证券代码：601933 证券简称：永辉超市 公告编号：2024-024 永辉超市股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 5 月 20 日 (二)股东大会召开的地点：福州市鼓楼区湖头街 120 号光荣路 5 号院 3 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 81 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,844,842,816 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | | | 总数的比例（%） | 43.0793 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 8 人，非独立董事 Scott Anthony ...

证券代码：601933 证券简称：永辉超市 公告编号：2024-025 永辉超市股份有限公司 第五届监事会第十一次会议决议公告 同意选举吴乐峰先生为永辉超市股份有限公司第五届监事会主席，任职期限自 监事会审议通过之日起至本届监事会任期届满之日止。 吴乐峰先生简历如下： 吴乐峰，男，1973 年出生，中国国籍，中央财经大学经济学学士、复旦大学工 商管理硕士。现任成都红旗连锁股份有限公司董事、中百控股集团股份有限公司董 事、永辉彩食鲜发展有限公司董事。历任中国建设银行福州铁路支行会计结算员、 稽核员、财务部副经理；华夏证券福州营业部电子商务部业务主管、福建经纪管理 稽核部稽核员、业务拓展部副经理；永辉超市股份有限公司证券事务代表、董事会 秘书等职。 （以上议案同意票 5 票、反对票 0 票、弃权票 0 票） 特此公告 永辉超市股份有限公司监事会 二〇二四年五月二十一日 本公司及监事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 永辉超市股份有限公司（下称"公司"）第五届监事会第十一次会议于 2024 年 5 月 20 日在公司左海总部三楼会议 ...

Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [7] Core Views - Yonghui Superstores faced revenue pressure in 2023 with a 12 7% YoY decline to RMB 786 4 billion but achieved a reduction in net loss attributable to shareholders of RMB 1 33 billion compared to the previous year [5] - In Q1 2024 revenue continued to decline by 9 0% YoY to RMB 216 6 billion while net profit attributable to shareholders increased by 4 6% YoY to RMB 740 million [5] - The company closed 45 stores and opened 12 new ones in 2023 resulting in a total of 1 000 stores by year-end [6] - Digital transformation and operational efficiency improvements led to a 1 6 percentage point increase in gross margin to 21 2% in 2023 [6] - The company's online business accounted for over 20% of total revenue in 2023 with home delivery services showing steady growth [7] Financial Performance - 2023 gross profit was RMB 16 7 billion a 5 8% YoY decline due to revenue pressure [6] - Q1 2024 gross margin remained stable at 22 9% with a slight narrowing of the total expense ratio by 0 06 percentage points [6] - The company's EPS is projected to be RMB 0 02 0 05 and 0 08 for 2024 2025 and 2026 respectively with corresponding PE ratios of 130 49 and 31 [7] Operational Strategies - Yonghui Superstores is optimizing its store network by closing underperforming stores and enhancing the efficiency of existing ones through digital tools such as smart product selection and pricing [6] - The company is focusing on improving its product mix and cost structure which has contributed to higher gross margins and reduced losses [7] Industry Context - The retail industry is experiencing intensified competition with new formats like discount stores potentially diverting traffic from traditional supermarkets [6] - Despite these challenges Yonghui Superstores is leveraging its leadership position in the hypermarket sector to drive transformation and efficiency improvements [7]

二〇二四年五月 1 永辉超市股份有限公司二〇二三年年度股东大会 会议资料 永辉超市股份有限公司 二〇二三年年度股东大会会议资料 | 永辉超市股份有限公司二〇二三年年度股东大会会议议程 | 3 | | --- | --- | | 永辉超市股份有限公司二〇二三年年度股东大会会议议案 | 4 | | 议案一：关于修改《公司章程》等制度的议案 | 4 | | 议案二：关于修订公司相关制度的议案 | 5 | | 议案三：关于制定《永辉超市股份有限公司独立董事工作制度》的议案 | 6 | | 议案四：关于《永辉超市股份有限公司 2023 年度董事会工作报告》的议案 | 7 | | 议案五：关于《永辉超市股份有限公司 2023 年度监事会工作报告》的议案 | 8 | | 议案六：关于公司 2023 年度财务决算和 2024 年度财务预算的议案 | 9 | | 议案七：关于公司 2023 年度利润分配的议案 | 14 | | 议案八：关于公司 2023 年度关联交易执行情况及 2024 年关联交易计划的议案 | 15 | | 议案九：关于公司 2023 年度授信、贷款使用情况及 2024 年度申请授信计划的议案 | 16 | ...

