Four drugstores three-quarter fire line interpretation! Which one do you pick?

Pharmaceutical Network November 2nd, Yifeng pharmacy, Dasinlin, the people and one heart recently released three quarterly reports, let us take a look at the pharmaceutical biology industry rare four major drugstore chains to hand in the third quarter of the answer.
01, performance: Yifeng and Dasinlin better than the four listed retail pharmacies in the first three quarters of the total operating income of about 10 billion, the size is very close, the first three quarters of total operating income growth of more than 20% YoY.
Q3's total revenue in the single quarter was around $3.5 billion, slightly faster than the overall growth rate in the previous three quarters, as the retail pharmacy industry is emerging from the effects of the epidemic.
yifeng pharmacy and Dasinlin will perform better in 2020, with growth rate of about 30%.
Chart 1: Total operating income of four pharmacies Source: Tonghuashun, the return net profit performance of four pharmacies of Zhongkang Industrial Capital Research Center is basically in line with total operating income, and the growth rate is higher than the growth rate of revenue.
The performance of ordinary people and single-hearted church is in line with expectations, Yifeng pharmacy and Dasinlin's home-made net profit growth rate is higher than expected, Q3 single-quarter growth rate of more than 50%, in the post-epidemic era can still maintain high-speed growth or even speed-up growth, its performance can be described as excellent."
Chart 2: Net profit attributable to four pharmacies Source: Tonghuashun, Zhongkang Industrial Capital Research Center 02, Management and Profitability: Gross profit increase compared with the same period last year, the gross margin of the four major pharmacies have decreased, mainly due to the impact of this year's epidemic, the demand for anti-epidemic products rose sharply, and masks, alcohol and other anti-epidemic products profit is lower, so the gross margin of the four major pharmacies decreased by about 2pct compared to last year.
Chart 3: Gross margin of four pharmacies Source: Tonghuashun, Zhongkang Industrial Capital Research Center due to the impact of the epidemic, promotional activities decreased, sales costs are also reduced.
, on the other hand, during the outbreak, most people spontaneously went to the store to spend because of the need to fight the epidemic, thus reducing the demand for sales expenses.
, the top four pharmacies in the first three quarters of 2020, sales revenue accounted for a decrease of about 2 pct compared to the same period last year.
the largest decline in sales and expenses of DasinLin and Yisintang, which may be related to the fact that the two stores are mainly located in Guangdong and Yunnan regions and are less affected by the outbreak.
Figure 4: Sales expenses of four pharmacies Source: Tonghuashun, Zhongkang Industrial Capital Research Center (Note: Difference : Q3 Quarterly Sales Expenses Revenue Ratio 2020 - Sales Expenses Revenue Ratio for the Same Period last year) In addition to sales expenses, management expenses also decreased simultaneously.
the management efficiency of the four major pharmacies have been improved, of which dassin Forest, the people and the one-hearted hall of management fee revenue accounted for the largest decline.
Chart 5: Four pharmacies management expenses source: Tonghuashun, Zhongkang Industrial Capital Research Center (Note: year-on-year difference - single-quarter sales expenses revenue ratio - sales expenses revenue ratio in the same period last year) although the gross margin decreased, but thanks to the reduction in sales costs and management costs, the four drugstores sales net interest rate rose by about 1pct, of which the net interest rate of dasin forest increased the most than in previous years.
is also the main reason why net profit growth is higher than operating income growth.
Chart 6: Net interest rate of four pharmacies Source: Tonghuashun, Zhongkang Industrial Capital Research Center 03, store situation: store expansion accelerated as of September 30, 2020, the total number of stores in One Heart Hall a total of 6911 ranked first, and all of them are direct stores;
Chart 7: Total number of four pharmacy stores Source: Company earnings, Zhongkang Industrial Capital Research Center on store growth, the first three quarters of the people's net increase in the number of stores, including the number of self-built and acquired stores reached 804;
, the expansion of the big four pharmacies is still accelerating and will drive strong performance growth in the future.
Chart 8: New Store Information Source: Company Earnings, Zhongkang Industrial Capital Research Center 04, Capital Market Performance: Yifeng Pharmacy and Dasanlin market value is the highest, the lowest valuation of the people and one-hearted hall in terms of capital market performance, Dasanlin total market value of 62.02 billion yuan, ranked first, Yifeng Pharmacy followed closely behind;
compared with the rise and fall of the four pharmacies for the whole of 2020, the better-performing Yifeng Pharmacy and Dasinlin rose the most.
the future of the better market performance continued to lead, or the performance is also in line with expectations of the best students to supplement the rise? It's worth looking forward to! Figure 9: Total market capitalization, price-earnings ratio and price-to-earnings ratio of the four pharmacies Source: Tonghuashun, Zhongkang Industrial Capital Research Center (note: close as of October 30, 2020) 05, the conclusion from the performance and capital markets, the four drugstores can be described as red fried chicken, achieved the performance and valuation of the same rise.
Yifeng Pharmacy and Dasinlin are performing better, but the current valuation is also the highest, with the current valuation of The People and One Heart Hall lower and new stores accelerating.
the big four pharmacies each have swings, which one do you pick?