健之佳医药连锁集团股份有限公司 监事会关于2024年限制性股票激励计划激励对象名 单的审核意见及公示情况说明 本公司监事会及全体监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法律责任。 健之佳医药连锁集团股份有限公司（以下简称"公司"）于2024年4月26日召开 第六届董事会第二次会议、第六届监事会第二次会议审议通过了《关于<健之佳医 药连锁集团股份有限公司2024年限制性股票激励计划（草案）>及其摘要的议案》等 议案，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等法律 、法规及规范性文件和《公司章程》的相关规定，公司将激励对象名单通过上海证 券交易所网站（www.sse.com.cn）、《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》及公司内部OA系统进行了公示。公司监事会结合公示情况对激 励对象进行了核查，相关公示情况及核查意见如下： 一、公示情况说明 公司已于2024年4月27日在上海证券交易所网站（www.sse.com.cn）披露了《 2024年限制性股票激励计划激励对象名单》（以下简称"《激励对象名单》"）。 公司 ...

华安证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。本报告由华安证券股份 有限公司在中华人民共和国（不包括香港、澳门、台湾）提供。本报告中的信息均来源于合规渠道，华安证券研 究所力求准确、可靠，但对这些信息的准确性及完整性均不做任何保证。在任何情况下，本报告中的信息或表述 的意见均不构成对任何人的投资建议。在任何情况下，本公司、本公司员工或者关联机构不承诺投资者一定获利， 不与投资者分享投资收益，也不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。投资者务必 注意，其据此做出的任何投资决策与本公司、本公司员工或者关联机构无关。华安证券及其所属关联机构可能会 持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 本报告仅向特定客户传送，未经华安证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形 式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。如欲引用或 转载本文内容，务必联络华安证券研究所并获得许可，并需注明出处为华安证券研究所，且不得对本文进行有悖 原意的引用和删改。如未经本公司授 ...

健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 JZJ Chain Drugstore Corporation 2023 年年度股东大会会议资料 股票代码：605266 股票简称：健之佳 中国 昆明 二〇二四年五月 1 健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 2023 年年度股东大会会议资料目录 | 会议须知 4 | | --- | | 会议议程 6 | | 2023 年度董事会工作报告 8 | | 2023 年度监事会工作报告 13 | | 2023 年度独立董事述职报告 18 | | 2023 年度财务决算报告 19 | | 2024 年度财务预算方案 28 | | 2023 年度利润分配方案 30 | | 关于公司《2023 年年度报告》及摘要的议案 32 | | 关于续聘公司 2024 年度审计机构、内控审计机构的议案 33 | | 关于公司及子公司向金融机构申请综合授信额度及为综合授信额度提供担保的 | | 议案 36 | | 关于公司 2024 年度日常关联交易预计的议案 44 | | 关于 2021 年限制性股票激励计划首次授予部分第三期解除限售条件成就的 ...

Investment Rating - The report assigns a "Hold" rating for the company, indicating a stable outlook with potential for growth in the future [14][22]. Core Insights - The company is experiencing growth in its store network, with a total of 5,263 stores as of Q1 2024, reflecting a year-on-year increase of 25.55% [31]. - The company has actively adjusted its product category planning to capture the incremental demand from prescription outflow, with 823 stores qualifying for outpatient coordination as of Q1 2024 [23]. - The company reported a revenue of 90.81 billion yuan in 2023, a year-on-year increase of 20.84%, while the net profit attributable to the parent company was 4.14 billion yuan, up 10.72% year-on-year [26]. Summary by Sections Store Network and Growth - As of Q1 2024, the company has 1,163 new and relatively new stores, accounting for 22.10% of the total, which is expected to contribute positively to future performance as these stores mature [1]. - The company opened 799 new stores in 2023 and 134 in Q1 2024, indicating a strong expansion strategy [1][31]. Financial Performance - In Q1 2024, the company achieved a revenue of 23.14 billion yuan, representing a year-on-year growth of 6.79%, although net profit decreased by 31.51% [26][18]. - The gross profit margin for Q1 2024 was 34.36%, an increase of 1.75 percentage points year-on-year, primarily due to a higher proportion of high-margin private label products [13]. Product Categories and Sales - The company has seen a steady increase in the sales of personal care and convenience products, with revenues growing by 28.68% and 25.65% respectively in Q1 2024 [3]. - The sales of prescription drugs grew significantly, with a year-on-year increase of 42.05% in 2023, indicating strong demand in this segment [29]. Future Outlook - The company has set ambitious performance targets through its stock incentive plan, aiming for net profit growth rates of at least 15%, 36%, and 60% for 2024, 2025, and 2026 respectively [15][22]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 3.08, 3.65, and 4.30 yuan, respectively, suggesting a positive growth trajectory [14][24].

| --- | --- | |-------------------------------|-----------------| | | | | 2024 年 05 月 03 日 | | | 评级 | 买入 | | 交易数据 | 评级变动 维持 | | 当前价格（元） | 47.74 | | 52 周价格区间（元） | 44.19-85.80 | | 总市值（百万） | 6151.25 | | 流通市值（百万） | 5587.49 | | 总股本（万股） | 12884.90 | | 流通股（万股） | 11704.10 | | | | 涨跌幅比较 -28% -18% -8% 2% 12% 健之佳 医药商业 | --- | --- | --- | --- | --- | |----------|---------|---------|---------|---------| | 2023-04 | 2023-07 | 2023-10 | 2024-01 | 2024-04 | | % | | 1M | 3M | 12M | | 健之佳 | | 7.31 | -2.89 | -22.26 | | 医药商业 | ...