上 市 公 司 商贸零售 2024 年04月 28 日 永辉超市 (601933) 公 司 研 究 ——持续发力门店结构优化，推进供应链组织调优 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司公布2023年年度报告及2024年一季度报告，业绩符合预期。据公司公告，1）2023 年公司实现营收 786.42 亿元，同比-12.71%，主因国民经济仍在恢复，居民消费意愿有 证 所下滑及公司持续调整门店结构，主动淘汰持续亏损的门店，归母净利润达-13.29亿元， 市场数据： 2024年04月26日 券 收盘价（元） 2.28 22年同期为-27.63亿元，主要系收入下降及长期股权投资计提减值损失4.36亿元所致。 研 一年内最高/最低（元） 3.99/2.08 2）24Q1 公司实现营收 216.65 亿元，同比-8.98%，归母净利润/归母扣非净利润分别为 究 市净率 3.1 7.36亿元/5.99亿元，同比+4.57%/-3.08%。 报 息率（分红/股价） - 告 流通A股市值（百万元） 20691  持续发力门店优化及效率提升，全渠道转型稳步推进。据公司公告，报告期 ...

Investment Rating - The report maintains a rating of "Accumulate" for Yonghui Supermarket [2][3] Core Views - Yonghui Supermarket continues to narrow its losses, with a focus on online transformation and supply chain development. The company reported a revenue of 78.64 billion yuan in 2023, a year-on-year decrease of 12.7%, while the net profit attributable to shareholders was -1.33 billion yuan, an improvement from -2.76 billion yuan in the previous year [1][4] Summary by Sections Financial Performance - In 2023, Yonghui Supermarket achieved a revenue of 78.64 billion yuan, down 12.7% year-on-year. The net profit attributable to shareholders was -1.33 billion yuan, compared to -2.76 billion yuan in the previous year. The company reported a revenue of 21.66 billion yuan in Q1 2024, a decrease of 9.0% year-on-year, with a net profit of 740 million yuan, an increase of 4.6% year-on-year [1][4] Store Optimization and Supply Chain - The company opened 12 new stores and closed 45 in 2023, resulting in a total of 1,000 stores by year-end, a decrease of 33 stores year-on-year. Online business revenue reached 16.1 billion yuan, accounting for 20.5% of total revenue, up from 17.7% in 2022. The self-operated home delivery service "Yonghui Life" covered 920 stores, generating sales of 8.38 billion yuan [1][4] Margin and Cost Management - The gross margin improved, with Q4 2023 gross margin at 19.8%, up 1.04 percentage points year-on-year, and the full-year gross margin at 21.2%, up 1.56 percentage points year-on-year. However, the total expense ratio increased to 23.2%, up 1.0 percentage points year-on-year, primarily due to declining revenue [1][4] Future Projections - The report adjusts revenue forecasts for 2024-2026 to 81.001 billion yuan, 83.431 billion yuan, and 85.934 billion yuan, respectively. The net profit projections are -180 million yuan, 780 million yuan, and 3.34 billion yuan, respectively, with EPS estimates of -0.02 yuan, 0.01 yuan, and 0.04 yuan per share [1][4]

股 票 研 究 [Table_industryInfo] 批零贸易业/可选消费品 [ Table_Main[永ITnaf 辉bol]e 超_Ti市tle]( 601933) [评Tab级le_：Inv est] 增持 上次评级： 增持 持续深耕供应链建设，坚持全渠道战略转型 目标价格： 2.96 上次预测： 3.60 公 ——永辉超市 2023&24Q1 业绩点评 当前价格： 2.42 司 刘越男(分析师) 赵国振(分析师) 陈笑(分析师) 2024.04.30 更 021-38677706 021-38031044 021-38677906 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com zhaoguozhen028586@gtjas.co chenxiao015813@gtjas.com 报 证书编号 S0880516030003 mS0 880524030006 S0880518020002 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 2.0 29 1- ,3 9. 69 29 告 本报告导读： 总股本/流通A股（百万股） 9,075/9,075 公司聚 ...

