连锁药店行业研究框架专题报告：行业加速整合，集中度持续提升

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The demand for pharmaceuticals continues to grow, driven by an aging population and increasing health awareness, with the pharmacy market size reaching approximately 650 billion yuan in 2023, reflecting a CAGR of 9.07% from 2015 to 2023 [2][9] - The supply side shows a continuous increase in industry concentration, with the top 100 pharmacy companies generating a total revenue of 307 billion yuan in 2023, accounting for 59.5% of the market share [2][25] - Key industry indicators have shown steady improvement over the past decade, with average store sales per square meter increasing from 60.5 yuan/㎡ in 2012 to 72.4 yuan/㎡ in 2023, a growth of 19.7% [2][38] - The industry is expected to accelerate consolidation, with small and medium-sized pharmacies likely to exit the market due to increasing competition and regulatory pressures [2][23] Demand Analysis - The pharmacy industry is experiencing growth due to factors such as the increasing number of chronic disease patients and the ongoing trend of prescription outflow, with retail pharmacies capturing 29.3% of the total pharmaceutical sales terminal in 2023 [2][12] - Non-pharmaceutical demand is also expanding, driven by rising health awareness and the popularity of health monitoring devices [6][9] Supply Analysis - The concentration of the pharmacy industry is on the rise, with the number of chain pharmacies increasing significantly from 137,000 in 2010 to 386,000 in 2023, resulting in a chain rate of 57.8% [23][25] - The average number of stores for the top 100 chain companies is approximately 1,548, significantly higher than the industry average [25] Key Industry Indicators - The average price per item in pharmacies was 31.6 yuan in 2023, a 24% increase from 2013, while the average transaction value was 80.8 yuan, reflecting a 42% increase [2][36] - The average daily sales per employee increased from 1,203 yuan in 2012 to 1,344 yuan in 2023, marking an 11.7% growth [2][38] Development Logic - The industry is witnessing a shift towards higher concentration, with leading companies leveraging multiple advantages to expand their operational networks and embrace policies that facilitate prescription outflow [2][39] - Digitalization is enhancing operational efficiency through refined site selection, inventory management, and customer relationship management [2][39] Stock Recommendations - Recommended stocks include Lao Bai Xing and Yi Feng Pharmacy [2]