股 票 研 究 [table_Authors] 刘越男(分析师) 赵国振(分析师) 陈笑(分析师) 021-38677706 021-38031044 021-38677906 liuyuenan@gtjas.com zhaoguozhen028586@gtjas.co mchenxiao015813@gtjas.com 登记编号 S0880516030003 S0880524030006 S0880518020002 [当前价格： Table_CurPrice] 2.25 公 司 事 件 点 评 52 周内股价区间（元） 2.09-3.23 总市值（百万元） 20,419 总股本/流通A股（百万股） 9,075/9,075 流通 B 股/H 股（百万股） 0/0 证 券 研 究 报 告 第一大股东变更为骏才国际，激发潜能 永辉超市(601933) 批零贸易业[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 2.96 上次预测: 2.96 ——名创优品收购永辉超市事件点评 股票研究 /[Table_Date] ...

关于股东签署《股份转让协议》暨公司第一大股东变更的提示性公告 本公司及董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。 证券代码：601933 证券简称：永辉超市 公告编号：2024-044 永辉超市股份有限公司 重要内容提示： 1、本次权益变动为公司股东牛奶有限公司（以下简称"牛奶公司"）、北 京京东世纪贸易有限公司（以下简称"京东世贸"）和宿迁涵邦投资管理有限公 司（以下简称"宿迁涵邦"，系京东世贸的一致行动人）拟通过协议转让的方式 向广东骏才国际商贸有限公司（以下简称"骏才国际"）分别转让其所持有的永 辉超市股份有限公司（以下简称"永辉超市"或"公司"）1,913,135,376 股股 份、367,227,196 股股份和 387,772,804 股股份，分别占公司总股本的 21.08%、 4.05%和 4.27%。 2、本次交易完成后，公司第一大股东将变更为骏才国际，合计持有公司股 份 29.40%。骏才国际及其实控方名创优品将与永辉超市携手向品质零售模式转 型。 3、本次权益变动不构成关联交易，不触及要约收购。 4、截至本公告 ...

Investment Rating - The report maintains a **"Buy"** rating for Yonghui Superstores (601933 SH) [1][2] Core Views - Yonghui Superstores achieved revenue of 37 78 billion yuan in H1 2024, a year-on-year increase of 10 11%, but net profit attributable to the parent company decreased by 26 34% to 275 million yuan [1] - The company's operating cash flow in H1 2024 reached 2 94 billion yuan, a year-on-year increase of 13 63% [1] - The company has made significant progress in store optimization, with two pilot stores achieving daily sales increases of 13 9x and 8 2x respectively after renovation [1] - Online business revenue remained stable at 7 84 billion yuan, accounting for 20 8% of total revenue, with a significant reduction in losses compared to the previous year [1] - The company's supply chain optimization efforts resulted in a new product introduction rate of 22 5% and a product elimination rate of 24 9% in H1 2024 [1] Financial Performance - In Q2 2024, the company's revenue decreased by 11 6% year-on-year to 16 11 billion yuan, with a net loss of 460 million yuan, compared to a loss of 330 million yuan in the same period last year [1] - The company's gross profit margin in Q2 2024 decreased by 0 97 percentage points year-on-year to 19 86% [1] - The overall expense ratio in Q2 2024 increased by 0 4 percentage points year-on-year to 24 6%, with sales and R&D expense ratios showing improvement due to cost reduction and efficiency enhancement measures [1] - The company's asset disposal income in Q2 2024 reached 167 million yuan, a year-on-year increase of 109%, while investment income increased by 32% to 130 million yuan [1] Store Optimization and Expansion - The company closed 62 stores and opened 5 new stores in H1 2024, bringing the total number of stores to 943, with 86 stores signed but not yet opened [1] - The company's self-operated platform for home delivery services covered 883 stores, achieving sales of 4 22 billion yuan, a year-on-year increase of 4%, with an on-time delivery rate of 93 1% [1] - The company has strengthened cooperation with third-party platforms and explored new channels such as Douyin and Kuaishou, ranking first in channel merchant rankings multiple times [1] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 73 9 billion yuan, 77 6 billion yuan, and 81 5 billion yuan respectively, with net profit expected to turn positive in 2026 at 390 million yuan [1] - The company's EPS for 2024-2026 is expected to be -0 04 yuan, -0 01 yuan, and 0 04 yuan per share respectively [1] - The company's ROE is expected to improve from -6 7% in 2024 to 7 4% in 2026 [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 4.00, representing a 17% downside from the current price [5] Core Views - The company is undergoing a transformation with the help of Pang Donglai and self-adjustment, aiming to improve user experience through product quality, store environment, and service [5] - Despite industry challenges, the company retains advantages in fresh produce supply chain, with potential for profit recovery if supply chain reforms and management optimization prove effective [5] - Online business has shown improvement, with reduced losses and increased coverage, contributing 20.8% of total revenue in 1H24 [3][5] Financial Performance - 1H24 revenue was RMB 37.78 billion, down 10.11% YoY, with net profit attributable to shareholders at RMB 275 million, down 26.34% YoY [1][2] - Gross profit margin in 1H24 was 21.58%, down 0.41 pct YoY, with fresh and processed food margin at 12.45%, down 0.77 pct YoY [2] - Operating cash flow in 1H24 was RMB 2.94 billion, up 13.63% YoY [1] Store Operations - The company opened 5 new stores and closed 62 stores in 1H24, ending with 943 stores and 865,300 square meters of reserved space [2] - Pang Donglai-assisted stores showed significant improvement, with daily sales increasing 13.9x and 8.2x in two stores after adjustments [5] Supply Chain and Product Optimization - The company optimized its product structure, introducing 20,276 new products and eliminating 22,480 products in 1H24, with a new product introduction rate of 22.5% [3] - Own-brand sales reached RMB 1.28 billion, accounting for 3.4% of total revenue [3] Industry Context - The supermarket industry faces pressure from channel diversion, deflationary environment, and declining consumer spending power [5] - Leading companies with fresh supply chain advantages may see a turning point if reforms and optimizations translate into same-store growth and profit recovery [5]

Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [6] Core Views - Yonghui Superstores reported H1 2024 revenue of RMB 37 78 billion, down 10 1% YoY, with net profit attributable to shareholders of RMB 280 million, down 26 3% YoY [2][5] - Q2 2024 revenue was RMB 16 11 billion, down 11 6% YoY, with a net loss of RMB 460 million, widening by 39 5% YoY [5] - The company closed 62 stores and opened 5 new ones in H1 2024, resulting in a total of 943 stores [5] - Online business revenue was RMB 7 84 billion, down 1% YoY, while self-operated home delivery service "Yonghui Life" achieved sales of RMB 4 22 billion, up 4% YoY [5] - The company's gross margin was 21 6% in H1 2024, down 0 41pct YoY, mainly due to a decline in the service business gross margin [6] - Yonghui is undergoing store optimization and reform, with adjustments in product mix, pricing, store environment, and employee benefits, supported by industry leader Pang Donglai [6] Financial Performance - H1 2024 retail business revenue was RMB 35 36 billion, down 9 45% YoY [5] - The company introduced 20,000 new products and eliminated 22,000 products in H1 2024, with a new product introduction rate of 22 5% and an elimination rate of 24 9% [6] - Own-brand sales reached RMB 1 28 billion, accounting for 3 4% of total revenue [6] - Total operating expenses in H1 2024 decreased by 10 1% YoY to RMB 8 17 billion, with an expense ratio of 21 6%, flat YoY [6] Future Outlook - The company is expected to achieve EPS of RMB 0 01, 0 03, and 0 05 in 2024, 2025, and 2026, respectively [6] - Yonghui is focusing on supply chain and digitalization improvements, with ongoing store reforms expected to enhance competitiveness and profitability [6]

