Yifeng Pharmary(SH:603939) Huaan Securities·2024-05-10 02:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated continuous and stable growth in performance, driven by its new retail and hospital prescription diversion strategies [2] - In 2023, the company achieved operating revenue of 22.588 billion yuan, a year-on-year increase of 13.59%, and a net profit attributable to the parent company of 1.412 billion yuan, up 11.90% year-on-year [2][4] - The company plans to expand its revenue to 27.507 billion yuan in 2024, with a projected growth rate of 21.8% [4] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 5.971 billion yuan, a year-on-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-on-year [2] - The total number of stores reached 13,920 by the end of Q1 2024, with a net increase of 670 stores [3] Store Expansion - The company added 3,196 new stores in 2023, including 1,613 self-built stores, 559 acquired stores, and 1,024 franchise stores [2] - The company focuses on a "regional focus and steady expansion" strategy, deepening its presence in central, eastern, and northern China [2] Revenue Projections - Revenue projections for 2024, 2025, and 2026 are 27.507 billion yuan, 33.723 billion yuan, and 41.278 billion yuan, respectively, with year-on-year growth rates of 21.8%, 22.6%, and 22.4% [4][9] - The net profit attributable to the parent company is expected to be 1.716 billion yuan in 2024, 2.160 billion yuan in 2025, and 2.688 billion yuan in 2026, with corresponding growth rates of 21.5%, 25.9%, and 24.5% [4][9]