Yixintang (002727): Third-quarter increase in net profit attributable to mothers in the third quarter improves the saving of foreign stores

Event: On the evening of October 24, the company announced the third quarter report of 2019, and achieved revenue of 76 in the third quarter before 2019.

6.1 billion, a previous appreciation of 15.

75%; net profit attributable to mother 4.

8.4 billion, a previous appreciation of 15.

66%; net profit of non-attributed mothers4.

78 trillion, an increase of 15 in ten years.

22%; net operating cash flow 6.

33 trillion, an increase of 151 in ten years.


In the third quarter, the growth rate of net profit attributable to mothers increased, and gross profit margin was generally stable.

In the third quarter of 2019, the company’s net profit attributable to its mother increased by 16 in each quarter.

48%, a significant increase over the second quarter quarterly growth rate16.

00pp, we expect that the implementation of the company’s remote review platform will effectively reduce the labor costs of licensed pharmacists.

The company’s gross profit margin for the third quarter of 2019 was 38.

78%, 0 in ten years.

35pp, gross profit margin is stable overall.

The proportion of stores outside the province continued to increase.

In the first three quarters of 2019, the 杭州桑拿网 number of company stores was 6,216, and the number of stores increased by 13 in ten years.

6%, including a net increase of 458 stores and 595 new stores. Due to urban transformation and strategic location adjustment, 137 stores were closed and relocated.

As of the third quarter of 2019, the company’s number of stores outside Yunnan Province was 2431, with the number of stores accounting for 39.

11%, an increase of about 1 in the same period in 2018.


The three expenses are well controlled.

In the first three quarters of 2019, the company’s sales expenses subsidized27.

08%, with an increase of 0.

10pp; management expense ratio 3.

75% (after combining research and development expenses), the same reduction of 0.

35pp; financial expense ratio is 0.

20%, same minus 0.


The company’s three expense 无锡夜网 ratios total 31.

03%, minus 0.

58pp, highlighting the company’s excellent cost control capabilities.

Earnings forecasts and investment advice.

We estimate the company’s net profit attributable to its parent to be 6-2019.

04, 7.

05, 8.

180,000 yuan, the corresponding EPS is 1.06, 1.

24, 1.

44 yuan.

With reference to the PE of the comparable company in 2019, the company is given 24-28 times PE in 2019, with a reasonable value range of 25.


78 yuan, maintain the “preliminary market” rating.

risk warning.

Health insurance policies tightened risks, and store expansion did not meet expected risks.