Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 14.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 1.8%. However, the net profit attributable to the parent company was 190 million yuan, down 12.0% year-on-year. In the third quarter alone, revenue was 4.76 billion yuan, a slight decline of 0.5% year-on-year, with a net profit of 18.31 million yuan, down 33.7% year-on-year [4][5][6]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2024, the company achieved a revenue of 14.13 billion yuan, with a year-on-year increase of 1.8%. The net profit attributable to the parent company was 190 million yuan, reflecting a 12.0% decline year-on-year. In Q3, the revenue was 4.76 billion yuan, showing a 0.5% decrease year-on-year, while the net profit was 18.31 million yuan, down 33.7% year-on-year [4][5]. Store Optimization and New Business Models - The company made slight adjustments to the number of stores in its main supermarket business while continuing to open new stores in emerging formats. As of Q3, the total number of stores was 1,103, including 973 direct-operated stores and 130 franchise stores. The company closed 5 comprehensive supermarkets but opened 14 community fresh food supermarkets and 21 snack stores, contributing to stable revenue despite the overall slight decline [5][6]. Gross Margin and Expenses - The overall gross margin for Q3 was 22.7%, a slight decrease of 0.1 percentage points year-on-year, with a gross profit of 1.08 billion yuan, down 0.8% year-on-year. The increase in expenses was attributed to store optimization and logistics costs, leading to a total expense of 1.05 billion yuan, which was a 2.5% increase year-on-year. The net profit margin for Q3 was 0.38%, down 0.12 percentage points year-on-year [6][7]. Future Earnings Projections - The company is expected to achieve earnings per share (EPS) of 0.36 yuan, 0.41 yuan, and 0.47 yuan for the years 2024, 2025, and 2026, respectively. The company maintains a "Buy" rating based on its strong market position and ongoing optimization efforts [7][8].

[Table_MainInfo] 公司研究/商业贸易/卖场与超市 证券研究报告 家家悦（603708）公司季报点评 2024 年 11 月 14 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------| | 股票数据 | | | 11 [ Table_StockInfo 月 14 日收盘价（元） ] | 10.63 | | 52 周股价波动（元） | 7.40-15.08 | | 总股本 / 流通 A 股（百万股） | 638/599 | | 总市值 / 流通市值（百万元） | 6786/6372 | | 相关研究 | | | [Table_ReportInfo] 《 1H24 收入增 3% 净利降 9% | ，内蒙古盈利释 | | 放》 2024.09.21 | | | 《 1Q24 收入增 6% 净利增 7% | ，供应链变革初 | | 显成效》 2024.05.30 | | 市 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-092 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于 2024 年半年度权益分派实施后调整回购股份价 格上限的公告 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个别及连带责任。 重要内容提示： 家家悦集团股份有限公司（以下简称"公司"）于2024年9月11日召开了第四 届董事会第二十九次会议、第四届监事会第二十二次会议，审议通过了《关于2024 年第二期回购公司股份方案的议案》，同意公司使用不低于人民币1亿元（含）， 不超过人民币2亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购 价格为不超过人民币10元/股（含本数），回购的公司股份拟用于转换公司发行的 可转换为股票的公司债券，回购期限为自董事会审议通过本次回购股份方案之日 起12个月内。上述具体内容详见公司2024年9月12日、2024年9月14日披露于上海 证券交易所网站（www.sse.com.cn）的《关于2 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-090 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于 2024 年半年度权益分派引起的"家悦转债"转股 价格调整的公告 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： 证券停复牌情况：适用 因实施 2024 年半年度权益分派,本公司的相关证券停复牌情况如下： 2024 年 9 月 18 日，公司 2024 年第二次临时股东大会审议通过了《关于公司 2024 年半年度利润分配的议案》，公司拟以实施权益分派的股权登记日的总股本扣 除回购股份后的股数为基数，向本次权益分派股权登记日登记在册的股东（家家 悦集团股份有限公司回购专户除外）派发 2024 年半年度股东红利，每 10 股发放 现金股利人民币 1.10 元（含税）。 调整前转股价格：12.80 元/股 调整后转股价格：12.69 元/股 本次转股价格调整实施日期：2024 年 11 月 15 日 家家 ...

