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HTTP:/WWW.LONGONE.COM.CN 12023 12 1 S0630522040001 S0630522120001 HTTP:/WWW.LONGONE.COM.CN 2 2022 1.8 29.0%2022 61.1 2010-2022 CAGR 8.4%/0.1%1361 25.7 2023 2 1.52%200 21%2.8 25 14.1 1.7 69.4 3.11 8-10 1.2023Q1-Q3 26.5%/15.7%/9.7%32.0%/17.3%/5.6%2.2023 3127 2709 2240 1322 802 1322 656 1 2 ZXDWxOsPpMmNqOtQrMtMqRaQbP7NpNnNtRnOjMnMsQkPsQpP9PpOpPvPnPsPuOnRoR HTTP:/WWW.LONGONE.COM.CN 3 HTTP:/WWW.LONGONE.COM.CN 4 2022 2022 17,936 29.0%HTTP:/WWW.LONGONE.COM.CN 5 2022 6300(yoy 9.6%)2015-2022 CAGR 9.9%5015(yoy+6.8%)74.6%2015-2022 CAGR 7.0%+=+HTTP:/WWW.LONGONE.COM.CN 6 O2O O2O 78%(2023Q3)O2O 86%1 2 3 4 2023 2 10+=HTTP:/WWW.LONGONE.COM.CN 7 2022 61.1 35.4 2010-2022CAGR 8.4%58.0%25.7 2010 2012-2022CAGR 0.1%HTTP:/WWW.LONGONE.COM.CN 8 2022,Top10 1550 30.9%2021 3.4 Top1 329.8 Top20 2018 40.2%2021 3.2 Top50 2254 45.0%2021 3.9 Top100 2800 55.8%2021 3.9 2022 51.2 1361 25.7 Top10-Top100 Top10 2022 0501001502002503003502022 HTTP:/WWW.LONGONE.COM.CN 9 10 104 6 15 52.3%34.62%500-100 13.46%200-500 31.73%200 20.19%14 3 33 200 2023 6 15 2022 HTTP:/WWW.LONGONE.COM.CN 10 50%-70%50%-80%50-96%60%-75%68-85%2023 6 15 HTTP:/WWW.LONGONE.COM.CN 11 6 15 10 61.7%8694 10032 2968 1416 316 297 22 61.7%45.3%6.1%26.7%1.0%0.9%0.1%8 25 14.14 1.74 69.36 2023 6 15 2022 HTTP:/WWW.LONGONE.COM.CN 12 2020.03“”“”2021.7 107“”2022.1“”2023.11 2023.11“”2023.11 HTTP:/WWW.LONGONE.COM.CN 13 11 2023 2 2020.03“”“”2021.06“”“”2021.7 107“”2022.1“”2023.11 2023.11“”2023.11 HTTP:/WWW.LONGONE.COM.CN 14 2023 7 3 10 3269(2.0%)10 44.1 7.3%1.8%10 74.0 7.0%0.2%-3542330536803254336531552871297332053269-50%-40%-30%-20%-10%0%10%20%05001000150020002500300035004000(42.840.046.741.745.542.138.940.443.444.1-50%-40%-30%-20%-10%0%10%20%05101520253035404550(81.782.678.778.174.075.173.973.573.9 74.0-8%-6%-4%-2%0%2%4%6%8%10%12%687072747678808284(-HTTP:/WWW.LONGONE.COM.CN 15 Wind 7 2023 768.35 16.94%40.74 18.73%517.98 650.43 743.24 967.35 768.35 0%5%10%15%20%25%30%35%0200400600800100012002019A 2020A 2021A 2022A 2023Q1-Q3 yoy 26.9137.7837.3548.3340.74-5%0%5%10%15%20%25%30%35%40%45%01020304050602019A 2020A 2021A 2022A 2023Q1-Q3 yoy HTTP:/WWW.LONGONE.COM.CN 16 Wind Wind 2023Q1-Q3 26.47%15.70%9.68%-16.90%0.41%-2.86%31.97%17.29%5.56%9.49%-5.58%-24.74%2022Q4 2023Q1 Q2-30%-20%-10%0%10%20%30%40%50%60%-60%-40%-20%0%20%40%60%80%100%120%140%160%HTTP:/WWW.LONGONE.COM.CN 17 Wind Wind 2023 34.95%-0.83pp 5.72%+0.20pp 