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]

医药 公 2024年05月01日 司 报 益丰药房(603939.SH) 告 一季度业绩增长超预期，公司门店稳健扩张 推荐 ( 维持 ) 事项： 公司发布2023年年报：实现收入225.88亿元（+13.59%），归母净利润14.12 股价:43.94元 亿元（+11.90%），扣非净利润13.62亿元（+10.92%）。 公 主要数据 四季度单季，实现收入67.00亿元（+2.47%），归母净利润4.13亿元 行业 医药 司 （-5.81%），扣非净利润3.95亿元（-9.25%）。 公司网址 www.yfdyf.cn ...

医药生物/医药商业 公 司 研 益丰药房（603939.SH） 营收稳健增长，线上线下积极布局承接外流处方 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 日期 2024/4/30 证 书编号：S0790523070002 当前股价(元) 43.94  营收稳健增长，利润向好发展，维持“买入”评级 公 一年最高最低(元) 52.63/30.90 公司2023年实现营收225.88亿元（同比+13.59%，下文皆为同比口径）；归母净 司 信 总市值(亿元) 444.05 利润 14.12 亿元（+11.90%）；扣非归母净利润 13.62 亿元（+10.92%）。2024Q1 息 流通市值(亿元) 442.97 实现营收 59.71 亿元（+13.39%）；归母净利润 4.07 亿元（+20.89%）；扣非归母 更 总股本(亿股) 10.11 净利润 3.99 亿元（+24.26%）。从盈利能力来看，2023 年毛利率为 38.21% 新 报 流通股本(亿股) 10.08 （-1.32pct），净利率为7.00%（-0.18pct）。 ...

证券研究报告：医药生物 | 公司点评报告 2024年4月29日 股票投资评级 益丰药房(603939) 买入|首次覆盖 一季度业绩亮眼，区域聚焦和稳健扩张持续推进 个股表现  一季度业绩亮眼，核心业务增长稳健 公司发布 2023 年年报：2023 年公司实现营收 225.88 亿元 益丰药房 医药生物 20% （+13.59%），归母净利润14.12亿元（+11.90%），扣非净利润13.62 15% 10% 亿元（+10.92%）。公司业绩符合我们的预期。 5% 同时公司发布 2024 年一季报：2024Q1 公司实现营业收入 59.71 0% -5% 亿元（+13.39%），归母净利润 4.07 亿元（+20.89%），扣非归母净利 -10% -15% 润 3.99 亿元（24.26%）。公司业绩在 2023Q1 高基数的基础上实现了 -20% 快速增长，展现了公司经营的稳定性。 -25% -30% 分季度来看，2023 年 Q1~Q4 公司分别实现营业收入 52.66 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 （+26.94%）、54.41（+18 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[益ITnaf 丰bol]e 药_Ti房tle]( 603939) [评Tab级le_：Inv est] 增持 上次评级： 增持 龙头药店经营稳健，统筹贡献有望提升 目标价格： 51.90 上次预测： 46.08 公 ——益丰药房2023 及 2024Q1 业绩点评 当前价格： 43.30 司 丁丹(分析师) 张拓(分析师) 2024.04.29 更 0755-23976735 0755-23976170 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhangtuo024925@gtjas.com 证书编号 S0880514030001 S0880523090003 52周内股价区间（元） 31.10-52.39 报 总市值（百万元） 43,758 告 本报告导读： 总股本/流通A股（百万股） 1,011/1,008 业绩符合预期，毛利率保持稳定，净利率持续提升，龙头药店经营稳健，有望持续受 流通 B股/H股（百万股） 0/0 流通股比例 100% 益处方外流，维持增持评级。 ...

