Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Insights - The company achieved steady growth in the first three quarters of 2024, with revenue reaching 17.219 billion yuan, a year-on-year increase of 8.38%, and net profit attributable to shareholders of 1.111 billion yuan, up 11.14% [4] - The company's operational efficiency is high, with a gross profit margin of 40.39% in the first three quarters of 2024, an increase of 2.18 percentage points from 2023, leading the industry [5] - The company is expanding its store network rapidly, with a total of 15,050 stores by the end of the reporting period, including 3,625 franchise stores [6] - The company is effectively capturing the outflow of hospital prescriptions through both online and offline channels, with 87.08% of its direct stores qualifying as medical insurance designated retail pharmacies [7] - The company maintains a competitive advantage in core regions such as Central South and East China, with significant scale advantages and steady business operations [8] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 17.219 billion yuan and a net profit of 1.111 billion yuan, reflecting a robust operational performance [4] - The company forecasts revenue growth to 24.697 billion yuan in 2024, with net profit expected to reach 1.578 billion yuan, corresponding to an EPS of 1.30 yuan and a PE ratio of 18.10 [10][12] - The gross profit margin is projected to be 39.9% in 2024, with a return on equity (ROE) of 14.7% [12]

| 证券代码：603939 | 证券简称：益丰药房 公告编号：2024-118 | | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | 益丰大药房连锁股份有限公司 关于使用闲置募集资金委托理财到期赎回 并继续委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次赎回产品名称：利多多公司稳利 24JG3510 期人民币对公结构性存款 （4000.00 万元）、2024 年第 814 期公司结构性存款（850.00 万元）、2024 年第 815 期公司结构性存款（750.00 万元） 赎回金额：5,600.00 万元 本次继续委托理财金额：6,100.00 万元 已履行的审议程序：经公司第四届董事会第三十八次会议审议通过 特别风险提示：公司将对投资产品进行严格评估，尽管公司选择本金保障 类理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，面临收益波动风险、流动性风险、信用风险、操作风险、信息技术系统 风险、政策法律风险、不可抗力及意外 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has demonstrated steady revenue and profit growth, with a year-on-year revenue increase of 8.38% to RMB 17.219 billion and a net profit increase of 11.14% to RMB 1.111 billion for the first three quarters of 2024 [2][3] - All regions have shown stable revenue growth, with both wholesale and retail businesses maintaining positive growth [3] - The company continues to expand its store network, adding 2,254 new stores in the first nine months of 2024, bringing the total to 15,050 stores [3] Financial Summary - For Q3 2024, the company achieved a revenue of RMB 5.456 billion, a 5.31% increase year-on-year, and a net profit of RMB 313 million, up 6.38% year-on-year [3] - The gross margin for Q1-Q3 2024 was 40.39%, an increase of 0.84 percentage points year-on-year, while Q3 2024 gross margin was 41.13%, up 2.50 percentage points year-on-year [3] - Revenue projections for 2024, 2025, and 2026 are RMB 26.051 billion, RMB 31.779 billion, and RMB 38.654 billion, respectively, with corresponding net profits of RMB 1.677 billion, RMB 2.036 billion, and RMB 2.512 billion [4][3]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-116 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 一、本次限制性股票回购注销的决策与信息披露 1、2024 年 8 月 29 日，公司召开的第五届董事会第五次会议与第五届监事 会第四次会议审议通过了《关于回购注销 2022 年限制性股票激励计划部分限制 性股票的议案》，同意对因离职激励对象的 24,348 股股份进行回购并注销，湖 南启元律师事务所出具了相应的法律意见书。具体内容详见公司于 2024 年 8 月 30 日在法定信息披露媒体披露的《关于回购注销 2022 年限制性股票激励计划部 分限制性股票的公告》（2024-078）。 2、2024 年 10 月 14 日，公司召开的第五届董事会第八次会议与第五届监事 会第六次会议审议通过了《关于调整 2022 年限制性股票激励计划部分限制性股 票回购注销价格的议案》，因公司实施 2024 年半年度权益分派，本次回购注销 的 19,488 股股票价格由 14.23 元/股调整为 13.98 元/股；回购注销的 4,860 股 ...

