益丰药房：经营稳健韧性强，业绩保持正增长

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 17.22 billion RMB for the first three quarters of 2024, representing an 8.38% year-on-year increase, and a net profit attributable to shareholders of 1.11 billion RMB, up 11.14% year-on-year [3]. - The company added 679 new stores in Q3 2024, with a focus on the quality of acquisitions and a slight slowdown in the pace of mergers and acquisitions [3]. - The company closed 365 stores in Q3 2024, which increased short-term costs but is expected to improve overall operational quality in the long term [3]. - The gross margin remained stable across major segments, with traditional Chinese medicine revenue growing by 8.95% year-on-year [3]. Summary by Sections Performance Review - For Q3 2024, the company achieved a revenue of 5.456 billion RMB (+5.31% year-on-year) and a net profit of 313 million RMB (+6.38% year-on-year) [3]. - The first three quarters of 2024 saw a revenue of 17.22 billion RMB and a net profit of 1.11 billion RMB [3]. Operational Analysis - The company opened 679 new stores in Q3 2024, including 420 self-built stores, 60 acquired stores, and 199 franchise stores [3]. - The company closed 365 stores in Q3 2024, with an increase in sales expense ratio to 26.94% and management expense ratio to 5.03% [3]. Financial Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted downwards to 1.48 billion RMB, 1.77 billion RMB, and 2.07 billion RMB, respectively, with expected growth rates of 5%, 19%, and 17% [3]. - The earnings per share (EPS) are projected to be 1.22 RMB, 1.46 RMB, and 1.71 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 13 times [3].