Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated continuous and stable growth in performance, driven by its new retail and hospital prescription diversion strategies [2] - In 2023, the company achieved operating revenue of 22.588 billion yuan, a year-on-year increase of 13.59%, and a net profit attributable to the parent company of 1.412 billion yuan, up 11.90% year-on-year [2][4] - The company plans to expand its revenue to 27.507 billion yuan in 2024, with a projected growth rate of 21.8% [4] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 5.971 billion yuan, a year-on-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-on-year [2] - The total number of stores reached 13,920 by the end of Q1 2024, with a net increase of 670 stores [3] Store Expansion - The company added 3,196 new stores in 2023, including 1,613 self-built stores, 559 acquired stores, and 1,024 franchise stores [2] - The company focuses on a "regional focus and steady expansion" strategy, deepening its presence in central, eastern, and northern China [2] Revenue Projections - Revenue projections for 2024, 2025, and 2026 are 27.507 billion yuan, 33.723 billion yuan, and 41.278 billion yuan, respectively, with year-on-year growth rates of 21.8%, 22.6%, and 22.4% [4][9] - The net profit attributable to the parent company is expected to be 1.716 billion yuan in 2024, 2.160 billion yuan in 2025, and 2.688 billion yuan in 2026, with corresponding growth rates of 21.5%, 25.9%, and 24.5% [4][9]

关于开立募集资金专户并签署募集资金专户存储四 方监管协议的公告 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。 一、募集资金基本情况 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-044 | | --- | --- | --- | | 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 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 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕109 号）核准，同 意益丰大药房连锁股份有限公司（以下简称"公司"或"益丰药房"）向不特定对象 发行面值总额 1,797,432,000.00 元可转换公司债券，每张面值为人民币 100 元， 发行数量 17,974,320 张，募集资金总额为人民币 1,797,432,000.00 元，扣除发行 费用（不含税）人民币 17,169,690.20 元后，募集资金净额为 1,780,262,309.80 元。 上述募集资金已于 2024 年 3 月 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 performance slightly underperformed expectations, leading to a downward adjustment in profit forecasts for 2024 and 2025, with the addition of a forecast for 2026. The expected net profits for 2024, 2025, and 2026 are projected to be 1.74 billion, 2.13 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.72, 2.11, and 2.56 yuan, and PE ratios of 26.39, 21.57, and 17.77 times [7][8] Financial Performance Summary - In 2023, the company achieved revenue of 22.59 billion yuan and a net profit of 1.41 billion yuan, representing year-on-year growth of 13.6% and 11.9% respectively. The fourth quarter saw revenue of 6.70 billion yuan and a net profit of 413 million yuan, with year-on-year changes of 2.5% and -5.8% [8] - For Q1 2024, the company reported revenue of 5.97 billion yuan and a net profit of 407 million yuan, showing year-on-year increases of 13.4% and 20.9% [8] Expansion Strategy - The company has a total of 13,920 stores across ten provinces as of Q1 2024, with plans to add 4,000 new stores in 2024, including 1,800 self-built, 700 through acquisitions, and 1,500 franchises [8] - The company aims to strengthen its presence in central and eastern China while expanding nationwide, leveraging regional brand effects and scale advantages [8] Revenue Structure - Retail revenue grew steadily, while wholesale business saw rapid growth. In 2023, retail revenue was 20.19 billion yuan with a gross margin of 39.6%, and wholesale revenue was 1.89 billion yuan with a gross margin of 9.4% [8] - The company’s product categories include traditional Chinese medicine and Western medicine, with respective revenues of 17.10 billion yuan and 2.18 billion yuan, reflecting growth rates of 15.9% and 23.3% [8] Profitability - The company's gross margin for 2023 was 38.2%, with a net margin of 7.0%. The first quarter of 2024 saw a gross margin of 39.3% and a net margin of 7.5% [9] - The company’s expense ratios for sales, management, and finance were 24.3%, 4.3%, and 0.4% respectively, indicating effective cost management [9]

证券研究报告 公司点评 益丰药房(603939.SH) 医药生物｜ 医药商业 高基数下业绩稳健增长 ，盈利水平相对稳定 2024年 05月 06日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 198.86 225.88 275.02 337.82 408.70 归母净利润（亿元） 12.66 14. 12 17.49 21.18 25.31 评级变动 维持 每股收益（元） 1.25 1.40 1.73 2.10 2.50 交易数据 每股净资产（元） 8.47 9.70 11.11 12.81 14.85 当前价格（元） 45.40 P/E 36.25 32.49 26.23 21.66 18.13 52周价格区间（元） 31.10-52.29 P/B 5.36 4.68 4.09 3.54 3.06 总市值（百万） 45880.40 资料来源：Wind，财信证券 流通市值（百万） 45768.50 总股本（万股） 101058.00 投资要点： 流通股（万股） 100811.70  事件：公司发布2023年年度报告及 2024年一季度报告。 涨跌幅比 ...