22.89%-0.86pp 3.84%-0.07pp 0.75%-0.08pp 0.08%+0.00pp 1 2 36.72%35.05%35.86%35.08%34.95%5.51%6.21%5.33%5.41%5.72%0%5%10%15%20%25%30%35%40%2019A 2020A 2021A 2022A 2023Q1-Q3 24.73%22.62%24.18%22.48%22.89%4.32%4.24%4.12%4.20%3.84%0%5%10%15%20%25%30%2019A 2020A 2021A 2022A 2023Q1-Q3 HTTP:/WWW.LONGONE.COM.CN 18 2023 11 30 21.69 300 12.43(+18.56%)Wind 2023 11 30 2023 11 30 Wind-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%()()30018.56%-0.66%-17.73%-15.70%-19.69%-23.17%-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%漱玉平民 健之佳 一心堂 益丰药房 大参林 老百姓 HTTP:/WWW.LONGONE.COM.CN 19 2023 11 30 PE TTM 22.53 5 5.0%26.7 23.0 20.0 15.0 4.4%3.6%6.6%9.6%Wind PE TTM PE TTM Wind 2018 2023 11 30 0%20%40%60%80%100%120%0102030405060702018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10()5.00%3.60%6.60%4.40%9.60%0102030405060708090100线下药店(申万)大参林 老百姓 益丰药房 一心堂 HTTP:/WWW.LONGONE.COM.CN 20 HTTP:/WWW.LONGONE.COM.CN 21 8-10 2023 2023Q1-Q3 2023Q3 2023Q1-Q3 2023Q3 2023Q2 2023Q1 158.88 51.8 19.0%12.7%18.2%26.9%177.23 57.3 19.6%12.4%19.9%27.2%160.42 52.3 16.4%9.3%10.7%31.4%128.13 41.4 6.5%1.9%6.8%11.0%65.00 21.6 38.0%27.0%39.5%49.4%65.34 22.7 24.5%22.4%21.4%30.6%2023Q3/13065 8945 4120 2709 1479 1230 312 12993 9305 3688 3127 1446 1681 179 12350 9562 2788 2240 1414 826 368-10008-802-6778 4015 2763 1322 690 832 1 4711-656 656-8 2023 HTTP:/WWW.LONGONE.COM.CN 22 Wind 2023 160.4(+16.4%)7.2(+17.5%)6.5(+13.7%)Q1-Q3 31.4%10.7%9.3%20.5%3.4%32.8%30.2%2.6%5.0%2023 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2023Q1-Q3 2023Q1 2023Q2 2023Q3 102.8 131.4 153.3 198.9 158.9 52.7 54.4 51.8YoY 48.7%27.9%16.6%29.8%19.0%26.9%18.2%12.7%5.4 7.7 8.9 12.7 10.0 3.4 3.7 2.9YoY 30.6%41.3%19.4%42.5%21.3%23.6%21.2%19.0%5.4 7.4 8.6 12.3 9.7 3.21 6.79 9.66YoY 40.9%37.4%20.3%43.3%21.6%20.8%21.9%22.1%39.0%38.0%40.3%39.5%39.5%39.7%40.3%38.6%26.1%24.6%26.5%24.5%25.5%25.6%25.8%25.1%4.3%4.2%4.4%4.7%4.4%4.2%4.6%4.3%0.4%0.3%0.7%0.5%0.4%0.4%0.4%0.5%5.9%6.6%6.5%7.2%7.1%7.2%7.7%6.4%HTTP:/WWW.LONGONE.COM.CN 24 Wind 2023 177.2(+19.6%)11.7(+21.3%)Q1-Q3 27.2%19.9%12.4%29.3%27.5%22.9%2023 149.0(+12.0%)23.4(+109.4%)84.1%13.6%39.1%(-0.4pp)11.5%(+2.3pp)127.4(+20.9%)20.8(+16.2%)24.2(+16.1%)71.9%11.7%13.7%32.0%(-2.1pp)43.4%(+1.5pp)45.7%(-2.4pp)2023 9 30 12,993 3,688 1-9 2,948 1,019 427 1,681 179 2019A 2020A 2021A 2022A 2023Q1-Q3 2023Q1 2023Q2 2023Q3 111.4 145.8 167.6 212.5 177.2 59.5 60.5 57.3YoY 25.8%30.9%14.9%26.8%19.6%27.2%19.9%12.4%7.0 