益丰药房：业绩稳健增长，利润率持续提升

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company demonstrates steady revenue growth with a year-on-year increase of 8.38% in revenue for the first three quarters of 2024, reaching 17.219 billion yuan, and a net profit growth of 11.14%, totaling 1.111 billion yuan [3][4]. - The company continues to expand its store network, adding 2,254 new stores in the first nine months of 2024, with 87.08% of its stores qualifying as "designated retail pharmacies" for medical insurance [4]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.545 billion yuan, 1.860 billion yuan, and 2.213 billion yuan respectively, reflecting the company's strong positioning in economically developed regions [4]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.456 billion yuan, a 5.31% increase year-on-year, and a net profit of 313 million yuan, up 6.38% [3][4]. - The gross profit margin for the first three quarters of 2024 is 40.39%, an increase of 0.84 percentage points year-on-year, while the net profit margin is 6.34%, up 0.26 percentage points [4]. - The company’s total assets are projected to grow from 24.137 billion yuan in 2023 to 30.883 billion yuan by 2026, indicating a robust growth trajectory [7][9]. Earnings Forecast - The company’s revenue is expected to increase from 22.588 billion yuan in 2023 to 32.271 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 14.9% [5][6]. - The net profit is forecasted to grow from 1.412 billion yuan in 2023 to 2.213 billion yuan in 2026, reflecting a strong growth outlook [6][9]. - The earnings per share (EPS) is projected to rise from 1.16 yuan in 2023 to 1.83 yuan in 2026 [6][9].