业绩简评 2024 年 4月 28日，公司发布2023 年年度报告及 2024 年第一季度 报告。2023 年公司实现收入225.9 亿元，同比+13.6%；归母净利 润 14.1 亿元，同比+11.9%；扣非归母净利润 13.6 亿元，同比 +10.9%。 公司2023 年 Q4实现收入 67.0 亿元，同比+2.5%；归母净利润4.13 亿元，同比-5.8%；扣非归母净利润3.95 亿元，同比-8.7%。 公司2024年Q1实现收入59.7亿元，同比+13.4%；归母净利润4.07 亿元，同比+20.9%；扣非归母净利润3.99 亿元，同比+24.3%。 经营分析 人民币(元) 成交金额(百万元) 新开+并购+加盟三轮驱动，门店扩张有条不紊。2023 年，公司自 46.00 700 建门店 1613 家，并购门店 559 家，加盟店 1024 家，迁址门店 43.00 600 500 61 家，关闭门店 153 家，23 年同比净增门店 2982 家。2024 年 40.00 400 37.00 Q1，公司自建门店364 家，并购门店166 家，新增加盟店171 家， 300 34.00 迁址门店8家，关 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 28 日 益 丰药房(603939.SH) 证券研究报告 门店稳步扩张且积极承接外流处方，公司业绩 医药流通 投资评级 买入-A 稳健增长 维持评级 6 个月目标价 52.50元 事件： 股价 (2024-04-26) 43.30元 公司发布了 2023 年年度报告和 2024 年第一季度报告，2023 年公司分 别实现营收和归母净利润 225.88 亿元和 14.12 亿元，分别同比增长 交易数据 13.59%和 11.90%；2024Q1公司分别实现营收和归母净利润59.71亿元 总市值(百万元) 43,758.11 和 4.07亿元，分别同比增长13.39%和20.89%。 流通市值(百万元) 43,651.43 总股本(百万股) 1,010.58 核心业务稳步发展，驱动公司2024Q1业绩稳增长： 流通股本(百万股) 1,008.12 12 个月价格区间 31.1/52.39元 2023 年公司分别实现营收和归母净利润 225.88 亿元和 14.12 亿元，分别 同比增长13.59%和11.90%。其中，中西成药 ...

M A K I N G P E O P L E P H Y S I C A L LY A N D M E N TA L LY H E A LT H I E R Content | About this Report | 01 | | --- | --- | | About Us | 02 | | Message from the | 06 | | Chairman | | | Sustainable Development | 07 | | Management | | | Appendix: GRI Standards and | 63 | | SSE Sustainability Reporting | | | Guidelines Content Table | | 12 Featured Topic of Yifeng Pharmacy's Guard of Health Journey to a Good Medicine 13 Consolidating the Foundation of Governance and Adhering to the Bottom Line of Responsi ...

| 项目组成 | 姓名 | 何时成为 | 何时开始 | 何时开始 | 何时开始为 | 近三年签署或 | | --- | --- | --- | --- | --- | --- | --- | | 员 | | 注册会计 | 从事上市 | 在本所执 | 本公司提供 | 复核上市公司 | 益丰大药房连锁股份有限公司 2023 年度会计师事务所履行情况评估报告 益丰大药房连锁股份有限公司（以下简称" 公司"）聘请天健会计师事务所 （特殊普通合伙）（以下简称"天健会计师事务所"）作为公司 2023 年度财务报表 及内部控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公 司选聘会计师事务所管理办法》，公司对天健会计师事务所 2023 年审计过程中的 履职情况进行评估。 经评估，公司认为天健会计师事务所资质等方面合规有效，履职保持独立性， 勤勉尽责，公允表达意见，具体情况如下： | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2 ...

Financial Performance - Net profit attributable to the parent company in 2023 was 1,411,985,024.41 yuan, with a year-end distributable profit of 4,774,244,419.42 yuan[2] - Revenue for 2023 reached 22.59 billion RMB, a 35.95% increase compared to 2022[15] - Net profit attributable to shareholders in 2023 was 1.41 billion RMB, up 9.80% year-over-year[15] - Operating cash flow for 2023 was 4.62 billion RMB, a 17.94% increase from 2022[16] - Total assets at the end of 2023 were 24.14 billion RMB, a 14.74% increase compared to 2022[16] - Basic earnings per share for 2023 was 1.40 RMB, an 11.11% increase from 2022[17] - Weighted average return on equity (ROE) for 2023 was 15.44%, a slight decrease of 0.34 percentage points from 2022[17] - Q4 2023 revenue was 6.70 billion RMB, the highest among all quarters[19] - Non-recurring gains and losses in 2023 totaled 50.47 million RMB, a significant increase from 34.41 million RMB in 2022[21] - Government subsidies in 2023 amounted to 44.93 million RMB, up from 32.82 million RMB in 2022[20] - The company achieved a net profit attributable to shareholders of 1,411.985 million yuan, a year-on-year increase of 11.90%[29] - The company's total revenue reached 22,588.2274 million yuan, a year-on-year increase of 13.59%[29] - The company's total assets increased by 14.74% to 24,136.5392 million yuan[29] - The company's equity attributable to shareholders increased by 14.63% to 9,804.4325 million yuan[29] - The company's weighted average return on equity reached 15.44%[29] - The company's earnings per share were 1.40 yuan[29] - The company's trading financial assets increased by 1,580.67574849 million yuan to 1,630.72088794 million yuan[25] - The company's sales revenue increased by 13.59% and net profit attributable to shareholders increased by 11.90% year-on-year[50] - Revenue for the reporting period was RMB 225.88 billion, a year-on-year increase of 13.59%, with net profit attributable to shareholders of RMB 14.12 billion, up 11.90% year-on-year[58] - Operating income increased by 13.59% to RMB 225.88 billion, driven by same-store sales growth, new store openings, and acquisitions[59] - Operating costs rose by 16.07% to RMB 139.58 billion, primarily due to increased sales volume[59] - Sales expenses increased by 12.49% to RMB 54.87 billion, mainly due to new store openings and promotional activities[59] - R&D expenses grew by 32.56% to RMB 335.5 million, driven by the capitalization of development expenditures[59] - Net cash flow from operating activities increased by 17.94% to RMB 46.24 billion, supported by sales growth and increased use