Yifeng Pharmary(603939) 信达证券·2025-04-30 10:23Investment Rating - The investment rating for Yifeng Pharmacy (603939) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The report highlights that Yifeng Pharmacy achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.53 billion yuan, up 8.26% year-on-year [2]. - The company is expected to see continued improvement in profitability, with projected revenues for 2025-2027 of 26.85 billion yuan, 30.20 billion yuan, and 33.76 billion yuan, respectively, reflecting growth rates of approximately 12%, 13%, and 12% [4]. - The report emphasizes the company's strategic focus on regional markets, which has enhanced its competitive position [2]. Financial Performance Summary - In 2024, Yifeng Pharmacy's total revenue was 240.62 billion yuan, with a net profit of 15.29 billion yuan, and a gross margin of 40.12% [5]. - The company opened 1,434 new stores in 2024, bringing the total to 14,684 stores by year-end, including 3,812 franchise stores [5]. - For Q1 2025, the company reported a revenue of 60.09 billion yuan, with a net profit of 4.49 billion yuan, indicating a year-on-year growth of 10.51% [5]. - The gross margin for Q1 2025 was 39.64%, with a net profit margin of 8.21%, reflecting an increase in profitability compared to the previous year [5]. Earnings Forecast - The forecast for Yifeng Pharmacy's earnings indicates a net profit of 1.82 billion yuan in 2025, with a year-on-year growth of 18.8%, and projected earnings per share (EPS) of 1.50 yuan [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 24.39 in 2023 to 18.96 in 2025, suggesting an attractive valuation as earnings grow [7]. Store Expansion and Market Strategy - The company has strategically expanded its store network, with a focus on the central and northern regions of China, which have shown significant revenue growth [5]. - The report notes that the retail business remains the primary revenue driver, contributing 211.88 billion yuan in 2024, while franchise and distribution businesses also showed strong growth [5].