益丰药房（603939）：降本增效持续推进，业绩继续稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 17.29 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 0.39%. The net profit attributable to shareholders was 1.22 billion yuan, up 10.27% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 5.56 billion yuan, a year-on-year increase of 1.97%, and a net profit of 340 million yuan, up 10.14% year-on-year [2][3]. - The company is experiencing a recovery in revenue growth, with a stable expansion pace, having opened 137 new stores and closed 440 stores in the first three quarters of 2025 [3]. - The company is focused on cost reduction and efficiency improvement, with a sales expense ratio of 25.4%, down 1.5 percentage points year-on-year [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 17.29 billion yuan, a net profit of 1.22 billion yuan, and a non-recurring net profit of 1.19 billion yuan, with respective year-on-year growth rates of 0.39%, 10.27%, and 8.8% [2]. Operational Analysis - The company’s revenue in Q3 2025 was 5.56 billion yuan, showing a recovery from Q2's -1.4% year-on-year growth to +1.97% in Q3. The total number of stores reached 14,666, including 4,097 franchise stores [3]. Cost Management and Business Performance - The retail business generated 15.03 billion yuan in revenue, down 1.02% year-on-year, while the franchise and distribution business saw a revenue increase of 17.45% to approximately 1.74 billion yuan [4]. - The overall gross margin for the company was 40.41%, with a net profit margin of 7.64%, reflecting slight improvements year-on-year [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.70 billion yuan, 1.91 billion yuan, and 2.15 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 13%, and 12% [4].