Yixintang Pharmaceutical (SZ:002727) Soochow Securities·2025-04-28 15:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 18.00 billion yuan in 2024, reflecting a year-on-year increase of 3.57%. However, the net profit attributable to shareholders was only 114.14 million yuan, a significant decline of 79.23% year-on-year [7] - The rapid expansion of stores has led to short-term profit pressure, with a gross profit margin of 31.79% in 2024, down by 1.21 percentage points. The net profit margin was 0.61%, down by 2.61 percentage points [7] - The company is focusing on enhancing the quality and efficiency of existing stores while expanding its presence outside Yunnan province, with 51.51% of its stores located outside the province by the end of 2024 [7] Financial Performance Summary - In 2024, the company achieved a total revenue of 18.00 billion yuan, with a projected increase to 20.19 billion yuan in 2025, representing a growth rate of 12.16% [1][8] - The net profit attributable to shareholders is expected to rebound significantly to 642.45 million yuan in 2025, after a sharp decline in 2024 [1][8] - The earnings per share (EPS) is projected to increase from 0.19 yuan in 2024 to 1.10 yuan in 2025, indicating a recovery in profitability [1][8]