零售板块4日盘中发力走高，截至发稿，家家悦、国光连锁、红旗连锁、中百集团、永辉超市等涨停， 大商股份涨超7%。 消息面上，日前，商务部等9部门印发《关于完善现代商贸流通体系推动批发零售业高质量发展的行动 计划》的通知。 《行动计划》明确，到2027年，基本建成联通内外、贯通城乡、对接产销、高效顺畅的现代商贸流通体 系。 城乡商贸流通网络更加完备，构建分层分类的城市商业布局，完善县乡村三级物流配送体系，果蔬和肉 类冷链流通率分别达到25%和45%。 批发零售业加快转型，培育100家骨干农产品批发市场，品牌连锁、即时零售、直播电商等新业态快速 发展，流通组织能力持续增强。 数智化、标准化、绿色化水平明显提升，打造一批数字供应链服务平台，托盘标准化率提高至40%左 右，再生资源回收体系更加健全。 国内国际融合发展深入推进，内外贸一体化加快发展，在流通领域培育一批具备全球竞争力的世界一流 企业。 校对：祝甜婷 ...

证券时报网讯，永辉超市再度涨停，4个交易日内录得3个涨停，累计涨幅为42.36%，累计换手率为 29.53%。 截至9:56，该股今日成交量6.55亿股，成交金额38.70亿元，换手率7.21%。 最新A股总市值达591.69亿元。 ...

证券研究报告·公司深度研究·一般零售 永辉超市（601933） "胖改"高歌猛进，线上冲击退坡，有望迎 来经营拐点 2024 年 11 月 19 日 增持（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|------------|----------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 90091 | 78642 | 68674 | 68297 | 66168 | | 同比（ % ） | (1.07) | (12.71) | (12.68) | (0.55) | (3.12) | | 归母净利润（百万元） | (2,763.17) | (1,329.05) | (521.88) | 269.38 | 564.30 | | 同比（ % ） | 29.94 | 51.90 | 60.73 | 151.62 | 109.48 | | ...

Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [6][8] Core Views - Yonghui Superstores is actively addressing industry pressures through store optimization and self-reform, with a focus on improving product quality and service to enhance store competitiveness [6] - The company is undergoing a transformation with the help of industry peers, closing underperforming stores and incubating private brands, reflecting strong determination for medium-to-long-term business reform [6] - Despite short-term revenue and profit pressures, the company is expected to see a recovery in the future [6] Financial Performance - In Q3 2024, the company reported revenue of 16 77 billion yuan, a year-on-year decrease of 16 4% [3] - Net loss attributable to the parent company in Q3 was 350 million yuan, a 9 9% increase in loss compared to the same period last year [3] - Adjusted net loss in Q3 was 690 million yuan, a 45 8% increase in loss year-on-year [3] - Gross margin in Q3 was 19 2%, a decrease of 1 7 percentage points year-on-year [4] - Operating loss in Q3 was 810 million yuan, an increase of 260 million yuan compared to the same period last year [4] Store Optimization - The company closed approximately 150 stores in the first three quarters of 2024, reducing the total number of stores to around 850 [4] - 10 stores were successfully optimized in the reporting period, with significant revenue growth observed in the optimized stores [5] - The company is actively adjusting its product structure and procurement model, introducing new products and phasing out old ones [4] Private Brand Development - 23 new SKUs were launched under the company's private brand in Q3, covering categories such as corn oil, dried plums, cashews, organic grains, facial towels, and enzyme laundry detergent [5] - The private brand's craft beer series, launched in May, achieved an average monthly sales of 5 2 million yuan, with the German wheat beer contributing 2 1 million yuan [5] Future Outlook - The company is expected to achieve EPS of -0 04, 0 02, and 0 06 yuan in 2024, 2025, and 2026, respectively [6] - The company's store competitiveness is expected to improve as a result of ongoing reforms and private brand development [5]

公 司 研 究 证券研究报告 ＃＃industryId＃＃ 零售 ＃investSuggestion＃ ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持） | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 收盘价（元） | 2024-11-08 | | | 5.14 | | 总股本（百万股） | 9,075.04 | | 流通股本（百万股） | 9,075.04 | | 净资产（百万元） | 6,153.39 | | 总资产（百万元） | 44875.41 | | 每股净资产（元） | 0.64 | ＃相关报告 relatedReport＃ 《【兴证零售】永辉超市 2024 中 报点评：业绩承压，首批门店调 改加速启动》 《【兴证社服&零售】永辉超市： 23Q3 经营效率明显提升，线上 业务贡献不错收益》 ＃分析师： emailAuthor＃ 代凯燕 daiky@xyzq.com.cn S0190519050001 ...

证券研究报告 | 李报点评 2024 年 11月08 日 永辉超市（601933.SH） 转型品质零售,调改门店表现优异 事件:10月 30 日,公司发布 2024年三季报,2024Q1-3 实现营业收入 545.49 亿元/同比-12.14%,归母净利润-0.78 亿元/上年同期为 0.52 亿元, 扣非归母净利润-6.62 亿元/上年同期为-3.75 亿元;单 2024Q3 实现营业 收入 167.7 亿元/同比-16.40%，归母净利润-3.53 亿元/上年同期为-3.21 亿元，扣非归母净利润-6.92 亿元/上年同期为-4.74 亿元。 受内外部因素影响,收入有所下降。2024Q3 公司实现营收 167.7 亿元/同 比-16.40%，主要系①外部:消费环境出现变化,消费者消费习惯改变并 对购物体验、商品品质等要求更高,容流客单均有所下滑;2内部：公司 主动进行门店优化调改,在对潜力门店进行关店改造的同时淘汰关闭了部 分尾部门店。分渠道看,1)线下:2024Q3公司新开门店 2家,积极推进 调改;2）线上:实现营收 115.7 亿元/同比-5.63%,占比 21.21%,其中 自有 APP/三方到家 ...

