and net profit attributable to shareholders at 798 million yuan, up 13.13% [5][6]. - The retail segment showed robust growth with revenue of 10.398 billion yuan (+8.32%), while the wholesale segment experienced rapid expansion with revenue of 999 million yuan (+20.91%) [6]. - The company continues to adhere to a regional focus strategy, expanding its store count to 14,736 by mid-2024, with a net increase of 1,486 stores compared to the end of 2023 [7]. Financial Performance - For H1 2024, the company reported a gross margin of 40.05% and a net margin of 7.31%, with a slight decrease in net margin by 0.15 percentage points [6]. - The company’s operating cash flow for H1 2024 was 1.822 billion yuan, reflecting a significant increase of 29.41% [5]. - The projected revenue for 2024-2026 is expected to be 24.921 billion yuan, 28.816 billion yuan, and 33.342 billion yuan respectively, with net profits projected at 1.599 billion yuan, 1.923 billion yuan, and 2.318 billion yuan [8][9]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 14.41, with future P/E ratios projected at 15.29 for 2024, 12.71 for 2025, and 10.55 for 2026 [9]. - The price-to-book (P/B) ratio is currently at 2.49, expected to decrease to 2.11 by 2024 and further to 1.55 by 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company achieved revenue of 11.762 billion yuan (+9.86%) and a net profit of 786 million yuan (+15.77%) in H1 2024, with Q2 revenue at 5.791 billion yuan (+6.45%) and net profit at 386 million yuan (+8.12%), meeting expectations [3][4] - Due to increased industry competition, the company may slow its store opening pace in the next 1-2 years, leading to a downward revision of EPS forecasts for 2024-2026 to 1.36/1.62/1.95 yuan from 1.45/1.79/2.21 yuan, with a target price adjustment to 24.48 yuan based on a PE of 18x [3][5] - Revenue growth has slowed, but gross margin remains stable, with Q2 gross margin at 40.87% (+0.56/+1.62pp YoY/QoQ), indicating limited impact from price competition on leading pharmacies [3][4] Summary by Sections Revenue and Profitability - H1 2024 revenue was 11.762 billion yuan, with a growth rate of 9.86%, while net profit increased by 15.77% to 786 million yuan [3] - Q2 revenue was 5.791 billion yuan (+6.45%), and net profit was 386 million yuan (+8.12%) [3] - The average daily revenue per square meter decreased to 51 yuan in H1 2024 from 55 yuan in H1 2023, attributed to declining demand for cold medicines and a challenging consumer environment [3] Business Segmentation - In Q2, retail and wholesale revenue growth rates were +6.2% and +7.8%, respectively, while growth rates for traditional Chinese medicine, Western medicine, and non-medicinal products were +5.1%, +13.0%, and +9.0% [3] - Online sales grew rapidly, with H1 2024 internet channel revenue reaching 1.096 billion yuan (+20.18%), including O2O revenue of 878 million yuan (+26.33%) [3] Store Expansion and Market Position - The company opened 1,575 new stores in H1 2024, reaching a total of 14,736 stores, with a growth rate of 27% [3] - The company continues to expand in advantageous regions, increasing market share and enhancing profitability [3]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-081 | | --- | --- | --- | | 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 8 月 12 日至 2024 年 8 月 30 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%（27.87 元 /股），已触发"益丰转债"转股价格修正条款。 经益丰大药房连锁股份有限公司（以下简称"公司"）第五届董事会第六次 会议审议通过，决定本次不向下修正"益丰转债"的转股价格，并且在未来 1 个月 内（即自 2024 年 8 月 31 日至 2024 年 9 月 30 日期间），如再次触发转股价格向 下修正条款，亦不提出向下修正方案。从 2024 年 10 月 1 日起，若再次触发转股 价格向下修正条款，届时公司董事会将召开会议决定是 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-073 | | --- | --- | --- | | 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 第五届董事会第五次会议决议公告 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： 一、董事会会议召开情况 益丰大药房连锁股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日以电 子邮件方式发出第五届董事会第五次会议通知，会议于 2024 年 8 月 29 日以现场 加通讯方式召开，应参加表决的董事 9 人，实际参加表决的董事 9 人，部分公司 监事和高级管理人员列席了会议，本次会议的召集、召开和表决程序符合有关法 律、法规和《公司章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议由董事长高毅先生召集并主持，采用记名投票方式，审议并通过了 如下议案： 1. 