门店数量持续增加，股权激励彰显信心 ➢ 门店数量快速增加，大力发展线上业务 | --- | --- | --- | --- | --- | --- | |----------------------|--------|------------------------------|-----------|-------------------------|--------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 7514 | 9081 | 11251 | 14086 | 17693 | | 增长率（ % ） | 43.54% | 20.84% | 23.90% | 25.19% | 25.61% | | EBITDA （百万元） | 1255 | 1528 | 1473 | 1653 | 1549 | | 归母净利润（百万元） | 363 | 414 | 479 | 568 | 674 | | 增长率（ % ） | 20.90% | 14.05% | 15.65% | 18.43% | 18.78% | | EPS （元 ...

9909 家）。我们认为，随着公司"自建+并购"双轮驱动扩张策略的推 行，未来公司门店总数有望突破 1 万家。②根据公司股权激励方案， 2024 年业绩考核目标为扣非归母净利润（剔除本次激励计划股份支付 费用影响的数值）较 2023 年增长不低于 15%，2025 年较 2023 年增 长不低于 36%，2026 年较 2023 年增长不低于 60%。我们认为，股权 激励的实施有助于充分调动员工积极性，叠加公司精细化管理和专业化 服务的持续推进，公司未来业绩有望持续兑现。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 风险因素：零售药房市场竞争加剧、门诊统筹政策集客红利持续不及预 期、门店扩张不及预期、并购整合不顺利、商誉减值风险。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------- ...

➢ 盈利预测：我们预计公司 2024-2026 年营业收入分别为 109.8 亿元、 138.08 亿元、174.59 亿元，同比增速分别为 21%、26%、26%，实现 归母净利润分别为 4.93 亿元、6.04 亿元、7.51 亿元，同比分别增长 19%、23%、24%，对应当前股价 PE 分别为 13 倍、10 倍、8 倍。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 风险因素：零售药房市场竞争加剧、门诊统筹政策集客红利持续不及预 期、门店扩张不及预期、并购整合不顺利、商誉减值风险。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 史慧颖，医药研究员，上海交通大学药学硕士，曾在 PPC 佳生和 Parexel 从事临床 CRO 工作，2021 年加 入信达证券，负责 CXO 行业研究。 吴欣，医药研究员，上海交通大学生物医学工程本科及硕士，曾在长城证券研究所医药团队工作，2022 年 4 月加入信达证券，负责医疗器械和中药板块行业研究。 曹佳 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 9.08 billion yuan in 2023, representing a year-on-year growth of 20.84%, and a net profit of 414 million yuan, up 10.72% year-on-year [9][10] - In Q1 2024, the company reported a revenue of 2.31 billion yuan, a 6.79% increase, but a net profit of 52 million yuan, which is a decline of 31.51% year-on-year [9][10] - The company is expanding rapidly in regions like Chongqing and Liaoning, with a total of 799 self-built stores and 272 acquired stores in 2023 [10] - The company has implemented a stock incentive plan, aiming for net profit growth of 60% by 2026 compared to 2023 [12] Financial Summary - The company's total assets are projected to grow from 9.95 billion yuan in 2023 to 14.49 billion yuan by 2026 [3] - Operating income is expected to increase from 9.08 billion yuan in 2023 to 15.57 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20% [3][8] - The net profit is forecasted to rise from 414 million yuan in 2023 to 686 million yuan in 2026, reflecting a CAGR of around 20% [8][12] - The company's earnings per share (EPS) is projected to grow from 3.22 yuan in 2023 to 5.32 yuan in 2026 [8] Operational Insights - The company maintained a gross margin of 35.88% in 2023, with a slight decrease of 0.26 percentage points, while the net margin was 4.56%, down 0.28 percentage points [10] - In Q1 2024, the gross margin improved to 34.36%, while the net margin decreased to 2.24% [11] - The company distributed a cash dividend of 12.85 yuan per 10 shares in 2023, totaling 166 million yuan, with a dividend yield of 2.55% [10]

Summary of the Conference Call Company and Industry Involved - The conference call pertains to Jianzhijia, a company in the pharmaceutical sector, discussing its 2023 annual report and the first quarter of 2024 [1] Core Points and Arguments - The call was hosted by the pharmaceutical analyst He Zhiying from Zhongxin Jian Investment, with participation from the company's board secretary, Mr. Li, and analysts from various brokerage firms including Xinda, Kaiyuan, and Dongwu [1] Other Important but Possibly Overlooked Content - The presence of multiple analysts from different brokerage firms indicates a broad interest in Jianzhijia's performance and future outlook, suggesting potential investor confidence in the company [1]