益丰药房：2024前三季度营收与利润双增，经营稳健性居行业前列

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Insights - The company achieved steady growth in the first three quarters of 2024, with revenue reaching 17.219 billion yuan, a year-on-year increase of 8.38%, and net profit attributable to shareholders of 1.111 billion yuan, up 11.14% [4] - The company's operational efficiency is high, with a gross profit margin of 40.39% in the first three quarters of 2024, an increase of 2.18 percentage points from 2023, leading the industry [5] - The company is expanding its store network rapidly, with a total of 15,050 stores by the end of the reporting period, including 3,625 franchise stores [6] - The company is effectively capturing the outflow of hospital prescriptions through both online and offline channels, with 87.08% of its direct stores qualifying as medical insurance designated retail pharmacies [7] - The company maintains a competitive advantage in core regions such as Central South and East China, with significant scale advantages and steady business operations [8] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 17.219 billion yuan and a net profit of 1.111 billion yuan, reflecting a robust operational performance [4] - The company forecasts revenue growth to 24.697 billion yuan in 2024, with net profit expected to reach 1.578 billion yuan, corresponding to an EPS of 1.30 yuan and a PE ratio of 18.10 [10][12] - The gross profit margin is projected to be 39.9% in 2024, with a return on equity (ROE) of 14.7% [12]