[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]

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。 ...