公司报告 | 年报点评报告 永辉超市（601933） 证券研究报告 2024年05月 01日 投资评级 23 年实现减亏，关注后续渠道优化 行业 商贸零售/一般零售 6个月评级 买入（维持评级） 公司发布2023年年报以及2024年一季度报。公司2023年实现营收786.42 当前价格 2.43元 亿元同比-12.71%，归母净利润-13.29亿元同比+51.90%。24Q1公司实现营 收216.65亿元同比-8.98%，归母净利润7.36亿元同比+4.57%。 目标价格 元 公司23年收入下滑一方面是因为公司近年来持续对门店进行调整，主动关 基本数据 闭了持续亏损的门店，另外一方面 2023 年国民经济持续逐步恢复中，实 A股总股本(百万股) 9,075.04 体零售行业整体遭受了前所未有的挑战，在居民消费意愿及消费能力都有 流通A股股本(百万股) 9,075.04 所下滑的情况下，门店收入也出现下滑的情况。同期归母净利润亏损的主 A股总市值(百万元) 22,052.34 要原因为：1）公司23年收入下降114.49亿元，毛利额下降10.28 亿元； 流通A股市值(百万元) 22,052.34 2） 公司长 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][2]. Core Views - The company achieved a reduction in losses in 2023, with a focus on channel optimization and transformation amidst a challenging retail environment [2][1]. - The company reported a revenue of 78.642 billion yuan in 2023, a year-on-year decrease of 12.71%, while the net profit attributable to shareholders was a loss of 1.329 billion yuan, but improved by 51.90% compared to the previous year [1][2]. - The company is actively optimizing its store network, closing 45 underperforming stores while opening 12 new ones, and has signed contracts for 10 additional stores [2][1]. Financial Data and Valuation - In 2023, the company's gross profit margin was 21.24%, an increase of 7.92 percentage points year-on-year, while the first quarter of 2024 saw a slight decrease to 22.85% [1]. - The company’s operating expenses ratio for 2023 was 23.15%, up 1.05 percentage points year-on-year, with sales expenses accounting for 18.67% [1]. - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 641.8 million yuan, and 1.01749 billion yuan respectively, with corresponding P/E ratios of 73, 34, and 22 times [2][1].

Investment Rating - The investment rating for Yonghui Supermarket is "Buy" (maintained) [2] Core Views - The company has narrowed its net loss in 2023 and is undergoing continuous transformation and operational optimization. The first quarter of 2024 shows good growth in operating performance, with a focus on supply chain development and technology-driven performance growth [4][5] Financial Performance Summary - In 2023, Yonghui Supermarket achieved revenue of 78.642 billion yuan, a year-on-year decrease of 12.7%. The net loss attributable to shareholders was 1.329 billion yuan, a reduction of 52% compared to the previous year. For Q1 2024, revenue was 21.665 billion yuan, down 9.0%, but the net profit attributable to shareholders was 736 million yuan, an increase of 4.6% [4][5] - The company’s gross margin for 2023 was 21.2%, up 1.6 percentage points year-on-year. In Q1 2024, the gross margin improved to 22.9% [5] Strategic Initiatives - The company is actively optimizing its store network, having opened 12 new stores and closed 45 in 2023. As of the end of 2023, the total number of supermarket stores was 1,000 [6] - Yonghui Supermarket is advancing its omnichannel strategy, with online business revenue reaching 16.1 billion yuan in 2023, accounting for 20.5% of total revenue. The "Yonghui Life" home delivery service covers 920 stores, with registered members reaching 115 million, a 13.9% increase [6] - The company is focusing on digital transformation to enhance operational efficiency and innovate business processes, optimizing supply chains and retail platforms [6] Financial Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 86 million yuan, 423 million yuan, and 870 million yuan, respectively. The corresponding EPS is projected to be 0.01 yuan, 0.05 yuan, and 0.10 yuan [4][7] - The current stock price corresponds to a P/E ratio of 240.9 for 2024, 49.0 for 2025, and 23.8 for 2026, indicating a reasonable valuation as the company aims to overcome challenges and achieve growth [4][7]