10.6 7.9 10.4 11.7 5.0 4.2 2.6YoY 32.2%51.2%-25.5%30.9%27.2%29.3%27.5%22.9%6.9 10.2 7.2 10.1 11.6 4.98 8.98 11.64YoY 35.5%48.1%-29.8%40.6%26.9%25.7%29.8%25.0%39.5%38.5%38.1%37.8%37.1%38.1%36.8%36.2%26.0%23.8%25.5%24.3%22.0%21.0%22.1%23.1%4.7%4.8%5.8%5.6%4.9%4.4%4.8%5.6%0.3%-0.1%1.0%1.0%0.9%0.7%0.9%0.9%6.3%7.4%4.8%5.1%6.9%8.8%7.1%4.7%HTTP:/WWW.LONGONE.COM.CN 25 Wind 2023 128.1(+6.5%)6.9(+1.3%)6.8(+4.9%)Q1-Q3 11.0%6.8%1.9%33.5%11.0%-30.0%46.8%13.0%-30.3%1 2023 1 2 2023 9 30 10,008 802 2019A 2020A 2021A 2022A 2023Q1-Q3 2023Q1 2023Q2 2023Q3 104.8 126.6 145.9 174.3 128.1 44.4 42.4 41.4YoY 14.2%20.8%15.3%19.5%6.5%11.0%6.8%1.9%6.0 7.9 9.2 10.1 6.9 2.4 2.7 1.8YoY 15.9%30.8%16.7%9.6%1.3%33.5%11.0%-30.0%5.9 7.5 9.0 9.9 6.8 2.41 5.05 6.79YoY 16.2%27.4%19.4%10.1%4.9%46.8%13.0%-30.3%38.7%35.8%37.0%35.0%33.1%33.5%33.6%32.2%27.0%24.1%25.4%23.4%23.4%23.3%23.5%23.4%4.1%4.0%2.8%2.6%2.6%2.6%2.5%2.6%0.2%0.0%0.7%0.6%0.3%0.4%0.1%0.4%5.8%6.2%6.3%5.8%5.4%5.5%6.2%4.4%HTTP:/WWW.LONGONE.COM.CN 26 Wind 2023 65.0(+38.0%)2.8(+42.0%)2.7(+37.3%)Q1-Q3 49.4%39.5%27.0%143.7%38.4%13.9%112.7%43.2%12.6%2023 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2.3 1.0 2.2 1.6 0.60 1.32 1.60YoY-13.6%127.5%-55.6%115.2%30.2%14.3%34.7%65.8%33.3%30.1%28.5%28.6%30.1%29.1%32.6%28.5%25.1%20.1%22.0%20.5%21.4%20.5%22.1%21.5%4.3%4.2%4.4%4.7%4.4%3.0%3.7%3.3%-3.4%14.8%53.7%97.5%144.1%1.4%1.4%1.5%3.1%4.7%2.1%3.0%2.4%3.2%3.4%0.8%HTTP:/WWW.LONGONE.COM.CN 28 HTTP:/WWW.LONGONE.COM.CN 29 9 30 13065 76%32.5%-0.3pp 5.3%+0.1pp Q3 32.1%-0.9pp 4.6%+0.8pp 2023H1+9 30 4120 28.1 38.9%2023 125.2+14.9%11.6+29.5%23.7+19.1%30.1%-0.1pp 48.3%-1.2pp 37.5%-1.8pp 2023-2025 9.36/11.75/14.49 EPS 1.60/2.01/2.48 PE 19.1/15.2/12.3 HTTP:/WWW.LONGONE.COM.CN 30 2023 9 30 12350(9562 2788)2240(1046 368 826)2082(49 109)4648(+577)3610(+359)1304(+320)90.6%86.3%76.8%2023 39.5%(-0.8 pp)7.1%(+0.1pp)Q3 38.6%(-2.42pp)6.4%(+0.4pp)2023 25.5%4.4%0.4%-1.2+0.1-0.2 Q3 2023-2025 16.1/20.3/25.2 EPS 1.60/2.01/2.49 PE 23.4/18.6/15.0 HTTP:/WWW.LONGONE.COM.CN 31 HTTP:/WWW.LONGONE.COM.CN 32 HTTP:/WWW.LONGONE.COM.CN 33 6 300 20%6 300-20%20%6 300 20%6 300 10%6 300-10%10%6 300 10%6 300 15%6 300 5%15%6 300-5%5%6 300 5%15%6 300 15%HTTP:/WWW.LONGONE.COM.CN 34 1928 87 D 15F Http:/Http:/8621 20333275 18221959689 8610 59707105 18221959689 8621 50585608 8610 59707100 200215 100089Y O UT H A N K规范 协同务实 创新 HTTP:/WWW.LONGONE.COM.CN 35
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