益丰药房：精细化管理助力药店龙头高质量发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.58 CNY, based on a 25x PE for 2024 [6][9][16]. Core Insights - The retail pharmacy industry is benefiting from the ongoing prescription outflow policy, with the company positioned as a leading player in the sector, continuously expanding its store network to increase market share while enhancing profitability through refined management practices [2][4][13]. Summary by Sections Company Overview - The company has over 13,250 stores and 87.1 million service members, with a product range exceeding 70,000 SKUs, establishing itself in the top tier of the industry [3][24]. - It has been expanding its business model beyond retail pharmacy to include pharmaceutical wholesale, traditional Chinese medicine production, chronic disease management, and internet hospital services, aiming for a comprehensive health ecosystem [3][24]. Industry Dynamics - The retail pharmacy sector is experiencing significant growth, with sales increasing from 337.5 billion CNY in 2016 to 553.3 billion CNY in 2023, reflecting a CAGR of 7.3% [4][41]. - The market share of the top 100 pharmacies in China rose from 29.1% in 2016 to 36.5% in 2022, indicating a trend towards increased industry concentration [4][41]. Financial Performance and Projections - Revenue is projected to grow from 27.8 billion CNY in 2024 to 41.2 billion CNY in 2026, with corresponding growth rates of 23.08%, 22.78%, and 20.63% [6][16]. - The company's net profit is expected to reach 1.775 billion CNY in 2024, growing to 2.682 billion CNY by 2026, with growth rates of 25.68%, 23.28%, and 22.59% respectively [6][16]. Management and Operational Efficiency - The company employs a "self-built + acquisition + franchise" model, achieving a CAGR of 30% in store count from 3,611 in 2018 to 13,250 in 2023 [5][16]. - It focuses on enhancing operational efficiency through digital logistics and strategic store placement, which supports cost reduction and profit enhancement [5][16]. Market Opportunities - The ongoing policy support for prescription outflow is expected to further drive the growth of the retail pharmacy sector, with projections indicating a potential market size increase to 888.7 billion CNY by 2030 [4][46]. - The company is well-positioned to capitalize on these trends, leveraging its scale and operational capabilities to capture a larger market share [4][13].