Yifeng Pharmary(603939) 开源证券·2025-05-01 14:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year increase of 6.53%, and a net profit attributable to shareholders of 1.53 billion yuan, up by 8.26% [3][4] - The company is expected to continue its steady growth, with projected net profits for 2025, 2026, and 2027 at 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan respectively, with corresponding EPS of 1.45 yuan, 1.67 yuan, and 1.92 yuan [3][4] - The company is focusing on optimizing its retail operations and expanding its new retail system, with a total of 14,684 stores by the end of 2024, including 3,812 franchise stores [5] Financial Performance Summary - In 2024, the company's revenue was 240.62 billion yuan, with a gross margin of 40.12% and a net margin of 6.87% [3][4] - The first quarter of 2025 saw a revenue of 60.09 billion yuan, with a net profit of 4.49 billion yuan, reflecting a year-on-year increase of 10.51% [3] - The company’s retail business revenue in 2024 was 211.88 billion yuan, growing by 4.97%, while franchise and distribution revenue reached 21.07 billion yuan, up by 11.34% [4] Growth Strategy - The company is implementing a "regional focus and steady expansion" strategy, utilizing a combination of new openings, acquisitions, and franchising to expand its store network [5] - The integration of membership management and internet healthcare resources is aimed at enhancing the digital upgrade of chronic disease management and optimizing online consultation services [5]