医药生物/医药商业 股价走势图 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 益丰药房 沪深300 数据来源：聚源 益丰药房（603939.SH） 营收利润稳健增长，医药新零售体系持续优化 2025 年 05 月 01 日 投资评级：买入（维持） 相关研究报告 《前三季度业绩稳健增长，专业管理 提高经营韧性 —公司信息更新报告》 -2024.11.1 | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 28.40 | | 一年最高最低(元) | 46.88/17.56 | | 总市值(亿元) | 344.33 | | 流通市值(亿元) | 344.26 | | 总股本(亿股) | 12.12 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 39.78 | 《2024H1 营收利润稳健增长，门店扩 张稳步推进 —公司信息更新报告》 -2024.9.3 《营收稳健增长，线上线下积极布局 承接外流处方—公司信息更新报告》 -2024.4.30 余汝意（分析师） 巢舒然（联系人） ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 益丰药房(603939) 投资评级 上次评级 | [Table_Author] 唐爱金 医药行业首席分析师 | | --- | | 执业编号：S1500523080002 | | 邮 箱：tangaijin@cindasc.com | | 章钟涛 医药行业分析师 | 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 相关研究： [Table_OtherReport] 2024Q1 业绩亮眼，"区域聚焦"战略持续 提升市场竞争力 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_S 事件：公司发布 ummary]2024 年年报及 2025 年一季报，2024 年公司实现营业收入 240.62 亿元（同比+6.53%），归母净利润 15.29 亿元（同比+8.26%），扣非 归母净利润 14.97 亿元（同比+9.96%）。2025Q1 年公 ...

[Table_ReportType] 公司点评报告 邮 箱：zhangzhongtao@cindasc.com 证券研究报告 公司研究 相关研究： [Table_StockAndRank] 益丰药房(603939) 投资评级 上次评级 | [Table_Author] 唐爱金 医药行业首席分析师 | | --- | | 执业编号：S1500523080002 | | 邮 箱：tangaijin@cindasc.com | | 章钟涛 医药行业分析师 | 执业编号：S1500524030003 ➢ 盈利预测：我们预计公司 2025-2027 年营业收入分别为 268.5 亿元、 301.97 亿元、337.58 亿元，同比增速分别约为 12%、13%、12%，实 现归母净利润分别为 18.17 亿元、21.09 亿元、24.69 亿元，同比分别 增长约 19%、16%、17%，对应 2025/4/30 股价 PE 分别约为 19 倍、 16 倍、14 倍。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] 2024Q1 业绩亮眼，"区域聚 ...

证券代码：603939 证券简称：益丰药房 债券代码：113682 债券简称：益丰转债 3、公司参会人员： 董事长兼总裁、常务副总裁、副总裁、助理总裁、董事会秘书。 4、机构参会人员：中信证券、东北证券、国金医药、UBS、国盛证券、华 创证券、光大证券、野村证券、开源证券、国海证券、信达证券、中金公司、平 安证券、华鑫证券、财信证券、雪石资产、高毅资产、华泰证券、摩根士丹利、 花旗、首域、西部证券、国寿养老、景林资产、中金公司、君和资本、申万宏源、 华鑫证券、东吴证券、AIHCCapital、国寿养老、中金公司国寿养老、中邮证券、 招银国际、Nomura、Golden Nest 鑫巢、华宝基金、鑫元基金、平安养老、青榕 资产、华夏久盈、中银基金、中海基金、东海基金、上海东方资产管理、中国国 际金融、嘉实基金、易方达、上海睿郡、景泰利丰、君和资本、Point72 等 200 多位全球机构及个人投资者。 二、会议内容 （一）董事会秘书范炜先生介绍公司主要经营情况 1、2024 年及 2025 年一季度业绩基本情况： 益丰大药房连锁股份有限公司 投资者关系活动会议纪要 一、会议基本情况 1、 会议时间：2025 年 ...

