益丰药房：2024半年报点评报告：利润正增长，全年更稳健

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 11.76 billion yuan for H1 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 800 million yuan, up 13.1% year-on-year. Despite a decline in profit growth among most listed companies in the industry, the company achieved positive profit growth due to its effective management capabilities [2] - The company continues to expand its store count, adding 1,575 stores in H1 2024, which is expected to drive long-term revenue growth. As of H1 2024, the total number of stores reached 14,736, including 3,426 franchise stores [3] - The company's gross margin for H1 2024 was 40.05%, a slight increase from the previous year, indicating strong product management capabilities. The net profit margin was 7.31%, maintaining a relatively high level in the industry [4] - The company has slightly adjusted its profit forecast for 2024-2026, expecting total revenues of 25.95 billion, 31.84 billion, and 37.68 billion yuan, with corresponding net profits of 1.62 billion, 1.99 billion, and 2.40 billion yuan [5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 11.76 billion yuan, with a net profit of 800 million yuan, reflecting a growth of 9.9% and 13.1% respectively [2] - The Q2 revenue was 5.79 billion yuan, with a net profit of 390 million yuan, showing a year-on-year increase of 6.5% and 6.1% [2] Growth Potential - The company added 1,575 new stores in H1 2024, with a total of 14,736 stores by the end of the period, indicating a strong growth trajectory [3] - The company has a significant number of stores qualified as "medical insurance designated retail pharmacies," which is expected to enhance revenue through prescription outflow [3] Profitability - The gross margin for H1 2024 was 40.05%, with a net profit margin of 7.31%, both indicating strong profitability relative to industry standards [4] - The company is expected to maintain a high level of profitability due to its refined management and scale effects, despite potential pressures from industry competition [4] Earnings Forecast - The company has revised its earnings forecast, projecting revenues of 25.95 billion yuan in 2024, with net profits of 1.62 billion yuan, reflecting a growth rate of 14.90% [5]