国盛证券研究所 | --- | --- | --- | |--------------------------------------------------------------|-------------|------------------------------------------------------------| | | | | | 北京 | 上海 | | | 地址：北京市东城区永定门西滨河路 8 号院 7 楼中海地产 | | 地址：上海市浦东新区南洋泾路 555 号陆家嘴金融街区 22 | | 广场东塔 7 层 | 栋 | | | 邮编： 100077 | 邮编： | 200120 | | 邮箱： gsresearch@gszq.com | 电话： | 021-38124100 | | | | | | 南昌 | 邮箱： 深圳 | gsresearch@gszq.com | | 地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 | | 地址：深圳市福田区福华三路 100 号鼎和大厦 24 楼 | | 邮编： 330038 | 邮编： | 518033 | | | | | 传真：0 ...

营业利润 | --- | --- | --- | --- | --- | --- | |-----------------------|------------|------------|------------|----------|----------| | 现金流量表 ( 百万元 ) | 2022 | 2023 | 2024E | 2025E | 2026E | | 净利润 | 18.72 | 135.86 | 246.37 | 351.63 | 490.43 | | 折旧摊销 | 574.12 | 580.30 | 359.96 | 379.10 | 394.92 | | 财务费用 | 268.86 | 229.66 | 20.47 | 6.19 | (10.40) | | 投资损失 | 0.31 | 10.73 | 3.74 | 4.93 | 6.46 | | 营运资金变动 | 102.72 | 316.97 | (1,270.69) | 2,188.48 | (911.89) | | 其它 | 374.70 | 340.50 | (67.36) | (17.69) | (11.44) | | 经营 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-035 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于"家悦转债"预计触发转股价格修正条件的提示 性公告 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： 本次触发转股价格修正条件的期间从 2024 年 4 月 10 日起算。截至 2024 年 4 月 23 日，公司股票已有 10 个交易日的收盘价低于当期转股价格的 85%，预 计触发转股价格向下修正条件。 一、可转债发行上市概况 二、可转债转股价格修正条款与可能触发情况 （一）经中国证券监督管理委员会核准《关于核准家家悦集团股份有限公司 公开发行可转换公司债券的批复》（证监许可【2020】316 号），家家悦集团股 份有限公司（以下简称"公司"）于 2020 年 6 月公开发行了可转换公司债券 645 万张，每张面值人民币 100.00 元，发行总额为人民币 64,500.00 万元，期限 6 年 ...

+0.27/同比持平/+5.46PCT。 盈利预测与投资评级：我们预计公司 2024-2026 年收入分别为 196/205/213 亿元，同增 10%/4%/4%，归母净利润分别为 2.54/3.04/3.22 亿元，同增 87%/19%/6%，EPS 分别为 0.40/0.48/0.50 元，对应 4 月 22 日收盘价 PE 分别为 26/22/21X，维持"增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------------|-------------|--------------------------------|-------------|-------------|-----------------------|-------------|--------------|--------------|--------------|---------------| | [ 资产负债表 Tabl ...

| 证券代码：603708 | 证券简称：家家悦 公告编号：2024-034 | | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | 家家悦集团股份有限公司 关于 2023 年度暨 2024 年第一季度业绩说明会召开情 况的公告 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。 家家悦集团股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日上午 9:00-10:00 在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 通过网络互动交流方式召开了 2023 年度暨 2024 年第一季度业绩说明会，现将说 明会召开情况公告如下： 一、说明会召开情况： 公司于 2024 年 4 月 16 日在上海证券交易所网站（www.see.com.cn）及指定 信息披露媒体披露了《家家悦集团股份有限公司关于召开 2023 年度暨 2024 年第 一季度业绩说明会的公告》（公告编号：2024-022）。2024 年 4 月 22 日上午 9:00-10: ...

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------------------------------------------------------------|-----------------------------------------|--------------|--------------------|----------------------------------------------------------------|------------|----------------------------------------------|-------------------------------|------------|----------------------| | | [Table_Title] \n家家悦 (603708) | | | | [Table_industryIn ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 17.763 billion yuan in 2023, a decrease of 2.3% year-on-year, but achieved a net profit of 136 million yuan, an increase of 127.0% year-on-year. In Q1 2024, revenue grew by 5.7% to 5.189 billion yuan, with a net profit of 147 million yuan, up 7.1% [2][3] - The company plans to accelerate the layout of new business formats, focusing on high-quality development and internal growth through an equity incentive plan. The expansion into snack chains and discount stores is highlighted as a key area of interest [2][3] Financial Performance Summary - In 2023, the company achieved revenue of 177.63 billion yuan, with a net profit of 1.36 billion yuan. The revenue for Q1 2024 was 51.89 billion yuan, with a net profit of 1.47 billion yuan [2][3] - The company’s gross margin for 2023 was 23.9%, with a slight decrease to 24.0% in Q1 2024. The sales, management, and financial expense ratios were 18.9%, 2.1%, and 1.4% respectively in 2023, improving to 16.9%, 1.9%, and 1.2% in Q1 2024 [3] Business Strategy and Outlook - The company opened 110 new stores in 2023, including 37 supermarkets and 56 snack stores, bringing the total number of stores to 1,049. The 2024 plan emphasizes improving traditional business formats, accelerating innovative formats, and enhancing organizational efficiency [4] - The company aims to optimize the profitability model of single stores and focus on franchise as a key growth strategy, particularly for discount and snack store formats [4] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 215 million yuan, 257 million yuan, and 302 million yuan respectively, with corresponding EPS of 0.34 yuan, 0.40 yuan, and 0.47 yuan. The current stock price corresponds to P/E ratios of 29.8, 24.9, and 21.1 for the respective years [2][6]