湖南启元律师事务所 关于益丰大药房连锁股份有限公司 2022年限制性股票激励计划部分限制性股票 回购注销实施的 法律意见书 二〇二四年十一月 1 一、本次回购注销履行的程序与信息披露情况 截至本法律意见书出具之日，益丰药房为本次回购注销已履行了如下程序： 1、2022 年 9 月 5 日，公司召开的 2022 年第三次临时股东大会审议通过了 《关于公司<2022 年限制性股票激励计划（草案）>及摘要的议案》、《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司股 东大会授权董事会办理限制性股票激励计划相关事宜的议案》等与本次股权激励 计划相关的议案，同意实施公司 2022 年限制性股票激励计划，并授权董事会办理 致：益丰大药房连锁股份有限公司 湖南启元律师事务所（以下简称"本所"）受益丰大药房连锁股份有限公司 （以下简称"益丰药房"或"公司"）委托，担任公司实施 2022 年限制性股票激 励计划项目专项法律顾问，根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《益丰大药房连锁股份有限公司章程》（以下简称"《公司章程》"）、 《益丰大药房连锁股份有限公司 20 ...

已履行的审议程序：经公司第四届董事会第三十八次会议审议通过 | 证券代码：603939 | 证券简称：益丰药房 公告编号：2024-117 | | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | 益丰大药房连锁股份有限公司 关于使用闲置募集资金委托理财到期赎回 并继续委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次赎回产品名称：招商银行点金系列看涨两层区间 59 天结构性存款 赎回金额：1,000.00 万元 本次继续委托理财金额：800.00 万元 特别风险提示：公司将对投资产品进行严格评估，尽管公司选择本金保障 类理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，面临收益波动风险、流动性风险、信用风险、操作风险、信息技术系统 风险、政策法律风险、不可抗力及意外事件风险、信息传递等风险。 一、 本次赎回理财产品的情况 公司使用闲置募集资金购买浦发银行的结构性存款，上述结构性存款与收益于近 日归还至募集资金账户，与预期收益不存 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady performance in its Q3 2024 results, with total revenue of 17.22 billion yuan (up 8.38% year-on-year) and a net profit attributable to shareholders of 1.11 billion yuan (up 11.14%) [2] - The wholesale business is experiencing rapid growth, with contributions from both Western and traditional Chinese medicine driving core revenue growth [2] - The company is expanding its store network steadily, with a total of 15,050 stores as of Q3 2024, including 11,425 direct-operated and 3,625 franchised stores [3] Revenue and Profitability - For the first three quarters of 2024, the company achieved retail revenue of 15.18 billion yuan (up 6.84%) and wholesale revenue of 1.48 billion yuan (up 17.56%) [2] - The gross profit margin improved to 40.39% for the first three quarters, with a Q3 margin of 41.13% [3] - The company adjusted its marketing strategy in Q3, leading to cost reductions and efficiency improvements [3] Store Expansion and Strategy - The company added 679 new stores in Q3 2024, with 420 self-built, 60 through acquisitions, and 199 franchised [3] - A total of 365 stores were relocated or closed in Q3, primarily in regions with weaker market conditions, which is expected to enhance operational efficiency in the future [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.55 billion, 1.83 billion, and 2.12 billion yuan, respectively [4] - The corresponding P/E ratios for the current market capitalization are projected to be 20, 17, and 15 times for 2024, 2025, and 2026 [4]

Investment Rating - The report does not specify a clear investment rating for the company [1][6]. Core Insights - The company reported a steady revenue growth of 8.4% year-on-year, reaching 17.22 billion yuan in the first three quarters of 2024, with a net profit of 1.11 billion yuan, reflecting an increase of 11.1% [1][2]. - The company continues to expand its store network, adding 2,254 new stores in the first three quarters of 2024, bringing the total to 15,050 stores across ten provinces and cities [3][4]. - The product structure is undergoing adjustments, with a slowdown in the growth of non-pharmaceutical products, while traditional Chinese medicine and Western medicine continue to show positive growth [3][7]. Financial Performance Summary - For Q3 2024, the company achieved revenues of 5.46 billion yuan, up 5.3% year-on-year, and a net profit of 310 million yuan, an increase of 6.4% [2][3]. - The gross margin for Q3 2024 was reported at 41.1%, an increase of 2.5 percentage points, while the net profit margin was 6.2%, a slight decrease of 0.2 percentage points [2][3]. - The company’s revenue for the first three quarters of 2024 was 172.2 billion yuan, with a projected net profit of 1.59 billion yuan for 2024, reflecting a growth rate of 12.67% [4][7]. Business