of bills payable[59] - Net cash flow from investing activities decreased by 133.93% to RMB -29.80 billion, mainly due to increased purchases of financial products[59] - Net cash flow from financing activities decreased by 26.45% to RMB -20.93 billion, primarily due to increased rental payments and shareholder dividends[59] - Retail business revenue reached 20.19 billion RMB, accounting for 91.43% of total revenue, with a gross margin of 39.59%, down 0.85% year-over-year[61] - Wholesale business revenue grew by 39.23% to 1.89 billion RMB, with a gross margin of 9.36%, down 0.11% year-over-year[61] - Total revenue increased by 13.91% to 22.08 billion RMB, with a gross margin of 37.00%, down 1.27% year-over-year[61] - Revenue from Chinese and Western medicines grew by 15.93% to 17.09 billion RMB, while traditional Chinese medicine revenue increased by 23.30% to 2.18 billion RMB[61] - Sales costs for retail and wholesale businesses increased by 13.60% and 39.39% respectively, totaling 13.91 billion RMB[63] - Sales expenses rose by 12.49% to 5.49 billion RMB, driven by revenue growth[67] - R&D expenses increased by 32.56% to 33.55 million RMB, with 63.07% of R&D investment being capitalized[68] - The company's operating cash flow increased by 17.94% to RMB 4,623,740,795.60, driven by sales growth and increased bill settlements[72] - Investment cash flow decreased by 133.93% to RMB -2,980,321,075.21 due to increased purchase of financial products[72] - The company's trading financial assets increased by 3,158.50% to RMB 1,630,720,887.94, mainly due to increased purchase of bank financial products[73] - The company's prepayments decreased by 37.25% to RMB 141,493,810.64 due to reduced procurement prepayments[74] - The company's contract liabilities increased by 32.10% to RMB 80,166,931.03 due to increased prepaid stored value cards[74] - The company's total revenue for 2023 reached $12.34 billion, representing a 15% year-over-year growth[120] - Net profit for the year was $1.23 billion, an increase of 20% compared to the previous year[120] - Research and development expenses accounted for 8% of total revenue, amounting to $987 million[120] - The company's e-commerce platform saw a 40% increase in sales, reaching $2.5 billion in 2023[121] - The company's total revenue for 2023 was RMB 225.88 billion, with pharmaceutical sales accounting for RMB 192.75 billion, representing 85.33% of total revenue[200] Dividend and Share Capital - The company plans to distribute a cash dividend of 505,289,898.50 yuan (tax included) and increase share capital by 202,115,959 shares, raising the total share capital to 1,212,695,756 shares[2] - The company distributed a cash dividend of RMB 288,681,972.00 for the 2022 fiscal year, with a cash dividend of RMB 0.40 per share and a capital reserve transfer of 0.40 shares per share[140] - For the 2023 fiscal year, the company plans to distribute a cash dividend of RMB 0.50 per share and a capital reserve transfer of 0.20 shares per share, totaling RMB 505,289,898.50[140][143] - The cash dividend for 2023 accounts for 35.79% of the net profit attributable to shareholders of the parent company[143] - The company granted 390,015 restricted shares to 39 incentive recipients at a price of RMB 18.95 per share in 2023[145] - The company unlocked 2,062,480 restricted shares for 220 incentive recipients in 2023, following the 2022 annual equity distribution[145] - The company granted a total of 141,750 restricted shares to senior executives during the reporting period, with a grant price of 18.95 yuan per share[146] - The total number of restricted shares held by senior executives at the end of the reporting period was 190,750 shares, with a market price of 40.04 yuan per share[146] - Total shares increased by 288,874,867 shares due to capital reserve to share capital conversion, repurchase and cancellation of restricted shares, and granting of restricted shares, resulting in a total of 1,010,579,797 shares at the end of the reporting period[185] - Earnings per share (EPS) for the reporting period was 1.40 RMB, and net asset value per share was 9.70 RMB[185] - The company implemented a capital reserve to share capital conversion, issuing 4 additional shares for every 10 shares held, increasing the total shares to 1,010,386,902 shares[183] - The company repurchased and canceled 104,160 restricted shares, adjusting the total shares to 1,010,282,742 shares[184] - An additional 92,960 restricted shares were repurchased and canceled, further adjusting the total shares to 1,010,189,782 shares[184] - The company granted 390,015 restricted shares to 39 incentive