Yifeng Pharmary(SH:603939) Ping An Securities·2025-09-01 00:50Investment Rating - The report maintains a "Recommendation" rating for the company, with a current stock price of 23.74 yuan [1]. Core Views - The company reported a revenue of 11.722 billion yuan for the first half of 2025, a slight decrease of 0.35% year-on-year, while the net profit attributable to the parent company was 880 million yuan, an increase of 10.32% year-on-year [4]. - The company is focusing on multi-level regional market expansion and enhancing online sales, with a significant emphasis on a membership system and O2O (Online to Offline) sales channels [7][8]. - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of 1.770 billion, 2.055 billion, and 2.377 billion yuan respectively, reflecting a stable operational performance amid economic recovery [7]. Financial Summary - The company’s revenue is projected to grow from 22.588 billion yuan in 2023 to 31.902 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [6]. - The net profit is expected to increase from 1.412 billion yuan in 2023 to 2.377 billion yuan in 2027, with a CAGR of 15.6% [6]. - The gross margin is anticipated to improve from 38.2% in 2023 to 41.0% by 2027, indicating a positive trend in profitability [6]. Operational Highlights - The company has a total of 14,701 stores as of the report date, with a focus on expanding through franchise models and maintaining a strong presence in key regions [7]. - The membership sales accounted for 84.93% of total sales, highlighting the effectiveness of the membership strategy [7]. - The online sales revenue reached 1.355 billion yuan, with O2O sales contributing 944 million yuan and B2C sales 411 million yuan [7].