积极开拓下沉市场，优势区域持续加密门店布局。目前公司已完成全国扩张，聚焦11个优势省份持续做门店下沉加密布局，截至报告期末，公司门店总数达15,591家，2024年1-9月新增门店2,368家，新增门店中，优势省份及重点城市门店占比86%，地级市及以下门店占比77%。Ping An's point of view:
Revenue growth is slowing, and performance is under pressure. Affected by factors such as weak consumption power and access to outpatient clinics, etc., the company's revenue growth rate slowed. On the other hand, the company's net interest rate was affected by factors such as accelerated expansion, the opening of new stores, and increased cost rates. The 24Q1-Q3 net interest rate was 4.58%, down 0.74pp from the previous year.
Focus on improving operating efficiency, and gross margin has improved. The company focuses on improving operating efficiency and improving gross margin levels. By the time 24Q3 Company's refined management “Torch Project” had entered the normalization stage. 24Q1-Q3 company's gross margin was 33.87%, an increase of 1.36pp over the previous year, and gross margin improved.
Actively explore the sinking market, and continue to encrypt store layouts in advantageous regions. At present, the company has completed national expansion, focusing on 11 dominant provinces and continuing to develop an encrypted layout of stores. By the end of the reporting period, the total number of the company's stores reached 15,591, and 2,368 new stores were added from January to September 2024. Among the new stores, stores in dominant provinces and key cities accounted for 86%, and stores in prefecture-level cities and below accounted for 77%.
Maintain a “Recommended” rating. Considering that the company focuses on refined management of operations, profit margins are expected to rebound in the future. The profit forecast for 2024-2026 is adjusted to net profit of 0.967, 1.081, and 1.249 billion yuan (originally projected net profit of 1.091, 1.296, and 1.537 billion yuan). The company is a leading company in the pharmacy sector. It has high operating stability and maintains a “recommended” rating.
Risk warning: The competitive landscape of the industry intensifies risks; the company's operations fall short of expectations due to weak consumption, medical reform policies, etc.; drug safety risks, etc.
