益丰药房（603939）：业绩稳健增长，经营质量持续提升

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company has shown steady revenue growth with a slight increase in profitability. For the first three quarters of 2025, the company achieved a revenue of 17.286 billion yuan (+0.39%) and a net profit attributable to shareholders of 1.225 billion yuan (+10.27%) [4] - The retail business revenue slightly decreased by 1.02% to 15.029 billion yuan, while the franchise and distribution business saw a significant growth of 17.45% to 1.738 billion yuan [6] - The company is actively optimizing its store network and product structure, having opened 137 new stores and closed 440 stores in the first three quarters of 2025, resulting in a total of 14,666 stores [7] Financial Performance Summary - For the first three quarters of 2025, the gross margin was 40.40% (+0.01 percentage points), and the net profit margin was 7.08% (+0.63 percentage points) [5] - The company forecasts revenues of 25.309 billion, 27.880 billion, and 30.792 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.682 billion, 1.937 billion, and 2.236 billion yuan [8][12] - The projected P/E ratios for 2025, 2026, and 2027 are 18, 16, and 14 respectively [10]