关于家家悦集团股份有限公司 差异化权益分派特殊除权除息事项的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为家家 悦集团股份有限公司（以下简称"家家悦"或"公司"）2020年公开发行可转换 公司债券和2023年向特定对象发行股票的保荐机构，根据《中华人民共和国公司 法》《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第7号——回购股 份》等相关法律法规的规定，对本次家家悦利润分配所涉及的差异化权益分派特 殊除权除息相关事项进行了审慎核查，并出具核查意见如下： 一、差异化权益分派方案 东兴证券股份有限公司 公司于 2024 年 9 月 18 日召开 2024 年第二次临时股东大会审议通过了《关 于公司 2024 年半年度利润分配的议案》。 公司 2024 年半年度合并报表实现净利润 171,252,798.71 元，实现归属于上 市公司股东的净利润 169,641,771.78 元，报告期末合并报表可供股东分配的利润 为 490,832,495.10 元；截止 2024 年 6 月 30 日，母公司可供股东分配的 ...

证券代码：603708 证券简称：家家悦 公告编号：2024-091 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 18 日的 2024 年第二次临时股东大会审 议通过。 差异化分红送转： 是 重要内容提示： 每股分配比例 A 股每股现金红利 0.11 元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 A 股 | 股权登记日 2024/11/14 | 最后交易日 － | 除权（息）日 2024/11/15 | 现金红利发放 2024/11/15 | 家家悦集团股份有限公司 2024 年半年度权益分派实施公告 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。 税）。 在实施权益分派的股权登记日前公司总股本因可转债转股、回购股份等事项 发生变化的，维持每股分配比例不变的原则对现金分红金额进行相应调整。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.36 CNY, up from the previous forecast of 10.86 CNY [3][5]. Core Views - The company's supermarket operations are performing well, and it is steadily advancing its new business layout, focusing on the "big and small reform" plan for stores, which is expected to further improve profitability [4][5]. - The company has adjusted its EPS forecasts for 2024, 2025, and 2026 to 0.32, 0.34, and 0.35 CNY respectively, up from previous estimates of 0.23, 0.24, and 0.25 CNY [5]. - The company achieved a revenue of 141.2 billion CNY in the first three quarters, representing a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 1.88 billion CNY, down 12.03% [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 47.65 billion CNY, a decrease of 0.49% year-on-year, and a net profit of 0.18 billion CNY, down 33.71% [5]. - The company’s gross margin for Q3 2024 was 22.65%, slightly down by 0.1 percentage points compared to H1 2024, with the gross margin for direct stores at 19.78%, an increase of 0.18 percentage points year-on-year [5]. Business Strategy - The company is focusing on the "big and small reform" of its stores, with 13 new direct stores and 30 new franchise stores opened in Q3 2024, while 36 stores were closed due to network optimization, bringing the total number of stores to 1,103 [5]. - The company is also expanding its new business formats, with 21 new snack stores added in Q3 2024 [5]. Market Position - The company’s stock has a 52-week price range of 7.49 to 14.55 CNY, with a total market capitalization of 7,086 million CNY [7]. - The company’s net asset value per share is 3.95 CNY, with a current price-to-book ratio of 2.8 [8].

Investment Rating - The report maintains a "Buy" rating for the company, citing its continuous improvement in supply chain and store optimization [4] Core Views - The company's revenue for 1-3Q2024 increased by 1.78% YoY to 14.127 billion yuan, while net profit attributable to shareholders decreased by 12.03% YoY to 188 million yuan [1] - In 3Q2024, the company's revenue decreased by 0.49% YoY to 4.765 billion yuan, and net profit attributable to shareholders decreased by 33.71% YoY to 18 million yuan [1] - The gross profit margin for 1-3Q2024 was 23.26%, a decrease of 0.36 percentage points YoY [1] - The operating expense ratio for 1-3Q2024 was 21.33%, an increase of 0.15 percentage points YoY, with sales/management/financial/R&D expense ratios at 17.99%/1.90%/1.36%/0.08% respectively [2] Financial Performance - The company's EPS for 2024E/2025E/2026E is forecasted at 0.19/0.20/0.20 yuan, with ROE (diluted) at 4.74%/4.93%/5.07% [5] - The company's P/E ratio for 2024E/2025E/2026E is forecasted at 59/56/54, and P/B ratio at 2.8/2.8/2.8 [5] - The company's net profit margin for 2024E/2025E/2026E is forecasted at 0.7%/0.7%/0.7% [13] Operational Highlights - As of June 2024, the company had 1,097 stores, including 997 directly operated stores and 100 franchised stores, with 104 Yueji snack stores [3] - The company is strengthening its logistics system with a multi-warehouse layout and improving store efficiency through category structure, product quality, and service optimization [3] Forecast Adjustments - The report lowers the company's net profit forecast for 2024/2025/2026 by 3%/8%/12% to 120/126/130 million yuan due to intense