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益丰药房(603939):业绩稳健增长,龙头竞争力有望持续提升

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown steady revenue growth with a slight decline in revenue for the first half of 2025, but a significant increase in net profit [1][4] - The company is strengthening its competitive advantage through a direct sales model and expanding its store network across key regions in China [2][3] - The company is actively embracing new retail strategies, focusing on member-based services and integrating online and offline health management solutions [3] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.722 billion yuan, a year-on-year decrease of 0.3%, while net profit attributable to shareholders was 880 million yuan, an increase of 10.3% [1] - The gross margin for the first half of 2025 was 40.47%, up 0.42 percentage points year-on-year, and the net profit margin was 8.07%, up 0.76 percentage points year-on-year [2] - The company opened 81 self-owned stores and closed 272 stores in the first half of 2025, resulting in a total of 14,701 stores as of June 30, 2025 [2] Future Projections - The company’s net profit is projected to reach 1.783 billion yuan in 2025, with growth rates of 16.7%, 17.2%, and 18.7% expected for 2025, 2026, and 2027 respectively [4][5] - The report forecasts operating revenue to grow from 26.555 billion yuan in 2025 to 32.195 billion yuan in 2027, reflecting a compound annual growth rate of approximately 10% [5] Market Position - The company is focusing on consolidating its presence in central and eastern China while expanding its market reach nationwide [2] - The membership sales ratio reached 84.93%, indicating strong customer loyalty and engagement [3]