板块总结及投资逻辑 总体来看，除创新药板块业绩和股价表现强势走出独立行情以外，医药板块在 2024 年和 202501 景气度仍有待复苏。 在整体医保支付环境压力、医疗行业秩序整顿、海外贸易不确定性、消费环境变化等因素的影响下，2024 年和 2025 年 q1 医药板块整体业绩持续承压，利润端持续下滑。除了创新药板块走出独立行情以外，其他板块的整体股价表现 也相对较弱。 但考虑到政策端、基本面、和市场面的压制因素已经基本出清，同时 2024 年医药业绩基数前高后低，基数压力逐季 度下降，我们非常看好 2025 年下半年医药板块成功实现景气度反转，业绩端增速止跌回升，回到增长趋势。在这一 根本性的变化基础上，医药板块股价表现也有望整体性走强。 药品板块：创新药龙头商业销售和 BD 业绩持续兑现，走出独立行情。创新药龙头创新药营收与创新资产 BD 收入持续 上行兑现。随着临床推进和数据读出，中国创新药企业肿瘤、自免及慢病领域潜力大单品预期不断增强，给细分赛道 领先公司的成长空间和估值修复提供了有力支撑。全球领先的创新品种逐步进入业绩放量兑现期，同时国际领先的临 床突破或 BD（授权引进或出海）不断涌现。看好本土 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs, with expectations of a recovery in performance in the second half of 2025 [1][5]. Core Insights - The pharmaceutical sector is under pressure in 2024 and Q1 2025 due to factors such as healthcare payment environment, industry regulation, and changing consumer conditions, but a recovery is anticipated in the latter half of 2025 [1][18]. - The innovative drug segment is highlighted as a key investment focus, with strong revenue growth and business development (BD) performance from leading companies [2][22]. - The report emphasizes the potential for significant growth in the biopharmaceutical sector, particularly in oncology and chronic disease treatments, supported by clinical advancements and market expectations [2][28]. Summary by Sections Pharmaceutical Sector Overview - The overall performance of the pharmaceutical sector is expected to remain under pressure in 2024 and Q1 2025, with a gradual recovery anticipated in the second half of 2025 as market pressures ease [1][18]. - The innovative drug segment is performing well, with leading companies experiencing revenue growth and successful BD activities [2][22]. Innovative Drugs - Leading innovative drug companies are seeing a continuous increase in revenue and BD income, with strong expectations for growth in oncology and chronic disease markets [2][22]. - The report identifies key players such as BeiGene and Hengrui Medicine as having strong growth trajectories [22]. Biopharmaceuticals - The biopharmaceutical sector is expected to show robust growth, with a focus on long-acting interferons and insulin products, despite some challenges in pricing and market conditions [2][4]. - The report notes that the innovative drug segment has maintained a growth rate of over 20% for two consecutive years, indicating a strong market position [28]. Retail Pharmacy - The retail pharmacy sector is showing signs of marginal improvement, with expectations of a return to normal growth in 2025 [2][4]. - The report highlights the impact of policy changes and market conditions on retail pharmacy performance, with some companies experiencing declines in non-pharmaceutical sales [2][4]. Medical Services and Aesthetic Medicine - The medical services and aesthetic medicine sectors are expected to see moderate recovery, with leading brands maintaining strong performance despite external pressures [3][4]. - The report anticipates that the demand for medical services will remain stable, supporting growth for leading companies in the sector [3]. Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to improve gradually after facing challenges in 2024, with a focus on inventory digestion and channel reform [4][12]. - The report suggests that the sector may experience a growth pattern of "low first, high later" throughout the year [4]. Medical Devices - The medical device sector is projected to recover gradually, with significant growth opportunities in overseas markets [4][12]. - The report notes that domestic demand remains weak, but international expansion is becoming a key growth driver for many companies [4].

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].

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 increase 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 revenue growth, with projections of 26.85 billion yuan, 30.20 billion yuan, and 33.76 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of approximately 11.6%, 12.5%, and 11.8% [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 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, a slight increase of 0.64% year-on-year, and a net profit of 4.49 billion yuan, reflecting a growth of 10.51% year-on-year [5]. - The gross margin for Q1 2025 was 39.64%, with a net profit margin of 8.21%, indicating an improvement in profitability [5]. Earnings Forecast - The forecast for Yifeng Pharmacy's net profit for 2025 is 1.82 billion yuan, with expected growth rates of 18.8%, 16.1%, and 17.1% for the following years [4][7]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 19 times, 16 times, and 14 times respectively [4]. Store Expansion and Market Strategy - The company has a strong focus on expanding its store network, with a total of 14,694 stores as of Q1 2025, including 3,880 franchise stores [5]. - The report notes that the growth in net profit has consistently outpaced revenue growth, indicating effective cost management and operational efficiency [5]. Regional Performance - In 2024, the revenue breakdown by region showed that the Central South region generated 10.99 billion yuan, the East China region 9.32 billion yuan, and the North China region 2.98 billion yuan, with North China showing the highest growth rate of 20.74% [5].