公 司 报 告 医药 2025年04月30日 益丰药房(603939.SH) 经营稳健，业绩持续增长 推荐 ( 维持) 股价:28元 行情走势图 相关研究报告 【平安证券】益丰药房（603939.SH）*季报点评*业 绩稳健增长，利润率持续提升*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,588 | 24,062 | 27,626 | 31,736 | 36,180 | | YOY(%) | 13.6 | 6.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated steady growth in revenue and profit, with 2024 revenue reaching 24.062 billion yuan, a 6.53% increase, and net profit attributable to shareholders at 1.529 billion yuan, up 8.26% [3][10]. - The gross profit margin for 2024 was 40.12%, reflecting a 1.91 percentage point increase, primarily due to improved margins in retail sales of traditional Chinese and Western medicines [4]. - The company has adopted a strategy of "regional focus and steady expansion," successfully increasing its store count to 14,684 by the end of 2024, with a net addition of 1,434 stores [6][9]. Financial Performance Summary - For 2024, the company reported a net operating cash flow of 4.221 billion yuan, a decrease of 8.70% year-on-year, while the investment cash flow was negative at -3.609 billion yuan, down 21% [5]. - The company expects revenue growth to continue, with projected revenues of 26.497 billion yuan, 29.168 billion yuan, and 32.131 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.762 billion yuan, 2.028 billion yuan, and 2.336 billion yuan for the same years [10][12]. - The company’s financial ratios indicate a healthy growth trajectory, with a projected PE ratio decreasing from 21.82 in 2024 to 14.28 by 2027, suggesting increasing valuation attractiveness [12][15].

Core Viewpoint - Yifeng Pharmacy reported stable financial performance with significant revenue and profit growth, while expanding its retail network and enhancing its digital capabilities [1][2][3] Financial Performance - In 2024, the company achieved an operating income of 24.062 billion yuan and a net profit attributable to shareholders of 1.529 billion yuan [1] - For Q1 2025, the company reported a revenue of 6.009 billion yuan and a net profit of 449 million yuan, reflecting a year-on-year growth of 10.51% [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 485 million yuan, which represents 51.56% of the annual net profit [1][5] Store Expansion - Yifeng Pharmacy has been actively expanding its store network, reaching a total of 14,684 stores by the end of 2024, a year-on-year increase of 10.82% [2] - The company has developed a diverse store layout, including flagship stores, regional centers, and community pharmacies, while also focusing on the DTP pharmacy model and 24-hour service pharmacies [2] Digital Innovation - The company has launched five intelligent warehouse projects to enhance logistics efficiency, with the Suqian distribution center officially starting operations by the end of 2024 [3] - Yifeng Pharmacy has developed multiple smart retail channels, including B2C, O2O, and mobile applications, with over 10,000 O2O direct-operated stores online by the end of 2024 [2] ESG Performance - Yifeng Pharmacy received an MSCI-ESG rating upgrade from BB to A, becoming the only chain pharmacy in China with an A rating or above [3][4] - The company has made significant progress in environmental responsibility, saving 1.46 million kWh of electricity in 2024 and achieving 100% photovoltaic power generation at its headquarters [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company is focused on steady expansion while optimizing its store operations, resulting in a net increase of 1,434 stores in 2024, with a total of 14,694 stores by the end of Q1 2025 [3]. - The retail business generated revenue of 21.19 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points, and the company aims to enhance its franchise and distribution business in 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 240.62 billion RMB and a net profit of 15.29 billion RMB, with a non-recurring net profit of 14.97 billion RMB [2]. - For Q1 2025, the company reported a revenue of 60.09 billion RMB and a net profit of 4.49 billion RMB [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores [3]. - The retail business maintained a revenue of 52.6 billion RMB in Q1 2025, with a gross margin of 41.2% [3]. - The company reduced its selling expense ratio to 23.53% in Q1 2025, indicating initial success in cost reduction [3]. Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 15%, and 15% [4]. - The estimated EPS for the same years are 1.47 RMB, 1.70 RMB, and 1.95 RMB, with corresponding PE ratios of 19, 16, and 14 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].