recipients, increasing the total shares to 1,010,579,797 shares[184] - The number of restricted shares at the end of the year was 2,463,695 shares, with 2,062,480 shares released from restrictions during the year[186] Store Expansion and Operations - The company added 3,196 new stores, including 1,613 self-built stores, 559 acquired stores, and 1,024 franchise stores[29] - The company's total number of stores reached 13,250, including 2,986 franchise stores, with a net increase of 2,982 stores[29] - The company operates 13,250 chain pharmacies (including 2,986 franchise stores) in ten provinces and cities[42] - The company added 2,982 new stores during the reporting period[50] - Total number of stores reached 13,250, with a net increase of 2,982 stores in 2023, achieving a compound annual growth rate (CAGR) of 29.69% from 2018 to 2023[51] - The company's total number of stores increased by 2,982 to 13,250, with 214 stores closed or relocated due to optimization and strategic adjustments[78] - The company's store network has grown at a compound annual growth rate of 29.69% over the past five years, with a net increase of 9,639 stores since 2018[79] - The company has 10,264 directly operated stores, with detailed operational efficiency metrics provided[79] - Total number of directly operated stores reached 10,264, with a total operating area of 1,060,875 square meters and an average daily sales efficiency of 61.06 yuan per square meter[80] - 8,970 out of 10,264 directly operated stores have obtained "Medical Insurance Designated Retail Pharmacy" qualifications, accounting for 87.39% of the total[80] - The company completed 19 out of 22 M&A transactions in the industry during the reporting period, including the acquisition of 54 stores and 8 clinics for 113 million yuan[83] - In 2023, the company acquired 89 stores for 63 million yuan and 11 pharmacies for 6 million yuan[83] - The company acquired 37 pharmacies for 35 million yuan and 30 stores for 24.6 million yuan in 2023[84] - The company completed the acquisition of 69 stores for 27.19 million yuan and 29 stores for 19.5 million yuan in 2023[86] - The company acquired 55 stores for 36.96 million yuan and 67 stores for 22.4 million yuan in 2023[87] - The company acquired 25 stores for 15.4 million yuan and 15 stores for 17.5 million yuan in 2023[88] - The company's subsidiary, Shijiazhuang Xinxing, acquired a 70% stake in Handan Xinxing Kangheng Pharmacy Chain Co., Ltd. for 16.1 million yuan, involving 35 stores[89] E-commerce and O2O Business - The company's O2O and B2C businesses achieved sales revenue of 1,817.8471 million yuan, with O2O contributing 1,398.7383 million yuan and B2C contributing 419.1092 million yuan[31] - O2O and B2C strategies drove internet sales revenue to 18.18 billion yuan, with O2O contributing 13.99 billion yuan and B2C contributing 4.19 billion yuan[82] - The company's e-commerce business, launched in 2013, integrates online and offline sales through its logistics centers and physical stores[48] - The company's e-commerce platform saw a 40% increase in sales, reaching $2.5 billion in 2023[121] Logistics and Supply Chain - The company's logistics centers are equipped with advanced technologies such as AGV picking systems and Miniload intelligent replenishment systems[46] - The company's supply chain and product structure optimization have improved customer satisfaction and repurchase rates[50] - The company's cross-regional management and replication capabilities are supported by a digital, networked, and intelligent management platform[50] - The company will optimize its product category structure and supply chain management to establish a full-category coverage and differentiated product system[98] Human Resources and Training - The company developed 65 new training courses, conducted 132 offline training sessions, with an average training duration of 70 hours per employee, and recruited nearly 3,000 fresh graduates[34] - The company plans to build a scalable human resource supply system to meet the demands of rapid development, focusing on talent density and career development[98] - The company is addressing human resource challenges by partnering with universities, implementing management trainee programs, and improving employee development and retention strategies[105] - Total number of employees in the parent company and major subsidiaries is 39,652, with 9,920 in the parent company and 29,732 in major subsidiaries[136] - Sales personnel account for 85.1% of the total workforce with 33,751 employees[136] - Educational background of employees: 17,693 have a college degree, 10,315 have a technical