Group 1: Investor Relations Activity Overview - The activity involved 46 institutional investors, including major firms like CITIC Securities and Huatai Securities [1] - The event took place from May 16 to May 17, 2024, at the headquarters of Yixintang Pharmaceutical Group [1] - Key personnel included Mr. Li Zhenghong, Vice President and Secretary of the Board, and Ms. Yin Guanxiang, Securities Affairs Representative [1] Group 2: Content of the Investor Relations Activity - The main topics discussed included the 2023 annual report and the Q1 2024 performance exchange meeting [1] - The event was categorized as a specific audience survey and included a company visit [1] - Additional materials provided included records of the investor survey meeting [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Short-term factors have impacted performance, but the expansion of multi-format stores is progressing steadily [1] - The company experienced a net profit decline in 2023 due to tax-related issues, with a significant drop in net profit of 141.03% year-on-year in Q4 2023 [1] - The company has a robust store layout and continues to expand across various formats, with over 10,000 stores by the end of 2023 [1] Financial Summary - In 2023, the company achieved a revenue of 17.38 billion yuan, a slight decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 549 million yuan, down 45.60% year-on-year [5] - The gross margin for 2023 was 33.00%, a decrease of 2.05 percentage points year-on-year, while the operating cash flow was 21.15 billion yuan, down 15.29% year-on-year [1][5] - For Q1 2024, the company reported a revenue of 5.10 billion yuan, an increase of 14.96% year-on-year, and a net profit of 242 million yuan, up 1.03% year-on-year [1] Store Expansion - The company opened 1,381 new stores in 2023, with a total of 10,255 stores by the end of the year, including 5,397 stores in Yunnan province [1] - As of Q1 2024, the total number of stores increased to 10,746, with 5,455 in Yunnan, representing 50.76% of the total [1] Future Projections - The company expects revenues of 20.18 billion yuan, 23.68 billion yuan, and 27.72 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.1%, 17.3%, and 17.1% [12] - The projected net profit for the same years is 984 million yuan, 1.18 billion yuan, and 1.39 billion yuan, with growth rates of 79.2%, 19.8%, and 17.8% respectively [12]

Group 1: Event Details - The investor relations activity was held on May 13, 2024, from 15:00 to 16:40 [1] - The event took place on the "Investor Relations Interactive Platform" [1] - The activity was categorized as an annual investor reception day for listed companies in Yunnan [1] Group 2: Participants - The event was attended by all investors through the interactive platform [1] - Company representatives included Vice President and Board Secretary Mr. Li Zhenghong and Securities Affairs Representative Ms. Yin Guanxiang [1] Group 3: Activity Type - The event was classified as a performance briefing [1] - Other types of investor relations activities mentioned include analyst meetings, media interviews, and roadshows [1]

Group 1: Company Performance and Financials - In 2023, the company achieved a revenue of 17.38 billion yuan, with drug retail accounting for 72.66% and convenience goods sales contributing 2% [6] - The net profit in 2023 saw a significant decline, attributed to changes in sales of cold medicines and tax-related issues [6] - The company has consistently received an A-level rating for information disclosure from the Shenzhen Stock Exchange [3] Group 2: Business Strategy and Development - The company focuses on enhancing core competitiveness and improving single-store profitability through service enhancement, category expansion, and supply chain optimization [2] - Future investments will primarily target the expansion of retail drug and health product businesses, with a focus on existing regions and projects such as store expansion and logistics development [4] - The company plans to expand its market share through a combination of self-built stores and acquisitions, with a focus on core areas [5] Group 3: Market Presence and Expansion - As of March 31, 2024, the company operates 10,746 direct chain stores across 10 provinces and municipalities, with 5,455 stores (50.76%) located in Yunnan province [5] - The company aims to strengthen its presence in the Sichuan-Chongqing region while also considering markets in Hainan, Shanxi, Guangxi, and Guizhou [5] - The company maintains a high-density layout in core areas to enhance competitive capabilities [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion based on the expected performance recovery and strategic expansions in key regions [7][22]. Core Insights - The company has accelerated its store expansion, focusing on the Sichuan-Chongqing region while maintaining a strong presence in Yunnan and gradually increasing its market share in South China and North China [1][14]. - In 2023, the company reported a revenue of 17.38 billion yuan, a slight decrease of 0.29% year-on-year, and a significant drop in net profit by 45.60% to 549 million yuan, primarily due to tax-related expenses and a decline in gross margin [8][9][14]. - The first quarter of 2024 showed a recovery with a revenue increase of 14.96% year-on-year, reaching 5.10 billion yuan, and a net profit of 242 million yuan, marking a 1.03% increase [8][14]. Store Expansion and Market Strategy - In 2023, the company opened 1,381 new stores, bringing the total to 10,255 by the end of the year, with a focus on increasing the number of stores outside Yunnan [1][14]. - As of the first quarter of 2024, the total number of stores reached 10,746, with 5,455 in Yunnan and 5,291 outside, indicating a balanced expansion strategy [1][14]. Financial Performance - The company’s gross margin for 2023 was reported at 33.00%, reflecting a slight decline due to increased wholesale proportions and price adjustments in the product catalog [27]. - The forecast for earnings per share (EPS) for 2024-2026 is adjusted to 1.68, 1.95, and 2.28 yuan, respectively, indicating a positive outlook for profitability [22][16]. Diversification and Health Industry Layout - The company is actively diversifying its product categories, focusing on traditional medicine and expanding into the health industry, with sales in the health category reaching 370 million yuan in 2023 [12][14]. - The establishment of a health division aims to address consumer health needs beyond medication, including skincare and functional foods [12][14].

