伴随着近些年人们的收入增加和城镇化、老龄化不断提升等相关因素的影响，医药 零售行业获得巨大的发展，行业市场规模不断扩大；行业内部之间的竞争日趋激烈，部 分行业内领头企业陆续登陆资本市场进行大规模的融资并通过收购、兼并等方式加速扩 张；行业内上市公司的增加使投资者投资对象的范围扩大，同时，经营良好的医药零售 类公司的上市也带来非常大的投资机会；基于此，本文选择医药零售行业中的上市公司 老百姓大药房作为投资分析对象，希望通过对老百姓大药房公司的投资价值进行系统的 分析从而达到为投资者投资决策做参考的目的。 本文首先对老百姓大药房公司概况做以介绍；然后运用定性分析法，对其内外部经 营环境进行分析，识别其经营发展过程中的有利和不利因素并综合定性判断；其次，运 用对比分析法和指标分析法等对公司的财务状况进行系统的分析，同时与同业公司的财 务数据进行对比，对公司的经营管理水平及其成果进行对比评价；最后，选择 EVA 估 值模型计算公司的内在价值并进行投资价值评价和风险提示。通过以上分析，得出公司 的经营环境对其发展总体非常有利，公司的战略适当、竞争优势和发展机会巨大，但在 外部政策变化、互联网冲击等对公司的经营管理提出新的要求；公司的经营管理能力和 经营管理成果非常不错，公司的成长性和盈利稳定性非常好，公司股东财富的增加非常 快，但在精细化管理、人才培养和财务优化管控等方面仍有提升空间；老百姓大药房是 一家具备投资价值的优质成长型公司，在公司经营环境和成果分析的基础上对公司未来 增长进行合理的预估，进而利用 EVA 估值模型计算得出在 2019 年 12 月 31 日其每股股 权内在价值是 47.08 元的结论；从而实现为投资者投资决策做参考的目的。 关键词：老百姓大药房；投资价值；EVA中原工学院硕士学位论文 III Abstract In recent years, with the increase of people's income and the impact of urbanization, aging and other related factors, the pharmaceutical retail industry has achieved tremendous development and the industry market scale has been expanding continuously.The competition within the industry is becoming increasingly fierce. Some leading enterprises in the industry have successively entered the capital market for large-scale financing and accelerated their expansion by means of acquisition and merger.The increase of listed companies in the industry expands the scope of investment objects of investors. At the same time, the listing of well-managed pharmaceutical retail companies also brings great investment opportunities.Based on this, this paper chooses the public pharmacy of the pharmaceutical retail industry as the object of investment analysis, hoping to achieve the purpose of reference for investors to make investment decisions through systematic analysis of the investment value of the pharmacy company of the public. This paper first of all to the general situation of the people's large pharmacy company to introduce;Then qualitative analysis method is used to analyze its internal and external business environment, identify the favorable and unfavorable factors in its business development process and make a comprehensive qualitative judgment.Secondly, the financial status of the company was systematically analyzed with comparative analysis method and index analysis method. Meanwhile, the financial data of the company was compared with that of other companies in the same industry, and the management level and results of the company were compared and evaluated.Finally, EVA valuation model is selected to calculate the intrinsic value of the company and carry out investment value evaluation and risk warning.Through the above analysis, it is concluded that the business environment of the company is very favorable for its overall development. The company's strategy is appropriate, competitive advantage and development opportunity are huge, but changes in external policies and impact of the Internet put forward new requirements for the company's operation and management.The company's management ability and management results are very good, the company's growth and profit stability is very good, the company's shareholders' wealth is increasing very fast, but there is still room for improvement in fine management, talent training, financial optimization and control and other aspects;Common Pharmacy is a high-quality growth company with investment value. Based on the analysis of the company's operating environment and results, it makes a reasonable forecast of the company's future growth, and then USES EVA valuation model to calculate and reach the conclusion that the intrinsic value of its equity per share is RMB 47.08 on December 31, 2019.So as to achieve the purpose of reference for investors to make investment decisions. Key words:Laobaixing drugstore;Investment value；EVA中原工学院硕士学位论文 i 目录 摘要.............................................................................................................................I Abstract.......................................................................................................................III 第 1 章 绪 论............................................................................................................1 1.1 研究背景.........................................................................................................1 1.2 研究目的和意义.............................................................................................1 1.2.1 研究目的.............................................................................................1 1.2.2 研究意义.............................................................................................2 1.3 国内外研究现状及评述.................................................................................2 1.3.1 国外研究现状.....................................................................................2 1.3.2 国内研究现状.....................................................................................3 1.3.3 国内外研究评述.................................................................................4 1.4 研究方法及研究框架.....................................................................................4 1.4.1 研究方法.............................................................................................4 1.4.2 研究框架.............................................................................................5 1.5 研究的创新之处.............................................................................................6 第 2 章 老百姓大药房公司概况..................................................................................7 2.1 公司简介........................................................................................................7 2.2 公司主营业务................................................................................................7 2.3 公司经营模式................................................................................................8 2.4 公司股权结构................................................................................................8 2.5 公司发展战略................................................................................................9 第 3 章 老百姓大药房公司经营环境分析................................................................10 3.1 老百姓大药房公司内部经营环境分析......................................................10 3.1.1 仓储物流及采购网络建设...............................................................10 3.1.2 营销网络建设...................................................................................11 3.1.3 品牌建设...........................................................................................12 3.1.4 人才建设...........................................................................................12 3.2 老百姓大药房公司外部经营环境分析......................................................13 3.2.1 宏观环境分析 .................................................................................13 3.2.2 医药零售行业环境分析...................................................................17 3.3 老百姓大药房公司经营环境分析小结......................................................21 第 4 章 老百姓大药房公司财务状况分析...........