competition in the supermarket industry [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown continuous improvement in profitability outside its home province and is actively optimizing store quality [3] - The company reported a total revenue of 14.127 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.78%, while the net profit attributable to the parent company decreased by 12.03% [6] - The company is focusing on enhancing operational efficiency through store layout adjustments and has closed 36 stores in the third quarter of 2024, which is an increase from previous quarters [6] - The gross margin for the first three quarters of 2024 was 23.26%, a slight decrease of 0.36 percentage points year-on-year, with the gross margin for the third quarter being 22.65% [6] - The company is expanding its new business formats, with steady revenue growth across various formats, although the gross margin for direct stores has slightly declined [6] Summary by Sections Market Data - Closing price: 10.99 yuan - One-year high/low: 15.08/7.40 yuan - Price-to-book ratio: 2.9 - Dividend yield: 1.73% - Market capitalization: 6,587 million yuan [3] Financial Performance - Revenue for Q1-Q3 2024: 141.27 billion yuan, up 1.78% year-on-year - Net profit for Q1-Q3 2024: 188 million yuan, down 12.03% year-on-year - Q3 2024 revenue: 47.65 billion yuan, down 0.49% year-on-year - Q3 2024 net profit: 18 million yuan, down 33.71% year-on-year [6] Store Operations - Total number of stores as of Q3 2024: 1,103 (973 direct stores, 130 franchise stores) - New direct stores opened: 13; new franchise stores opened: 30 - Stores closed in Q3 2024: 36 [6] Profitability Metrics - Gross margin for Q1-Q3 2024: 23.26% - Q3 2024 gross margin: 22.65% - Net profit margin for Q1-Q3 2024: 1.33% [6] Future Projections - Revised net profit estimates for 2024-2026: 1.96 billion, 2.44 billion, and 2.81 billion yuan respectively - Corresponding price-to-earnings ratios: 36, 29, and 25 [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is a leading supermarket chain in Shandong, leveraging strong supply chain capabilities and fresh produce specialties to solidify its position in the province. It is actively expanding its store coverage through mergers, acquisitions, and franchising in regions outside of its traditional areas, including Hebei and Anhui [1][3] - The company's revenue for the first three quarters of 2024 reached 14.127 billion yuan, a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 188 million yuan, a decrease of 12.03% year-on-year. In Q3 2024 alone, revenue was 4.765 billion yuan, down 0.49% year-on-year, and net profit was 18 million yuan, down 33.71% year-on-year [1][2] Summary by Sections Financial Performance - For Q1-3 2024, the company achieved a revenue of 14.127 billion yuan, with a year-on-year growth of 1.78%. The net profit attributable to shareholders was 188 million yuan, reflecting a year-on-year decline of 12.03%. The adjusted net profit was 157 million yuan, down 22.50% year-on-year. In Q3 2024, revenue was 4.765 billion yuan, a decrease of 0.49% year-on-year, and net profit was 18 million yuan, down 33.71% year-on-year [1][2] Store Expansion and Efficiency - The company is accelerating the expansion of franchise stores and steadily developing snack stores. In Q3 2024, the company added 13 direct-operated stores and 30 franchise stores, resulting in a total of 1,103 stores. The company is also enhancing existing stores to improve operational efficiency amidst a challenging consumer environment [1][2] Profitability and Costs - The gross profit margin for Q3 2024 was 22.65%, a slight decrease of 0.06 percentage points year-on-year. The overall expense ratio increased by 0.65 percentage points to 22.10%, primarily due to costs associated with store layout optimization and increased logistics expenses. The net profit margin for Q3 2024 was 0.38%, down 0.12 percentage points year-on-year [1][2] Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to 17.951 billion yuan, 18.496 billion yuan, and 19.451 billion yuan, respectively. The net profit forecasts are adjusted to 167 million yuan, 180 million yuan, and 230 million yuan for the same period. The current stock price corresponds to a valuation of 42.3, 39.1, and 30.7 times PE for the years 2024, 2025, and 2026, respectively [1][2]