[Table_Title] 证券研究报告 2024Q1 业绩亮眼，“区域聚焦”战略持续提升市场竞争力 公司研究 [Table_ReportDate] 2024年05月07日 [Table_ReportType] 公司点评报告 [T事ab件le：_公Su司mm发ar布y] 2 023年年报及2024年一季报，2023年实现营业收入225.88 [益Ta丰bl药e_房Sto(c6k0A3n9d3R9an)k ] 亿元（yoy+13.59%），实现归母净利润14.12亿元（yoy+11.90%），扣非归母 净利润13.62亿元（yoy+10.92%）。2024年一季度实现营业收入59.71亿元 投资评级 （yoy+13.39%），归母净利润4.07亿元（yoy+20.89%），扣非归母净利润3.99 上次评级 亿元（yoy+24.26%）。 点评： [唐Ta爱bl金e_ A u t h o r医] 药行业首席分析师 执业编号：S1500523080002 ➢ 2023年营业收入保持稳步增长，2024Q1业绩亮眼。①2023年公司营 邮 箱：tangaijin@cindasc.com 业收入保持稳步增长，2023 年 ...

证券研究报告 公 2024年05月04日 司 报 告 益丰药房(603939) │ 行 业： 医药生物/医药商业 公 投资评级： 买入（维持） 司 年 业绩稳健增长，门店数量快速扩张 当前价格： 43.94元 报 目标价格： 55.73元 点 事件： 评 基本数据 公司发布2023年年报及2024年一季报，2023年实现收入225.88亿元， 总股本/流通股本(百万股) 1,010.58/1,008.12 同比增长13.59%；归母净利润14.12亿元，同比增长11.90%；扣非后归 流通A股市值(百万元) 44,296.62 母净利润 13.62 亿元，同比增长 10.92%。2024 年一季度实现收入 59.71 亿元，同比增长13.39%；归母净利润4.07亿元，同比增长20.89%；扣非 每股净资产(元) 10.07 后归母净利润3.99亿元，同比增长24.26%。 资产负债率(%) 57.69  门店数量快速扩张 一年内最高/最低(元) 52.63/30.90 2023年公司实现零售业务收入201.85亿元，同比增长12.00%；批发业务 收入18.92亿元，同比增长39.23%。公司坚持“区域聚 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved steady growth in performance despite high base effects, with significant expansion in outpatient pharmacy operations [5][6] - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2023 at CNY 225.88 billion, CNY 14.12 billion, and CNY 13.62 billion, respectively, representing year-on-year growth of 13.59%, 11.90%, and 10.92% [5] - For Q1 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of CNY 59.71 billion, CNY 4.07 billion, and CNY 3.99 billion, respectively, with year-on-year growth of 13.39%, 20.89%, and 24.26% [5] Summary by Sections Financial Performance - The company achieved a revenue growth rate of 13.59% in 2023, with a net profit growth rate of 11.90% [5] - The operating cash flow for 2023 was CNY 46.24 billion, up 17.94% year-on-year [5] - The basic EPS for 2023 was CNY 1.40 [5] Business Expansion - The total number of stores reached 13,250 by the end of 2023, with a year-on-year increase of 2,982 stores [6] - The company’s retail business revenue for Q1 2024 was CNY 52.68 billion, growing by 10.50% year-on-year [6] - The wholesale business revenue for Q1 2024 was CNY 5.08 billion, with a year-on-year increase of 36.99% [6] New Retail Initiatives - The company has implemented a new retail system that includes over 9,000 O2O online-to-offline stores and more than 600 24-hour delivery stores [7] - O2O and B2C sales accounted for 8.0% of total revenue, with O2O sales revenue of CNY 13.99 billion, up 3% year-on-year [7] - The company has established partnerships with over 150 professional prescription drug suppliers to enhance its service offerings [7] Profitability and Valuation - The company’s gross profit margin for 2023 was 38.21%, a decrease of 1.32 percentage points year-on-year [6] - The net profit margin for 2023 was 7.00%, remaining stable due to effective cost control [6] - The report projects net profits for 2024 and 2025 at CNY 17.61 billion and CNY 21.79 billion, respectively, with a PE ratio of 25 and 20 [8]

