益丰药房：业绩符合预期，坚守高质量发展

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance is in line with expectations, showing steady growth in revenue and profit despite external pressures such as weak consumer spending and regulatory measures [2][3]. - The company reported a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% increase year-on-year, and a net profit of 1.111 billion yuan, up 11.14% [2]. - The retail business generated revenue of 15.184 billion yuan (up 6.84%), while the wholesale business saw a revenue increase of 17.56% to 1.480 billion yuan, driven by the rapid growth of franchise stores [2]. Financial Performance - Gross margin and net margin have shown a steady increase, with a gross margin of 40.39% for the first three quarters of 2024, up 0.84 percentage points [3]. - The net profit margin for the same period was 6.45%, an increase of 0.16 percentage points [3]. - The company has maintained stable expense ratios, with a sales expense ratio of 25.99% and a management expense ratio of 4.39% [3]. Store Expansion and Strategy - The company continues to implement a strategy of "regional focus and steady expansion," with a total of 15,050 stores as of September 30, 2024, including 3,625 franchise stores [3]. - In the first nine months of 2024, the company added 2,254 stores, including 1,262 self-built stores and 639 franchise stores [3]. - The company is actively closing underperforming stores to enhance operational efficiency [3]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 24.921 billion yuan, 27.552 billion yuan, and 30.523 billion yuan, respectively, with corresponding net profits of 1.560 billion yuan, 1.733 billion yuan, and 1.940 billion yuan [4][6]. - The current price-to-earnings (P/E) ratios for the next three years are estimated at 17.85, 16.07, and 14.36 [4][6].