Yifeng Pharmary(603939) 东吴证券·2025-05-06 13:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 24.06 billion yuan, a year-on-year increase of 6.53%, and net profit attributable to shareholders at 1.53 billion yuan, up 8.26% year-on-year [7] - The company is focusing on refined management to continuously enhance profitability [1] - The first quarter of 2025 showed a slight revenue increase of 0.64% to 6.01 billion yuan, with net profit attributable to shareholders rising by 10.51% to 449 million yuan [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 22.59 billion yuan, 2024A: 24.06 billion yuan, 2025E: 26.92 billion yuan, 2026E: 29.61 billion yuan, 2027E: 32.57 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 1.41 billion yuan in 2023A to 2.34 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The company's earnings per share (EPS) is expected to increase from 1.16 yuan in 2023A to 1.93 yuan in 2027E [1] Operational Insights - The company achieved a sales gross margin of 40.12% in 2024, with a slight increase in net profit margin to 6.87% [7] - The total number of stores reached 14,694 by the first quarter of 2025, with a net increase of 1,434 stores in 2024 [7] - The company is focusing on regional expansion and improving operational efficiency, with a significant increase in non-pharmaceutical gross margins [7]