①交投集团即将成为第一大股东，订单导入+化债背景下，分析师强call这家公司风险资产的减值准备 有望重估，当前市场与其较低有望迎来困境反转； ②外需受限预期之下，消费政策或有加力，这家国 内知名的消费企业加速门店变革，新门店表现抢眼客流翻倍，分析师预计困境反转拐点已至。 《风口研报》今日导读 1、龙元建设（600491）：①公司是华东大型建筑集团，此前流动性压力较大，因此大股东出售股权以 及谋划定增，截止三季度，杭交投持股8.4%的股权，定增落地后杭交投预计持股为29.54%，将成为第 一大股东；②方正证券刘清海认为，杭交投入股后，叠加化债大背景下，公司风险资产的减值准备有望 重估，财务成本有望大幅压降；③公司与杭交投有望在业务层面进行多层次的合作，通过订单导入、项 目分包、资产注入等形式，使得上市公司主体形成建筑施工业务增量；④刘清海认为，目前市场预期较 低，而公司已经获得杭交投初步入股，未来持续运营的置信度较高，看好短期关注困境反转逻辑，以及 中长期的业务成长性，预计2024-26年公司营收96.7亿元/110亿元/161.5亿元；⑤风险因素：杭交投定 增存在不确定性风险、项目导入不及预期。 2、永辉超市 ...

[Table_MainInfo] 公司研究/商业贸易/卖场与超市 证券研究报告 永辉超市（601933）公司季报点评 Hongke Li hongke.li@htisec.com Liting Wang liting.wang@htisec.com Rebecca Hu rebecca.jl.hu@htisec.com [Table_InvestInfo]战略转型取得阶段性进展，提拔年轻骨干 [Table_Summary] 投资要点： 公司 10 月 31 日发布 2024 年三季报。2024 年三季度实现收入 168 亿元，同比 下降 16.4%；归母净利润-3.53 亿元，扣非净利润-6.92 亿元。摊薄 EPS -0.04 元， 加权平均净资产收益率-5.91%。 同时公司公告聘任高级管理人员，为更好地发展到家业务和物流体系，聘任林 红东先生（81 年）为公司副总裁，为更好地建设 COO 门店运营管理体系，聘任 王守诚先生（91 年）为公司副总裁。 简评及投资建议。 1. 2024 年三季度收入下降 16.4%，综合毛利率减少 1.69pct。前三季度收入 545 亿元，同比下降 12.14%，其中 3 ...

证券代码：601933 证券简称：永辉超市 编号：2024-11 永辉超市股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------------|-------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------| | | ☑ 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系 | □新闻发布会 | ☑ 路演活动 | | 活动类别 | ☑ 现场参观 | ☑ 线上会议 | | | □其他 | | | 参与单位名称 （排名不分先后） | 博时基金等 134 家机构 | 海通证券、国泰君安、中信建投、申万宏源、中金公司、广发 证券、中信证券、宝盈基金、鹏华基金、富国基金、泰康基金、 | | | | | ...

Investment Rating - The report maintains an **Overweight** rating for Yonghui Superstores (601933) with a target price of **6.59 RMB**, up from the previous target of **2.96 RMB** [3] Core Views - Yonghui Superstores is undergoing a strategic transformation, focusing on supply chain optimization and store adjustments, which is expected to drive future growth [4] - The company has completed adjustments for 10 stores by Q3 2024, with plans to expand to 40-50 stores nationwide by the Spring Festival [9] - Yonghui has partnered with MINISO to enhance quality retail offerings, leveraging shared resources to improve economies of scale and cost structure [9] Financial Performance - Q1-Q3 2024 revenue reached **54.549 billion RMB**, a **12.14% YoY decline**, with net profit attributable to shareholders of **77.8657 million RMB**, down **130 million RMB** from 2023 [9] - Q3 2024 revenue was **16.77 billion RMB**, a **16.4% YoY decline**, with a net loss of **353 million RMB**, narrowing from the Q2 loss of **461 million RMB** [9] - The company's self-owned brand revenue reached **1.499 billion RMB** in Q3 2024, with 23 new SKUs launched [9] Valuation and Forecast - The report forecasts 2024 EPS at **-0.01 RMB**, revised from **0.02 RMB**, while raising 2025 and 2026 EPS to **0.04 RMB** and **0.09 RMB**, respectively [9] - The company is valued at **0.82x PS** for 2024, higher than the industry average [9] - Total market capitalization stands at **46.01 billion RMB**, with a current price of **5.07 RMB** [6] Operational Highlights - Yonghui closed **186 underperforming stores** in 2024, while opening **7 new stores**, incurring short-term closure costs [9] - The company's adjusted stores have shown significant revenue growth, with some stores achieving daily sales of **1.5-1.6 million RMB** [9] - Yonghui continues to optimize its product structure and expand its online business, with a focus on improving operational efficiency [9]