secondary school degree, and 5,524 have a bachelor's degree[136] Market and Industry Analysis - In 2023, China's per capita healthcare expenditure was 2,460 yuan, accounting for 9.2% of per capita consumption expenditure[35] - From 2013 to 2022, the sales of China's pharmaceutical retail terminal increased from 10,894 billion yuan to 17,936 billion yuan, with a compound annual growth rate of 8.2%[36] - By the end of 2022, the retail pharmacy terminal market share was 29%, showing a逐年上升 trend[36] - The retail pharmacy industry's连锁化率 reached 57.76% by the end of 2022, with CR10, CR50, and CR100 sales占比分别上升至 30.91%, 44.95%, and 55.83%[38] - The total number of retail pharmacies in China reached 623,300 by the end of 2022, with连锁门店数量 increasing to 359,900[39] - The company's market share in the top 10, top 20, and top 50 pharmacy chains shows significant growth trends[41] - The company's regional focus strategy has led to higher profitability and sales growth compared to industry averages[50] - The company's pharmaceutical retail market concentration in China is lower compared to mature markets like the US and Japan, indicating growth potential[42] - The pharmaceutical retail industry is highly competitive, with large chain enterprises expanding rapidly through mergers and acquisitions, increasing market concentration[101] Corporate Governance and Shareholder Information - The company's registered address is in Changde City, Hunan Province, and its office address is in Changsha City, Hunan Province[10] - The company's stock is listed on the Shanghai Stock Exchange under the ticker symbol 603939[13] - The company's financial report was audited by Tianjian Certified Public Accountants, with no significant risks affecting operations reported[4] - The company adjusted its financial statements starting from 2023 due to the implementation of new accounting standards[17] - The company's financial statements for 2023 were audited by Tianjian Certified Public Accountants, with an unqualified opinion issued[197] - The company's revenue recognition process was identified as a key audit matter due to the inherent risk of management manipulating revenue figures[200] - The company's top 10 shareholders did not participate in securities lending or change significantly during the reporting period[193] - The company's controlling shareholder, Ningbo Meishan Free Trade Port Zone Houxin Venture Capital Partnership, was established on September 12, 2006, and focuses on venture capital investments in unlisted enterprises[193] - The company's actual controller, Gao Yi, has not held controlling stakes in any other domestic or foreign listed companies in the past 10 years[195] - The company's actual controller is Gao Yi, who serves as Chairman and President[195] - The largest shareholder, Ningbo Meishan Free Trade Port Zone Houxin Venture Capital Partnership, holds 218,743,980 unrestricted shares[192] - Hong Kong Securities Clearing Company Limited is the second-largest shareholder with 167,741,356 unrestricted shares[192] - The total number of ordinary shareholders at the end of the reporting period was 14,648[188] - The top shareholder, Ningbo Meishan Bonded Port Area Houxin Venture Capital Partnership, held 218,743,980 shares, representing 21.65% of the total shares[189] - Hong Kong Securities Clearing Company Limited held 167,741,356 shares, representing 16.60% of the total shares[189] Strategic Plans and Future Outlook - The company plans to expand its store network through a combination of new openings, acquisitions, and franchising, focusing on regional market share and concentration[97] - The company aims to innovate its business model by integrating online and offline operations, enhancing supply chain systems, and developing new retail e-commerce models[97] - The company will optimize its product category structure and supply chain management to establish a full-category coverage and differentiated product system[98] - The company plans to build a scalable human resource supply system to meet the demands of rapid development, focusing on talent density and career development[98] - The company will enhance its digital service system, focusing on online operation models for people, goods, and venues, and improving operational efficiency[98] - The company aims to become a leading pharmacy chain by focusing on professional services, controlled high-quality products, new retail, and efficient expansion[96] - The company plans to expand into 3 new international markets in 2024, targeting a 25% increase in global market share[121] - A new AI-powered customer service platform will be launched in Q2 2024