Yifeng Pharmacy (603939) 2018 Annual Report and 2019 Quarterly Report Commentary-Self-built + M & A two-wheel drive company continued high growth

Yifeng Pharmacy (603939) 2018 Annual Report and 2019 Quarterly Report Commentary-“Self-built + M & A” two-wheel drive company continued high growth
Incident Description The company released its annual report for 18 years and a quarterly report for 19 years. The company achieved revenue of 69 in 18 years.1.3 billion, an increase of 43 in ten years.79%, net profit attributable to mother 4.1.6 billion, an increase of 32 in ten years.83%, net profit after deducting non-return to mother 3.8.2 billion, an annual increase of 23.53%.The company’s revenue in the first quarter 杭州夜生活网 of 19 was 24.6.9 billion, an increase of 66 in ten years.67%, net profit attributable to mother 1.4.7 billion, an increase of 45 in ten years.77%. Incident review The addition of new stores to suppress the company’s profitability in the short term will become a new growth point in the future.The company achieved operating income in the fourth quarter of 2018.4.7 billion, an increase of 61 in ten years.89%, net profit attributable to mother 1.0.8 billion, an increase of 16 in ten years.13%, the company’s net profit growth has improved in the fourth quarter.During the reporting period, the company achieved a gross profit margin of 39.73%, down by 0 every year.31pct, net interest rate 6.39%, down by 0 every year.21pct, with a sales expense ratio of 27.43%, rising by 0 every year.51pct, management expense ratio 3.87%, a decrease 重庆耍耍网 of 0 every year.34pct, financial expense ratio is 0.19%, rising by 0 every year.27 points.The decline in the company’s profit margin and the increase in the sales expense ratio are mainly due to the company’s replenishment of a large number of stores that are still in the consolidation period, which will cause some pressure on the company’s profitability in the short term. In the future, the store integration will be completed, and these new stores will gradually release performance.In 2018, the company added 1,552 stores, including 546 directly-operated stores, 89 franchise stores, acquired 959 stores, and closed 42 stores. Acquired Xinxing Pharmacy and entered Hebei, self-built + M & A two-wheel drive.The company implements a regional focus development strategy. The company’s stores were previously concentrated in seven provinces and cities in Hunan, Hubei, Shanghai, Jiangsu, Jiangxi, Zhejiang, and Guangdong. The company transferred the company to acquire the new pharmacy in Shijiazhuang, and the company’s territory expanded to northern China.Shijiazhuang Xinxing Pharmacy is the second largest chain pharmacy enterprise in the Hebei region. The company holds 91% of the equity and consolidated in September 18, and Xinxing Pharmacy achieved revenue of 10 in 18 years.5.3 billion, an increase of 16 in ten years.35%, net profit 6277.550,000 yuan, an increase of 38 in ten years.97%, 19 years will significantly increase the company’s performance.In 2019, the company plans to add 1,000 stores through “self-built + acquisition”.From January to March 2019, the company’s net increase of 347 stores, including 131 newly opened stores, acquired 204 stores, 43 franchised stores, closed 31 stores, as of March 31, 2019, the company has 3,958 stores Family. The investment proposal estimates that the company’s EPS for the years 19-21 will be 1.50\2.01\2.58, corresponding to the company’s closing price of 58 on April 10.98 yuan, PE for 19-21 is 39.32\29.34\22.86. Maintain the “overweight” rating. Risks indicate that the outflow of prescriptions exceeds expectations; the profitability of new stores is lower than expected.


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