[Table_Page] 年报点评|医药商业 证券研究报告 [益Table_丰Title] 药房（603939.SH） [公Tab司le_I评nves级t] 买入 当前价格 43.01元 业绩符合预期，门诊统筹药房快速拓展 合理价值 53.8元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 业绩符合预期，24 年 Q1 利润端提速增长。公司发布 23 年年报及 24 [相Tab对le_P市icQ场uote表] 现 年一季报，23 年实现收入 225.88 亿元（yoy+13.59%）、归母净利润 14.12亿元（yoy+11.90%）、扣非归母净利润13.62亿元（yoy+10.92%）。 22% 13% 单季度来看，公司23Q4实现营业收入67亿元（yoy+2.47%）、归母净 4% 利润4.13亿元（yoy-5.81%）、扣非归母净利润3.95亿元（yoy-9.25%）； -4%05/23 07/23 09/23 10/23 12/23 02/24 04/24 24Q1实现营业收入59.71亿元（yoy+13.39%）、归母净利润4.07亿元 -1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company achieved revenue of 22.59 billion yuan in 2023, representing a year-on-year growth of 13.59%, and a net profit of 1.41 billion yuan, up by 11.90% [5]. - The company is expanding its store network steadily, with a total of 13,920 stores by the end of the first quarter of 2024, an increase of 670 stores from the previous period [6]. - The company has enhanced its pharmaceutical capabilities, with significant growth in the number of stores near hospitals and specialized pharmacies [6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 22,588 million yuan, net profit of 1,412 million yuan [4][10]. - 2024E: Expected revenue of 27,596 million yuan, net profit of 1,758 million yuan [4][10]. - 2025E: Expected revenue of 33,698 million yuan, net profit of 2,154 million yuan [4][10]. - 2026E: Expected revenue of 40,454 million yuan, net profit of 2,597 million yuan [4][10]. - **Key Financial Ratios**: - Gross margin for 2023 is 38.2%, with a net margin of 6.3% [11]. - Return on equity (ROE) is projected to increase from 14.4% in 2023 to 16.7% by 2026 [11]. - The company’s debt-to-asset ratio is 56.7% in 2023, expected to decrease to 53.8% by 2026 [11]. Store Expansion and Market Position - The company opened 3,196 new stores in 2023, including 1,613 self-built stores and 559 acquired stores [6]. - The company has established partnerships with over 150 specialized prescription drug suppliers, enhancing its market position [6]. - The geographical distribution of stores in economically developed regions provides a competitive advantage for future growth [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, representing a year-on-year growth of 13.59%, and a net profit attributable to shareholders of 1.412 billion yuan, up 11.90% year-on-year. For Q1 2024, the revenue was 5.971 billion yuan, with a year-on-year increase of 13.39%, and a net profit of 407 million yuan, reflecting a growth of 20.89% [3][4] - The company continues to expand its wholesale business, which has contributed to revenue growth. The gross profit margin for 2023 was 38.21%, down 1.32 percentage points, primarily due to an increase in the proportion of wholesale income and a slight decline in retail gross margin [3][4] - The company has maintained a steady expansion strategy, with a total of 13,920 stores as of Q1 2024, adding 701 stores in the quarter. The compound annual growth rate (CAGR) of store numbers from 2018 to 2023 was 29.69% [4] Financial Performance Summary - The total revenue forecast for 2024 is 27.567 billion yuan, with a projected net profit of 1.792 billion yuan, corresponding to a P/E ratio of 24.26. For 2025, the revenue is expected to reach 33.598 billion yuan, with a net profit of 2.176 billion yuan, and a P/E ratio of 19.97. The forecast for 2026 is a revenue of 40.842 billion yuan and a net profit of 2.806 billion yuan, with a P/E ratio of 15.49 [2][4] - The company’s cash flow from operating activities for 2023 was 4.624 billion yuan, with a projected decrease to 3.751 billion yuan in 2024. The net increase in cash for 2023 was a decrease of 450 million yuan, with an expected increase of 870 million yuan in 2024 [9] Business Structure and Growth - In 2023, the company achieved retail drug revenue of 20.185 billion yuan, up 12.00%, and wholesale drug revenue of 1.892 billion yuan, up 39.23%. The proportion of wholesale business revenue increased to 8.38%, up 1.54 percentage points [3][4] - The company’s strategy focuses on regional concentration and steady expansion, which has led to a mature store network and enhanced competitive advantages in the industry [4]