各区域收入均保持稳健增长，批发及零售业务均保持正向增长。益丰药房2024Q1-Q3 期间中南地区实现营业收入77.77 亿元，同比增长7.85%，华东地区实现营业收入67.31 亿元，同比增长4.81%，华北地区实现营业收入21.56 亿元，同比增长17.31%。公司在2024Q1-Q3 华东、中南和华北地区均实现收入正向增长，其中华北地区实现双位数同比增长。公司2024Q1-Q3 零售业务实现营业收入151.84 亿元，同比增长6.84%，批发业务实现营业收入14.80 亿元，同比增长17.56%。The company released its three-quarter report for 2024. In Q1-Q3 of 2024, the company achieved operating income of 17.219 billion yuan, an increase of 8.38% over the previous year, and realized a net profit of 1.111 billion yuan to mother, an increase of 11.14% over the previous year. The company's revenue in all regions has maintained steady growth, and the wholesale and retail business has maintained positive growth. Maintain a buy rating.
Key points to support ratings
Both the revenue side and profit side maintained steady growth, and gross margin increased year over year. The company achieved operating income of 17.219 billion yuan in Q1-Q3 of 2024, an increase of 8.38% over the previous year, and realized a net profit of 1.111 billion yuan to mother, an increase of 11.14% over the previous year. Among them, the company achieved operating income of 5.456 billion yuan in a single quarter of 2024Q3, an increase of 5.31% year on year, and realized net profit to mother of 0.313 billion yuan, an increase of 6.38% year on year. The company's gross margin for 2024Q1-Q3 was 40.39%, up 0.84pct year on year. The company's gross margin for 2024Q3 was 41.13%, up 2.50pct year on year.
Revenue growth in all regions has been steady, and both wholesale and retail businesses have maintained positive growth. During the 2024Q1-Q3 period, Yifeng Pharmacy achieved revenue of 7.777 billion yuan, up 7.85% year on year, East China achieved revenue of 6.731 billion yuan, up 4.81% year on year, and North China achieved revenue of 2.156 billion yuan, up 17.31% year on year. The company achieved positive revenue growth in East China, Central South China and North China in 2024Q1-Q3, with North China achieving double-digit year-on-year growth. The company's retail business achieved revenue of 15.184 billion yuan in 2024Q1-Q3, an increase of 6.84% over the previous year, and the wholesale business achieved revenue of 1.48 billion yuan, an increase of 17.56% over the previous year.
The expansion of stores in various regions continues to advance. From January to September 2024, the company added 2,254 stores, including 1,262 self-built stores, 353 mergers and acquisitions, 639 new affiliate stores, and relocated and closed 454 stores. As of 2024, the total number of company stores in Q3 was 15050, with 7275 stores in the central and southern regions, 5,403 in East China, and 2,372 in North China.
valuations
The company's net profit for 2024, 2025, and 2026 is expected to be 1.677 billion yuan, 2.036 billion yuan, and 2,512 billion yuan, respectively, and the corresponding EPS is 1.38 yuan, 1.68 yuan, and 2.07 yuan, respectively. According to the stock price on November 8, 2024, the price-earnings ratio is 18.7 times, 15.4 times, and 12.5 times, respectively. Maintain a buy rating.
The main risks faced by ratings
The risk of changes in industry policies, the risk of store expansion falling short of expectations, and the cultivation of new stores falling short of the expected risk.