《关于 2024 年半年度报告及其摘要的议案》 根据《公司法》《证券法》《上海证券交易所股票上市规则》等法 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 797,718,135.20 for the first half of 2024, representing a 13.13% increase compared to RMB 705,153,553.66 in the same period last year[4]. - Total operating revenue for the first half of 2024 was RMB 11,762,401,111.51, up 9.86% from RMB 10,706,563,008.05 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was RMB 785,779,829.12, reflecting a 15.77% increase from RMB 678,767,966.92 in the previous year[15]. - Basic earnings per share for the reporting period (January to June) increased to 0.66 CNY, up 13.79% from 0.58 CNY in the same period last year[18]. - The weighted average return on equity decreased to 7.79%, a decline of 0.16 percentage points compared to 7.95% in the previous year[18]. - The company reported a significant increase in user data, although specific figures were not disclosed in the report[6]. Cash Flow and Assets - The net cash flow from operating activities increased by 29.41% to RMB 1,821,698,317.33, compared to RMB 1,407,732,764.48 in the same period last year[15]. - The company's total assets reached RMB 26,436,820,335.65, a 9.53% increase from RMB 24,136,539,194.64 at the end of the previous year[17]. - The company's financial assets increased by 93.23% to CNY 3,151 million, primarily due to investments in bank wealth management products[60]. - The company's cash and cash equivalents increased to 4,188,079,298.52 CNY as of June 30, 2024, up from 3,565,905,738.81 CNY at the end of 2023, representing a growth of approximately 17.4%[120]. - The total current assets of the company as of June 30, 2024, amounted to 13,934,437,376.85 CNY, compared to 12,128,910,739.25 CNY at the end of 2023, indicating an increase of about 14.9%[120]. Market and Industry Insights - The total retail market size for pharmaceuticals reached 516 billion CNY in 2023, representing a year-on-year growth of 2.89%[26]. - The number of retail pharmacies in China grew by 30,700 to 654,000 in 2023, indicating a steady increase in the industry[26]. - The chain pharmacy market concentration increased, with the top 100 chain companies accounting for 59.50% of total industry sales, up 3.66% from 2022[24]. - The retail pharmacy industry in China is experiencing increasing concentration, with the top 100 companies' sales growth outpacing the overall industry growth[29]. Store Operations and Expansion - As of June 30, 2024, the company operated 14,736 chain pharmacies, including 3,426 franchise stores, with a net increase of 1,486 stores compared to the previous period[40]. - The company opened 1,575 new stores during the reporting period, including 842 self-built stores, 293 acquired stores, and 440 franchise stores[40]. - The company has established modern logistics centers in several provinces, enhancing its supply chain capabilities with advanced equipment and technology[35]. - The company has embraced digital transformation, utilizing CRM and big data to develop an integrated online and offline pharmaceutical retail model since 2013[38]. Research and Development - The company is actively involved in the research and development of traditional Chinese medicine through its subsidiary, Hengxiutang Pharmaceutical Co., Ltd.[22]. - Research and development expenses increased by 71.11% to CNY 16.87 million, compared to CNY 9.86 million in the previous year[59]. - The company reported a significant increase in development expenditure for data resources, rising to ¥22,467,421.51 from ¥3,496,698.64, a growth of approximately 541.5%[121]. Corporate Governance and Compliance - The company has undergone significant changes in its board and management, with multiple resignations and elections, including the appointment of a new Vice President and CFO[76]. - The company has committed to avoiding any competition with its subsidiaries and has made long-term commitments to prevent conflicts of interest[81]. - The company guarantees that it will maintain complete operational independence between itself and Yifeng Pharmacy, adhering to regulations set by the China Securities Regulatory Commission[84]. Financial Management and Strategy - The company has committed to fair pricing principles in all related transactions, ensuring prices are comparable to those from unrelated third parties[93]. - The company reported a total transaction amount of 6,233.39 million RMB in related party transactions during the first half of 2024[93]. - The company has a share lock-up period of 36 months from the date of its stock listing, during which no shares can be transferred or managed by others[88]. - The company has outlined strict compliance with laws regarding short-term trading for any convertible bond issuance[88]. Environmental and Social Responsibility - The company has implemented various carbon reduction measures, including the use of energy-efficient LED lighting and the promotion of new energy vehicles in logistics[80]. - The company has not faced any environmental penalties and adheres to national environmental protection laws and regulations[79]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 21,465[112]. - The top ten shareholders hold a total of 262,492,776 shares, representing 21.65% of the total shares[112]. - The company allocated 288,681,972.00 RMB to shareholders during the reporting period, indicating a focus on returning value to investors[148].