Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance shows steady growth, with a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% year-on-year increase. The net profit attributable to the parent company reached 1.111 billion yuan, up 11.14% year-on-year [6] - The company is focusing on steady expansion and optimization of existing stores, with a total of 15,050 chain pharmacies across ten provinces and cities by the end of the reporting period. The company added 2,254 new stores in the first nine months of 2024, while the pace of overall expansion has slowed down [7] - The retail business is developing steadily, with retail revenue of 15.184 billion yuan and wholesale revenue of 1.480 billion yuan for the first three quarters of 2024, showing year-on-year growth of 6.84% and 17.56%, respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 40.39% (up 0.84 percentage points) and a net profit margin of 6.96% (down 0.14 percentage points). The selling, administrative, and financial expense ratios were 25.99%, 4.39%, and 0.71%, respectively [6] Expansion Strategy - The company has adopted a strategy of regional focus and optimization of existing stores. In Q3 alone, the company added 679 new stores, with a significant increase in the number of closed stores, indicating a shift towards improving operational quality rather than aggressive expansion [7] Business Segments - The retail and wholesale segments are performing well, with the retail segment showing a gross margin of 41.43% and the wholesale segment at 8.78%. The main product categories, including traditional Chinese medicine and non-pharmaceuticals, have also seen positive growth [8] Investment Recommendations - Given the current macroeconomic environment and increasing regulatory scrutiny, the company is expected to maintain strong operational resilience and improve market share. The projected net profits for 2024-2026 are 1.740 billion, 2.129 billion, and 2.584 billion yuan, respectively, with corresponding EPS of 1.43, 1.76, and 2.13 yuan [8]

证券研究报告：医药生物 | 公司点评报告 2024 年 10 月 31 日 公司基本情况 最新收盘价（元） 23.73 总股本/流通股本（亿股）12.12 / 12.12 总市值/流通市值（亿元）288 / 288 52 周内最高/最低价 46.63 / 17.75 资产负债率(%) 56.7% 市盈率 16.95 第一大股东 宁波梅山保税港区厚信 创业投资合伙企业(有 限合伙) 股票投资评级 买入|维持 个股表现 -34% -26% -18% -10% -2% 6% 14% 22% 30% 38% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 益丰药房 医药生物 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 益丰药房(603939) 业绩符合预期，坚守高质量发展 业绩符合预期，营收、利润稳健增长 公司发布 2024 年三季报：2 ...

公 司 季 报 点 评 证 券 研 究 报 告 2024年11月01日 医药 益丰药房(603939.SH) 业绩稳健增长，利润率持续提升 推荐 ( 维持) 事项： 股价:23.73元 | --- | --- | |------------------------|----------------------------------| | 行业 | 医药 | | 公司网址 | www.yfdyf.cn | | 大股东 / 持股 | 宁波梅山保税港区厚信创业投资合伙 | | | 企业 ( 有限合伙 )/21.65% | | 实际控制人 | 高毅 | | 总股本 ( 百万股 ) | 1,212 | | 流通 A 股 ( 百万股 ) | 1,212 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 288 | | 流通 A 股市值 ( 亿元 ) | 288 | | 每股净资产 ( 元 ) | 8.27 | | 资产负债率 (%) | 59.9 | | 行情走势图 | | | | | 证券分析师 | --- | |--------------------------| | | | 投资咨 ...