一心为民 全心服务 股票代码：002727 股票简称：一心堂 公告编号：2024-053 号 一心堂药业集团股份有限公司 关于全资子公司河南鸿翔一心堂药业有限公司对外投资 取得一心堂国控大药房河南连锁有限公司控股权的进展公告 本次投资符合公司业务发展需要及战略规划，但仍然面临市场、经营、管理等各方面不确 定因素带来的风险。为此，公司将采取适当的策略、管理措施加强风险管控，力争获得良好的 投资回报。敬请广大投资者注意投资风险。 第 1 页 共 2 页 一心为民 全心服务 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一心堂药业集团股份有限公司(以下简称"公司")于2024年3月18日召开第六届董事会第七 次会议，审议通过《关于全资子公司河南鸿翔一心堂药业有限公司对外投资取得一心堂国控大 药房河南连锁有限公司控股权的议案》，同意全资子公司河南鸿翔一心堂药业有限公司（以下 简称"河南一心堂"）对外投资取得一心堂国控大药房河南连锁有限公司（以下简称"一心堂 国控"）控股权。其中：河南一心堂以自有资金5,586.63万元受让北京九瑞天诚科技有限公司 持有的 ...

符合预期，区域渗透持续加 [Table_Title] 一心堂（002727.SZ） [Table_Summary] 核心观点： 2023 年销售收入 8.76 亿元；（2）泛健康业务：以健康美妆/个护/日化、 食品/奶粉为主的泛健康品类 2023 年实现销售 3.7 亿；（3）公益彩票 23 年销售流水 7698 万元；（4）中药产业完成云南三七、天麻等十大名药 产业链布局；（5）重点打造慢病专业门店，开展专业慢病管理服务等。 ⚫ 风险提示。竞争格局恶化；集采等政策风险；处方外流进展不达预期。 识别风险，发现价值 请务必阅读末页的免责声明 1 / 6 | --- | --- | |----------------------------|------------| | | | | [ 公司评级 Table_Invest] | 买入 | | 当前价格 | 21.08 元 | | 合理价值 | 25.64 元 | | 前次评级 | 买入 | | 报告日期 | 2024-05-05 | [分析师： Table_Author]罗佳荣 SAC 执证号：S0260523080002 liyatong@gf.com.cn ...

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2024Q1 公司门店总数达 10746 家，其中云南省门店占比为 50.76%， 云南省外门店占比为 49.24%（较 2023 年末提升 1.87 个百分点）。我 | --- | --- | |-------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | |--------|------------------|--------------------------------------------------------------------------------------------------------------| | 行 | 买入 未来 | 评级 说明 6-12 个月的投资收益率领先市场基准指数 15% 以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15% ； | | 及 公 | 中性 | 未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差 -5%至 5% ； | | 司 | 减持 | 未来 6-12 个月的投资收益率落后市场基准指数 5%至 15% ； | | 评 | 卖出 | 未来 6-12 个月的投资收益率落后市场基准指数 15% 以上； | | 级 | 无评级 | 因无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事件，或者其他原因，致使无法给出明确的投资评级。 | | | 基准指数说明： A | 股市场基准为沪深 300 指数；香 ...