一心堂：毛利率承压，门店扩张节奏稳定

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [4][5]. Core Insights - The company reported a revenue of 13.589 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.06%, while the net profit attributable to the parent company decreased by 57.36% to 293 million yuan [1]. - The gross margin for the first three quarters of 2024 was 31.73%, down by 1.40 percentage points compared to the previous year, primarily due to a decline in average transaction value [3]. - The company opened 1,694 new stores and closed 228, resulting in a net increase of 1,261 stores, bringing the total to 11,516 stores as of September 30, 2024 [2]. Financial Performance Summary - Revenue for 2024 is forecasted to be adjusted from 23.056 billion yuan to 18.288 billion yuan for 2024, and from 27.097 billion yuan to 21.702 billion yuan for 2025 [4]. - The net profit forecast for 2024 is revised down from 1.377 billion yuan to 390 million yuan, and for 2025 from 1.597 billion yuan to 738 million yuan [4]. - The company’s operating expenses ratio increased to 27.99%, up by 1.74 percentage points year-on-year, with the sales expense ratio at 24.91%, up by 1.53 percentage points [3].