231031231130231231240131240229240331240430240531240630240731240831240930 成交金额 益丰药房 沪深300 业绩简评 2024 年 10 月 30 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现收入 172.2 亿元（+8.38%，同比，下同）；实现 归母净利润 11.1 亿元（+11.14%）；实现扣非归母净利润 10.9 亿 元（+13.01%）。 分季度来看，2024 年 Q3 公司实现收入 54.56 亿元（+5.31%）；实 现归母净利润 3.13 亿元（+6.38%）；实现扣非归母净利润 3.06 亿 元（+6.51%）。 经营分析 三季度扩张节奏整体偏平稳。2024 年 Q3，公司新增门店 679 家， 其中，自建门店 420 家，并购门店 60 家，新增加盟店 199 家。自 建、加盟节奏与上半年接近（上半年自建门店 842 家、新增加盟 店 440 家），并购节奏放缓（上半年并购门店 293 家）。我们认为， 当前行业环境下，重视并购质量、适当放缓并购节奏利于更稳健 经营。 短期闭店增多，费用有所 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥5,456,496,751.25, representing a year-over-year increase of 5.31%[3] - Net profit attributable to shareholders was ¥312,782,556.35, reflecting a growth of 6.38% compared to the same period last year[3] - The net profit excluding non-recurring items was ¥306,074,278.81, with a year-over-year increase of 6.51%[3] - Basic earnings per share for the quarter were ¥0.26, an increase of 8.33% year-over-year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 17,218,897,862.76, an increase from CNY 15,888,047,446.63 in the same period of 2023, representing a growth of approximately 8.36%[22] - Operating profit for the first three quarters of 2024 was CNY 1,585,544,439.53, up from CNY 1,468,816,500.30 in 2023, reflecting a growth of approximately 7.93%[22] - The total profit for Q3 2024 was approximately ¥1.58 billion, an increase from ¥1.47 billion in Q3 2023, representing a growth of about 7.6%[23] - The net profit attributable to shareholders of the parent company reached approximately ¥1.11 billion, compared to ¥999.18 million in the same period last year, marking a year-on-year increase of about 11.2%[23] - The basic and diluted earnings per share for Q3 2024 were both ¥0.92, up from ¥0.83 in Q3 2023, reflecting a growth of approximately 10.8%[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥27,211,502,295.78, a 12.74% increase from the end of the previous year[4] - The company's total assets as of the end of the reporting period amounted to CNY 27,211,502,295.78, compared to CNY 24,136,539,194.64 at the end of the previous year, marking an increase of about 12.83%[19] - Total liabilities increased to CNY 16,311,796,203.09 from CNY 13,689,451,532.80, representing a growth of approximately 19.06%[19] - Shareholders' equity attributable to the parent company was ¥10,253,079,010.09, up 4.58% from the previous year[4] - The company's equity attributable to shareholders reached CNY 10,253,079,010.09, compared to CNY 9,804,432,476.56 in the previous year, indicating an increase of about 4.56%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,341,774,378.18, showing a growth of 15.96%[3] - Cash inflows from operating activities totaled approximately ¥18.85 billion, compared to ¥17.56 billion in the previous year, indicating an increase of about 7.4%[24] - The cash outflows from operating activities amounted to approximately ¥15.51 billion, up from ¥14.68 billion in the same period last year, which is an increase of about 5.6%[25] - The net cash flow from investing activities was negative at approximately -¥3.67 billion, worsening from -¥1.75 billion in the previous year[25] - The net cash flow from financing activities was also negative at approximately -¥90.66 million, compared to -¥1.54 billion in Q3 2023, showing an improvement[25] - The cash and cash equivalents at the end of Q3 2024 were approximately ¥2.05 billion, down from ¥2.51 billion at the end of Q3 2023, a decrease of about 18.1%[25] Store Expansion and Acquisitions - In the first nine months of 2024, the company added 2,254 stores, including 1,262 self-built stores, 353 acquired stores, and 639 franchise stores, resulting in a total of 15,050 stores by the end of the reporting period, a net increase of 1,800 stores[13] - The company completed two acquisition projects during the reporting period, including the acquisition of 80% of Hebei