Yixintang Pharmaceutical (SZ:002727) Tebon Securities·2024-09-06 02:23Investment Rating - The report maintains a "Buy" rating for Yixintang (002727.SZ) [2][3] Core Views - The company reported a revenue of 9.305 billion yuan for the first half of 2024, a year-on-year increase of 7.26%, but a net profit of 282 million yuan, down 44.13% year-on-year [3] - The company has increased its store count by 10.10%, reaching a total of 11,291 stores, with significant growth in provinces such as Sichuan and Henan [3] - Diversification efforts are yielding results, with new retail sales growing by 69.31% year-on-year, and health product sales increasing by 19.80% [3] - The gross profit margin for the first half of 2024 was 31.44%, a decrease of 2.12 percentage points year-on-year, while the net profit margin was 3.15%, down 2.71 percentage points year-on-year [3] - The report forecasts EPS for 2024, 2025, and 2026 to be 0.93, 1.26, and 1.48 respectively, with a CAGR of 26.1% [3] Financial Summary - The company achieved a total revenue of 20.665 billion yuan in 2023E, with a projected growth rate of 18.5% [4][7] - The net profit for 2023E is estimated at 1.248 billion yuan, reflecting a year-on-year growth of 23.5% [4][7] - The gross margin is expected to be 34.5% in 2023E, slightly decreasing to 34.3% in 2024E and remaining stable thereafter [4][7] - The total assets are projected to reach 20.441 billion yuan in 2023E, with total liabilities of 11.672 billion yuan [4][7] - The cash flow from operating activities is expected to be 3.363 billion yuan in 2023E, increasing to 3.574 billion yuan in 2024E [6]