Yifeng Pharmary(603939) 开源证券·2024-11-01 13:51Investment 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]