Wocheng Xinxing Ankang Pharmaceutical Chain Co., Ltd. for RMB 29.6 million, involving 49 stores, with the equity transfer completed in August 2024[13] - The company also acquired assets and businesses from 11 pharmacies for RMB 2.5 million, with the asset transfer completed in September 2024[15] Current Assets - As of September 30, 2024, the company's total current assets amounted to RMB 14,674,572,132.89, an increase from RMB 12,128,910,739.25 at the end of 2023[16] - The company's cash and cash equivalents decreased from RMB 3,565,905,738.81 at the end of 2023 to RMB 3,228,417,302.16 as of September 30, 2024[16] - The company's trading financial assets increased significantly from RMB 1,630,720,887.94 at the end of 2023 to RMB 4,829,060,856.59 as of September 30, 2024[16] - Accounts receivable decreased from RMB 2,138,274,319.88 at the end of 2023 to RMB 1,678,913,338.21 as of September 30, 2024[16] - The company's inventory increased from RMB 3,807,963,660.86 at the end of 2023 to RMB 3,897,488,801.39 as of September 30, 2024[16] - Other current assets increased from RMB 384,124,342.84 at the end of 2023 to RMB 447,070,028.11 as of September 30, 2024[16] - The company reported a significant increase in debt investment from RMB 154,167,777.78 at the end of 2023 to RMB 208,040,971.84 as of September 30, 2024[16] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 25,185,648.10, up from CNY 15,256,402.00 in 2023, reflecting a growth of approximately 64.93%[22]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-115 | | --- | --- | --- | | 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2024年第三季度主要经营数据的公告 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。 根据上海证券交易所发布的上市公司分行业信息披露指引及《关于做好主 板上市公司 2024 年第三季度报告披露工作的重要提醒》相关要求，现将益丰 大药房连锁股份有限公司（以下简称"公司"）2024 年第三季度主要经营数据披 露如下： 一、报告期末主要经营数据 1、主要会计数据及财务指标 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比 上年同期 | | 分行业 | 营业收入 | 营业成本 | （%） | 上年同期增 减（%） | 上年同期增 减 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-114 | | --- | --- | --- | | 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的进展公告 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： 本次委托理财金额：1,000.00 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、不可抗力及意外事件风险、信息传递等风险。 一、 本次委托理财的情况 1、委托理财目的 2、委托理财金额 本次委托理财金额共 1,000.00 万元。 3、资金来源 闲置募集资金。 4、募集资金基本情况 经中国证券监督管理委员会《关于同意益丰大药房连锁股份有限公司向不特 定对象发行可 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-113 | | --- | --- | --- | | 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 关于不向下修正"益丰转债"转股价格的公告 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： 自 2024 年 10 月 8 日至 2024 年 10 月 28 日，公司股票已满足在任意连续 三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%，已触发 "益丰转债"转股价格修正条款。 公司于 2024 年 10 月 28 日召开第五届董事会第九次会议，审议通过了《关 于不向下修正"益丰转债"转股价格的议案》。公司决定本次不向下修正"益丰 转债"的转股价格，并且在未来 3 个月内（即 2024 年 10 月 29 日至 2025 年 1 月 28 日），公司股价若再次触发此条款，亦不向下修正"益丰转债"的转股价格。 下一触发转股价格修正条款的期间从 2025 年 1 月 29 日起重新 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-112 | | --- | --- | --- | | 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 关于权益变动的提示性公告 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： 益丰大药房连锁股份有限公司（以下简称"公司"）控股股东宁波梅山保 税港区厚信创业投资合伙企业（有限合伙）（以下简称"厚信创投"）及其一致 行动人因减持公司可转换债券"益丰转债"导致公司控股股东及其一致行动人拥 有公司合并权益比例由 34.85%下降至 33.57%。本次权益变动系可转债减持，不 涉及要约收购。 信息义务披露人 1 宁波梅山保税港区厚信创业投资合伙企业（有限合伙） | 注册地 | 浙江省宁波市北仑区梅山七星路 | 号 88 | 1 | 幢 | 401 | 室 | B | 区 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | G0008 ...

关于使用闲置募集资金委托理财的公告 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： 本次委托理财金额：5,100.00 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 | 证券代码：603939 | 证券简称：益丰药房 公告编号：2024-111 | | --- | --- | | 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 本次委托理财金额共 5,100.00 万元。 3、资金来源 闲置募集资金。 4、募集资金基本情况 经中国证券监督管理委员会《关于同意益丰大药房连锁股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕109 号）核准，同 意益丰大药房连锁股份有限公司（以下简称"公司"或"益丰药房"）向不特定 对象发行面值总额 1,797,432,000.00 元可转换公司债券，每张面值为人民币 100 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 ...