DSL(603233) Southwest Securities·2024-11-03 06:06Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a revenue of 19.73 billion yuan for the first three quarters of 2024, representing an increase of 11.3% year-on-year, while the net profit attributable to shareholders decreased by 26.3% to 860 million yuan [1][2]. - The company continues to expand its franchise stores rapidly, with a total of 16,453 chain stores nationwide, including 5,735 franchise stores, maintaining the leading position in the pharmaceutical retail industry [2][3]. - The company’s gross profit margin for Q1-Q3 2024 was 34.7%, a decrease of 2.4 percentage points compared to the previous year [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.39 billion yuan, up 11.4% year-on-year, and a net profit of 200 million yuan, down 22.0% year-on-year [1][2]. - The company’s revenue for Q1-Q3 2024 was 6.75 billion yuan, 6.59 billion yuan, and 6.39 billion yuan respectively, with year-on-year growth rates of 13.5%, 9.1%, and 11.4% [2]. - The company’s net profit for Q1-Q3 2024 was 400 million yuan, 260 million yuan, and 200 million yuan respectively, with year-on-year declines of 19.8%, 38.4%, and 22% [2]. Profit Forecast - The forecast for net profit attributable to shareholders is 1.1 billion yuan in 2024, 1.05 billion yuan in 2025, and 1.23 billion yuan in 2026, with growth rates of -9.75%, 16.94%, and 20.33% respectively [3][4]. - The company expects revenue growth rates of 9.31% in 2024, 18.41% in 2025, and 18.54% in 2026 [4][7]. Business Expansion Strategy - The company is focused on deepening its presence in South China while expanding nationwide through self-built, acquired, and direct franchise models [2][3]. - The company added 2,379 new stores in Q1-Q3 2024, with 1,570 of these being franchise stores, indicating a mature development of its direct franchise business [2].