Segment Analysis - The retail business generated 151.8 billion yuan in revenue for the first three quarters of 2024, representing a growth of 6.8%, while the wholesale business saw a revenue increase of 17.6%, totaling 14.8 billion yuan [3][4]. - The revenue from Western and traditional Chinese medicine reached 130.5 billion yuan, growing by 8.8%, while non-pharmaceutical products generated 19.6 billion yuan, with a minimal growth of 0.2% [3][7]. Future Earnings Forecast - The company is expected to achieve net profits of 1.59 billion yuan, 1.86 billion yuan, and 2.20 billion yuan for the years 2024, 2025, and 2026, respectively [4][7]. - Revenue projections for the years 2024 to 2026 are estimated at 22.59 billion yuan, 24.47 billion yuan, and 28.09 billion yuan, with corresponding growth rates of 8.32%, 14.81%, and 14.88% [4][7].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 31.3 CNY, compared to the current price of 26.10 CNY [1]. Core Insights - The company demonstrated steady growth with a revenue of 17.22 billion CNY for the first three quarters of 2024, reflecting an 8.4% year-over-year increase, and a net profit of 1.11 billion CNY, up 11.1% year-over-year [1]. - The retail business is developing steadily, with traditional Chinese medicine revenue increasing by 9.0% year-over-year, and non-pharmaceutical revenue showing a slight increase of 0.2% [1]. - The company is focusing on long-term development with a moderate slowdown in store expansion, adding 679 new stores in Q3 2024, bringing the total to 15,050 stores, a 21.9% year-over-year increase [1]. - Profitability remains high, with a gross margin of 41.1% in Q3 2024, an increase of 2.5 percentage points year-over-year [1]. Financial Summary - Total revenue for 2023 is projected at 22.588 billion CNY, with a year-over-year growth rate of 13.6%. For 2024, revenue is expected to reach 24.874 billion CNY, reflecting a 10.1% growth [2]. - The net profit for 2023 is estimated at 1.412 billion CNY, with a growth rate of 11.6%. The forecast for 2024 is a net profit of 1.581 billion CNY, indicating a 12.0% increase [2]. - The earnings per share (EPS) for 2023 is projected at 1.16 CNY, with an expected increase to 1.30 CNY in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has demonstrated steady growth in the first three quarters of 2024, with revenue reaching 17.219 billion yuan, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 1.111 billion yuan, up 11.14% year-on-year [3] - The report highlights the company's effective management and store expansion strategy, which enhances operational resilience and customer satisfaction [5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 172.19 billion yuan, with a gross margin of 40.39% and a net margin of 6.96% [3] - In Q3 2024 alone, revenue was 54.56 billion yuan, reflecting a 5.31% increase year-on-year, while net profit was 3.13 billion yuan, up 6.38% [3] - The company’s retail business generated revenue of 151.84 billion yuan, with a gross margin of 41.43%, while the wholesale business saw revenue of 14.80 billion yuan, albeit with a slight decrease in gross margin to 8.78% [4] Store Expansion and Management - As of Q3 2024, the company operated 15,050 stores, including 3,625 franchise stores, with a net addition of 2,254 stores in the first three quarters [5] - The report emphasizes the importance of professional management and service improvements in driving performance and customer loyalty [5] Future Earnings Forecast - The company’s projected net profits for 2024-2026 are 1.535 billion yuan, 1.732 billion yuan, and 1.955 billion yuan respectively, with corresponding EPS of 1.27 yuan, 1.43 yuan, and 1.61 yuan [3][6] - The current stock price corresponds to a P/E ratio of 20.6 for 2024, 18.3 for 2025, and 16.2 for 2026, indicating a favorable long-term outlook based on management efficiency and store expansion [3][6]