益丰药房：业绩稳健增长，门店持续扩张

Investment Rating - The report does not specify a clear investment rating for the company [1][6]. Core Insights - The company reported a steady revenue growth of 8.4% year-on-year, reaching 17.22 billion yuan in the first three quarters of 2024, with a net profit of 1.11 billion yuan, reflecting an increase of 11.1% [1][2]. - The company continues to expand its store network, adding 2,254 new stores in the first three quarters of 2024, bringing the total to 15,050 stores across ten provinces and cities [3][4]. - The product structure is undergoing adjustments, with a slowdown in the growth of non-pharmaceutical products, while traditional Chinese medicine and Western medicine continue to show positive growth [3][7]. Financial Performance Summary - For Q3 2024, the company achieved revenues of 5.46 billion yuan, up 5.3% year-on-year, and a net profit of 310 million yuan, an increase of 6.4% [2][3]. - The gross margin for Q3 2024 was reported at 41.1%, an increase of 2.5 percentage points, while the net profit margin was 6.2%, a slight decrease of 0.2 percentage points [2][3]. - The company’s revenue for the first three quarters of 2024 was 172.2 billion yuan, with a projected net profit of 1.59 billion yuan for 2024, reflecting a growth rate of 12.67% [4][7]. Business Segment Analysis - The retail business generated 151.8 billion yuan in revenue for the first three quarters of 2024, representing a growth of 6.8%, while the wholesale business saw a revenue increase of 17.6%, totaling 14.8 billion yuan [3][4]. - The revenue from Western and traditional Chinese medicine reached 130.5 billion yuan, growing by 8.8%, while non-pharmaceutical products generated 19.6 billion yuan, with a minimal growth of 0.2% [3][7]. Future Earnings Forecast - The company is expected to achieve net profits of 1.59 billion yuan, 1.86 billion yuan, and 2.20 billion yuan for the years 2024, 2025, and 2026, respectively [4][7]. - Revenue projections for the years 2024 to 2026 are estimated at 22.59 billion yuan, 24.47 billion yuan, and 28.09 billion yuan, with corresponding growth rates of 8.32%, 14.81%, and 14.88% [4][7].