Yifeng Pharmary(603939) 新浪财经·2025-05-06 04:30Performance Summary - In 2024, the company achieved operating revenue of 24.062 billion yuan, an increase of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26%. In Q4 2024, revenue was 6.843 billion yuan, growing by 2.14%, with a net profit of 418 million yuan, up 1.28%. For Q1 2025, revenue reached 6.009 billion yuan, a 0.64% increase, and net profit was 449 million yuan, up 10.51% [1] - Non-pharmaceutical revenue showed growth against the trend, with stable gross margins across categories. In 2024, revenue from Western and Chinese medicines was 18.045 billion yuan, up 5.56%, with a gross margin of 35.89%, an increase of 1.09 percentage points. Chinese medicine revenue was 2.313 billion yuan, up 6.09%, with a gross margin of 48.40%, up 1.27 percentage points. Non-pharmaceutical revenue was 2.937 billion yuan, up 4.80%, with a gross margin of 45.68%, up 3.14 percentage points. In Q1 2025, non-pharmaceutical revenue was 694 million yuan, up 3.83%, with a gross margin of 47.80%, up 0.92 percentage points [1] Store Optimization and Management - The company has completed store optimization adjustments, expecting improved operational quality. The company adhered to a "regional focus, steady expansion" strategy while adjusting its expansion tactics through a "new openings + acquisitions + franchises" model. In 2024, the company added 2,512 stores, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 underperforming stores to enhance overall operational quality. In Q1 2025, 94 new stores were added, including 26 self-built and 68 franchised, with 84 stores closed [2][3] Financial Management and Future Outlook - The company has achieved a gross margin of 40.12% in 2024, an increase of 1.91 percentage points, with sales and management expense ratios at 25.68% and 4.50%, respectively, both showing year-on-year increases. The improvement in gross margin is attributed to continuous optimization of product structure and supply chain systems, along with effective cost control [3] - The company is projected to have EPS of 1.46, 1.71, and 1.97 yuan for 2025, 2026, and 2027, respectively. As a leading chain pharmacy, the company’s strategy of "regional focus, steady expansion" and excellent management capabilities are expected to continue enhancing operational quality, leading to a "buy" rating [3]