Yifeng Pharmary(603939) 东海证券·2025-05-14 11:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates robust performance growth, showcasing its refined management capabilities. In 2024, the company achieved a revenue of 24.062 billion yuan (up 6.53% year-on-year) and a net profit attributable to shareholders of 1.529 billion yuan (up 8.26% year-on-year) [2] - The company has seen steady growth in its retail and franchise distribution businesses, with the online O2O business growing rapidly. In 2024, retail revenue reached 21.188 billion yuan (up 4.97% year-on-year), and the O2O segment contributed 1.721 billion yuan, growing 23.02% year-on-year [5] - The company is focused on cost reduction and efficiency improvement while maintaining a steady expansion pace. As of the end of 2024, the total number of stores reached 14,684, with a net increase of 1,434 stores year-on-year [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported a revenue of 6.009 billion yuan (up 0.64% year-on-year) and a net profit of 449 million yuan (up 10.51% year-on-year) [2] - The gross margin for 2024 was 40.12%, and for Q1 2025, it was 39.64%, indicating a slight increase year-on-year [5] Business Segments - The company’s franchise and distribution business achieved a revenue of 2.107 billion yuan in 2024 (up 11.34% year-on-year) [5] - The company has strengthened its prescription drug services and expanded its product offerings, including functional and non-functional food and daily necessities [5] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.755 billion yuan, 1.992 billion yuan, and 2.245 billion yuan, respectively [7] - The earnings per share (EPS) for the same years are expected to be 1.45 yuan, 1.64 yuan, and 1.85 yuan [7]