业绩超预期，持续高速扩张，线上线下承接处方外流

Investment Rating - The report maintains a "Buy" rating for the company, with an emphasis on its robust expansion strategy and strong performance in both online and offline prescription services [1][12]. Core Views - The company adheres to a development strategy of "regional focus and steady expansion," maintaining a high speed of store expansion and leveraging both online and offline channels to capture prescription outflow, thereby enhancing its internal growth momentum [1][12]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 at 1.76, 2.16, and 2.66 yuan respectively, corresponding to PE ratios of 26.2X, 21.3X, and 17.3X as of May 10, 2024 [1][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22,588 million yuan, a year-over-year increase of 13.6%, and a net profit attributable to shareholders of 1,412 million yuan, up 11.9% year-over-year [2][5]. - For Q4 2023, revenue was 6,700 million yuan, with a year-over-year growth of 2.47%, while net profit was 413 million yuan, down 5.81% year-over-year [3][5]. - In Q1 2024, the company reported revenue of 5,971 million yuan, a year-over-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-over-year [3][5]. Business Segment Analysis - The retail segment generated revenue of 20,185 million yuan in 2023, representing a year-over-year growth of 12.00%, while the wholesale segment saw a significant increase of 39.23%, reaching 1,892 million yuan [6][7]. - The company has expanded its store network significantly, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [9][10]. Product Performance - The company’s revenue from Western and Chinese patent medicines reached 17,095 million yuan, with a year-over-year growth of 15.93%, while traditional Chinese medicine revenue grew by 23.30% to 2,180 million yuan [8][9]. - The non-pharmaceutical segment experienced a slight decline, with revenue of 2,803 million yuan, down 2.30% year-over-year [8][9]. Regional Performance - The Central South region showed exceptional growth, achieving revenue of 10,380 million yuan, up 17.44% year-over-year, while the East China region grew by 7.29% to 9,228 million yuan [9][10].