证券代码：603939 证券简称：益丰药房 债券代码：113682 债券简称：益丰转债 3、公司参会人员： 董事长兼总裁、常务副总裁、副总裁、助理总裁、董事会秘书。 4、机构参会人员：中信证券、东北证券、国金医药、UBS、国盛证券、华 创证券、光大证券、野村证券、开源证券、国海证券、信达证券、中金公司、平 安证券、华鑫证券、财信证券、雪石资产、高毅资产、华泰证券、摩根士丹利、 花旗、首域、西部证券、国寿养老、景林资产、中金公司、君和资本、申万宏源、 华鑫证券、东吴证券、AIHCCapital、国寿养老、中金公司国寿养老、中邮证券、 招银国际、Nomura、Golden Nest 鑫巢、华宝基金、鑫元基金、平安养老、青榕 资产、华夏久盈、中银基金、中海基金、东海基金、上海东方资产管理、中国国 际金融、嘉实基金、易方达、上海睿郡、景泰利丰、君和资本、Point72 等 200 多位全球机构及个人投资者。 二、会议内容 （一）董事会秘书范炜先生介绍公司主要经营情况 1、2024 年及 2025 年一季度业绩基本情况： 益丰大药房连锁股份有限公司 投资者关系活动会议纪要 一、会议基本情况 1、 会议时间：2025 年 ...

公 司 报 告 医药 2025年04月30日 益丰药房(603939.SH) 经营稳健，业绩持续增长 推荐 ( 维持) 股价:28元 行情走势图 相关研究报告 【平安证券】益丰药房（603939.SH）*季报点评*业 绩稳健增长，利润率持续提升*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,588 | 24,062 | 27,626 | 31,736 | 36,180 | | YOY(%) | 13.6 | 6.5 ...

21世纪经济报道记者梳理发现，上市连锁药房业绩出现了两极分化的情况，益丰药房实现营收、净利双 增，而老百姓则出现双降局面。更多企业则出现了增收不增利的现象。从归母净利润层面看，漱玉平民 大幅下滑241.90%之后，首次由盈转亏；一心堂净利润连续两年下滑，2024年实现1.14亿元，创十年来 新低；健之佳净利润实现1.28亿元，同比大幅下滑69.08%。 21世纪经济报道记者 闫硕 北京报道 随着医改政策的深入推进，叠加行业竞争和医药电商的冲击，医药零售行业客流下降，面临开店率下 降、闭店率攀升的挑战，处于深度调整期。在此背景下，多家上市连锁药房2024年的业绩并不理想。 从门店数量看，大参林扩张速度最快，全年净增2479家门店，但即便如此，与2023年全年净增4029家门 店相比也已大幅放缓。益丰药房、老百姓等企业净增门店均超1000家，而2023年净增均超2000家。 另一方面，医药零售企业已在加速转型。头部企业通过布局"药店+诊所"模式，整合中医诊疗、健康管 理等服务，构建社区健康生态圈，而中小型企业则通过差异化服务或区域深耕寻求生存空间。面对电商 平台的冲击，连锁企业通过自建电商平台或合作第三方，在政策 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated steady growth in revenue and profit, with 2024 revenue reaching 24.062 billion yuan, a 6.53% increase, and net profit attributable to shareholders at 1.529 billion yuan, up 8.26% [3][10]. - The gross profit margin for 2024 was 40.12%, reflecting a 1.91 percentage point increase, primarily due to improved margins in retail sales of traditional Chinese and Western medicines [4]. - The company has adopted a strategy of "regional focus and steady expansion," successfully increasing its store count to 14,684 by the end of 2024, with a net addition of 1,434 stores [6][9]. Financial Performance Summary - For 2024, the company reported a net operating cash flow of 4.221 billion yuan, a decrease of 8.70% year-on-year, while the investment cash flow was negative at -3.609 billion yuan, down 21% [5]. - The company expects revenue growth to continue, with projected revenues of 26.497 billion yuan, 29.168 billion yuan, and 32.131 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.762 billion yuan, 2.028 billion yuan, and 2.336 billion yuan for the same years [10][12]. - The company’s financial ratios indicate a healthy growth trajectory, with a projected PE ratio decreasing from 21.82 in 2024 to 14.28 by 2027, suggesting increasing valuation attractiveness [12][15].