2024 年 08 月 27 日 永辉超市 (601933) ——外部帮扶+内部优化门店经营，推进产品供应链焕新 报告原因：有业绩公布需要点评 增持（下调）投资要点： ⚫ 公司公布 2024 半年报，符合预期。据公司公告，1)2024H1 公司营业收入 377.79 亿元， | --- | --- | |------------------------------------------|-------------------------| | 市场数据： | 2024 年 08 月 26 | | 收盘价（元） 一年内最高/最低（元） | 2.22 3.44/2.08 | | 市净率 | | | 息率（分红/股价） | | | 流通 A 股市值（百万元）上证指数/深证成指 | 20,1472,855.52/8,194.65 | 营业收入的 20.8%。通过提升商品竞争力和仓端履约效率，线上业务较去年同比减亏明显。 注："息率"以最近一年已公布分红计算 "永辉生活"自营平台到家业务已覆盖 883 家门店，实现销售额 42.2 亿元，同比增长 4%， 日均单量 30.6 万单，月平均复购率为 47.3%。"永辉生 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 2.16 CNY [3][4] Core Views - The company's revenue for 1H2024 decreased by 10.11% YoY to 37.78 billion CNY, while net profit attributable to shareholders dropped by 26.34% YoY to 275 million CNY [1] - The company's gross margin for 1H2024 declined by 0.41 percentage points to 21.58%, with a further drop in 2Q2024 to 19.86%, down 0.97 percentage points YoY [1] - The company's operating expenses ratio for 1H2024 slightly decreased by 0.002 percentage points to 21.61%, with sales/management/financial/R&D expense ratios at 17.24%/2.35%/1.67%/0.35% respectively [1] - The company added 5 new stores and closed 62 stores in 1H2024, bringing the total number of stores to 943 by the end of June 2024 [2] - The company's self-operated platform "Yonghui Life" achieved sales of 4.22 billion CNY in 1H2024, a 4% YoY increase, with a monthly average repurchase rate of 47.3% [2] Financial Performance - The company's revenue for 2Q2024 was 16.11 billion CNY, a decrease of 11.58% YoY, with a net loss attributable to shareholders of 461 million CNY [1] - The company's non-GAAP net profit for 1H2024 was 30 million CNY, a significant decrease of 69.94% YoY [1] - The company's EPS for 1H2024 was 0.03 CNY, down 26.34% YoY [1] - The company's ROE (diluted) for 2024E is projected to be 2.33%, increasing to 5.42% by 2026E [4] - The company's P/E ratio for 2024E is 138, expected to decrease to 54 by 2026E [4] Operational Highlights - The company optimized its product structure in 1H2024, introducing 20,276 new products and phasing out 22,480 products, with a new product introduction rate of 22.5% and a phase-out rate of 24.9% [2] - The company's private label sales reached 1.28 billion CNY in 1H2024, accounting for 3.4% of total revenue [2] - The company's "Yonghui Life" platform covered 883 stores by the end of June 2024, with an average daily order volume of 306,000 [2] Market Data - The company's total market capitalization is 19.60 billion CNY, with a total share capital of 9.08 billion shares [5] - The company's stock price range over the past year was between 2.08 CNY and 3.44 CNY [5] - The company's 3-month turnover rate is 117.36% [5]

证券代码：601933 证券简称：永辉超市 公告编号：2024-043 永辉超市股份有限公司 关于调整 2024 年半年度业绩说明会召开时间的公告 本公司及董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（以下简称"公司"）于 2024 年 08 月 17 日在上海 证券交易所网站上披露了《永辉超市股份有限公司关于召开 2024 年半年度业绩 说明会的公告》（公告编号：2024-039）。公司原定于 2024 年 08 月 26 日（星期 一）9:00-10:00 在"上海证券交易所上证路演中心"举办 2024 年半年度业绩说 明会，现根据实际工作安排，将本次业绩说明会召开时间调整为 2024 年 08 月 28 日（星期三）13:00-14:00，其他会议内容不变，时间调整后业绩说明会具体 情况如下： 一、 说明会类型 三、 参加人员 | 董事长：张轩松 | 独立董事：刘琨 | | --- | --- | | CEO：李松峰 | 财务负责人：吴凯之 | 1 / 2 董事会秘书：黄晓枫 四、 投资者参加方式 （一） ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《上市公司独立董事管理办法》及永辉超市股份有限公司（以下简称"公 司"）《公司章程》等有关规定，我们作为公司的独立董事，于 2024 年 8 月 21 日召 开第五届董事会独立董事第二次专门会议，就审议事项发表如下审查意见： 本次补充关联交易事项审议程序符合有关法律法规和《公司章程》的规定，决 策程序合法有效。公司与关联方的日常关联交易是在公司经营过程中基于公司实际 情况而正常发生的，具有其必要性。发生的关联交易遵循了公开、公平、公正的原 则，关联交易价格公允合理，关联交易预计金额占同类型业务总额比例较小，不会 对公司独立性造成影响，不存在损害公司、股东利益的情形，我们同意本次关联交 易相关事项，并同意将该议案提交公司第五届董事会第十七次会议审议。 永辉超市股份有限公司第五届董事会独立董事第二次专门会议审查意见 永辉超市股份有限公司 第五届董事会独立董事第二次专门会议审查意见 因此，我们同意公司本次公司补充 2024 年关联交易计划。 独立董事： 孙宝文、李绪红、刘琨 二〇二四年八月二十四日 1 / 1 ...

公司代码：601933 公司简称：永辉超市 2024 年半年度报告 永辉超市股份有限公司 2024 年半年度报告 1 / 283 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张轩松、主管会计工作负责人吴凯之及会计机构负责人（会计主管人员）林伟声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的计划、未来战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 无 十一、 其他 □适用 √不适用 2 / 283 ...