Investment Rating - The investment rating for the company is "Buy" [34] Core Views - The company achieved a net profit of 136 million yuan in 2023, representing a year-on-year increase of 127.04%, while revenue decreased by 2.31% to 17.763 billion yuan [1][4] - In Q1 2024, the company reported a revenue growth of 5.73% and a net profit growth of 7.10% year-on-year, indicating stable performance [1][4] - The company plans to distribute a cash dividend of 0.19 yuan per share, which accounts for 88% of the annual net profit [1] - The company is expanding its store network, with a net increase of 44 stores in 2023 and 16 stores in Q1 2024 [10] - Online sales grew by 23.9% in 2023, with online business accounting for 5.98% of total sales [1][9] Financial Performance - The company's gross margin improved by 0.62 percentage points to 23.88% in 2023, while the gross margin for Q1 2024 was 24.04% [10] - Operating cash flow for 2023 was 1.614 billion yuan, a year-on-year increase of 20.5%, and for Q1 2024, it was 702 million yuan, up 22.1% year-on-year [10] - The company has adjusted its net profit forecasts for 2024 and 2025 to 224 million yuan and 247 million yuan, respectively, due to short-term costs associated with new business formats [19] Regional Performance - Revenue from outside Shandong province grew by 4.49% in 2023, accounting for 15.35% of total revenue [9] - In Q1 2024, revenue from Shandong province increased by 8.63%, while revenue from outside Shandong rose by 9.81% [9] Business Segments - In Q1 2024, the main business revenue from comprehensive supermarkets grew by 10.96%, while other formats, including snack stores and discount supermarkets, saw revenue growth of 46.66% [9][10] - The company is actively exploring multi-format layouts to adapt to consumer trends [8]

Investment Rating - The report maintains a "Hold" rating for the company, indicating a cautious outlook on its future performance [14]. Core Views - The company has shown a mixed performance in recent quarters, with a notable increase in net profit but a decline in revenue for 2023. The introduction of new business formats, such as snack and discount stores, has led to increased investment, impacting profitability forecasts [14][27]. - The company is expanding its store network, with 110 new stores opened in 2023, contributing to a total of 1,049 stores by year-end. This includes various formats such as supermarkets and discount stores [12][14]. - Online sales have seen significant growth, with a 23.9% increase in 2023, enhancing foot traffic to physical stores [12][14]. Financial Summary - In 2023, the company reported total revenue of 177.63 billion yuan, a decrease of 2.31% year-on-year, while net profit reached 1.36 billion yuan, an increase of 127.04% [27]. - The gross profit margin for 2023 was 23.88%, up by 0.62 percentage points from the previous year, although it slightly decreased to 24.04% in Q1 2024 [10][11]. - The company’s EPS for Q1 2024 was 0.23 yuan, reflecting a year-on-year growth of 7.10% [11][13]. Operational Insights - The company’s operational efficiency is improving, with a decrease in the expense ratio to 20.08% in Q1 2024, down by 0.44 percentage points year-on-year [28]. - The company has a strong competitive position in regions like Shandong, which supports its market share growth through new business formats [14]. Market Position - The company’s market capitalization is approximately 63.96 billion yuan, with a P/E ratio of 48 for 2023, indicating a relatively high valuation compared to earnings [32][34]. - The company’s revenue from fresh produce and food categories remains significant, with fresh produce accounting for approximately 7.05 billion yuan in revenue [21].

证券代码：603708 证券简称：家家悦 公告编号：2024-033 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 10 日 14 点 30 分 召开地点：山东省威海市经济技术开发区大庆路 53 号 A 座公司会议室 (五) 网络投票的系统、起止日期和投票时间。 家家悦集团股份有限公司 关于召开 2023 年年度股东大会的通知 股东大会召开日期：2024年5月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 10 日至 2024 年 5 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大 ...