证券代码：002697 证券简称：红旗连锁 公告编号：2024-013 成都红旗连锁股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 第五届监事会第九次会议决议公告 一、 监事会会议召开情况 成都红旗连锁股份有限公司（以下简称"公司"）第五届监事会第九次会议 于 2024 年 4 月 11 日下午 13:00 时以现场方式在公司总部会议室召开。本次会 议通知于 2024 年 4 月 9 日以书面通知方式发出，应出席会议的监事 3 名，实际 出席会议的监事 3 名，董事会秘书曹曾俊先生列席了本次会议。会议由监事会主 席汤世川先生主持。本次会议的召集、召开及表决符合有关法律、法规及公司《章 程》的规定，会议决议合法有效。 二、 监事会会议审议情况 审议通过了《2024 年第一季度报告的议案》 2、 深交所要求的其他文件 特此公告 成都红旗连锁股份有限公司 监事会 二〇二四年四月十一日 表决情况：本议案有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票 监事就该报告签署了书面确认意见。 经审核，监事会全体人员认为董事会编制和审核的公司《2024 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-012 成都红旗连锁股份有限公司 第五届董事会第十五次会议决议公告 《2024 年第一季度报告全文》详见巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 1、 第五届董事会第十五次会议决议 2、 深交所要求的其他文件 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 成都红旗连锁股份有限公司（以下简称"公司"）第五届董事会第十五次会 议于 2024 年 4 月 11 日上午 10:00 时以现场与通讯相结合的方式在公司会议室召 开。本次会议通知于 2024 年 4 月 9 日以邮件通知方式发出，应出席会议的董事 9 名，实际出席会议的董事 9 名（其中董事吴乐峰先生、黄明月女士、独立董事廖 中新先生、曹麒麟先生以通讯方式参会并表决），会议由董事长曹世如女士主持。 本次会议的召集、召开及表决符合有关法律、法规及公司《章程》的规定，会议 决议合法有效。 二、董事会会议审议情况 审议通过了《2024 年第一季度报告的议案》 表决情况：本议案 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company has shown a significant increase in gross margin, with a 2023 gross margin of approximately 29.63%, up by 0.57 percentage points year-on-year, and a Q4 gross margin of about 30.43%, up by 2.13 percentage points year-on-year [3][5]. - The company has demonstrated stable expenses, with sales, management, and financial expense ratios for 2023 at 22.8%, 1.5%, and 0.6%, respectively [3]. - The company is recognized as a leading convenience store operator in China with growth potential in store openings, daily sales, and gross margin [3]. - The company achieved a revenue of 101.33 billion yuan in 2023, a year-on-year increase of 1.12%, and a net profit of 5.61 billion yuan, up by 15.53% year-on-year [7]. - The investment income from Xinwang Bank was stable, with a total investment income of 1.47 billion yuan for the year, compared to 0.97 billion yuan in the previous year [6]. Financial Summary - The company opened 144 new stores and closed 66, ending the year with a total of 3,639 stores, indicating a net increase in store count [5]. - The projected revenues for 2024-2026 are 105.38 billion yuan, 109.59 billion yuan, and 113.98 billion yuan, respectively, with corresponding net profits of 5.88 billion yuan, 5.97 billion yuan, and 6.32 billion yuan [3][21]. - The earnings per share (EPS) are expected to be 0.43 yuan, 0.44 yuan, and 0.46 yuan for the years 2024, 2025, and 2026, respectively [3][21]. - The current price-to-earnings (P/E) ratios are projected to be 11.4x, 11.2x, and 10.6x for the years 2024, 2025, and 2026, respectively [3][21].

商贸零售 2024 年 04 月 03 日 红旗连锁 (002697) | --- | --- | |--------------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 03 日 | | 收盘价（元） | 5.19 | | 一年内最高 / 最低（元） | 6.65/4.03 | | 市净率 息率（分红/ 股价） | 1.7 - | | 流 通 A 股市值（百万 | 5593 | | 元） | | | 上证指数/深证成指 注："息率"以最近一年已公布分红计算 | 3069.30/9544.77 | 一年内股价与大盘对比走势： 相关研究 证券分析师 ——业绩稳步提升，投资收益表现亮眼贡献增量 财务数据及盈利预测 请务必仔细阅读正文之后的各项信息披露与声明 资料来源：公司公告，申万宏源研究 【投资收益及其他】包括投资收益、其他收益、净敞口套期收益、公允价值变动收益、资产处置收益等 【营业外净收入】营业外收入减营业外支出 请务必仔细阅读正文之后的各项信息披露与声明 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [19]. Core Views - The company achieved a revenue of 10.133 billion yuan in 2023, a year-on-year increase of 1.12%, with a net profit attributable to shareholders of 561 million yuan, up 15.53% year-on-year [4][5]. - The company plans to accelerate store expansion in 2024, with a focus on both opening new stores and upgrading existing ones [6][8]. - The report estimates a reasonable market value range for the company between 7.6 billion and 9.8 billion yuan, corresponding to a reasonable value range of 5.58 to 7.24 yuan per share [9][26]. Financial Performance - In 2023, the company’s gross profit margin increased by 0.57 percentage points to 29.63%, with a significant increase in the fourth quarter [5]. - The company opened 144 new stores and renovated 279 stores in 2023, bringing the total number of stores to 3,639 by the end of the year [6]. - The company’s operating cash flow net amount was 1.242 billion yuan, a decrease of 15.53% year-on-year [4]. Revenue Breakdown - Revenue from the tobacco and alcohol segment increased by 9.56%, while food and daily necessities saw declines of 5.51% and 1.73%, respectively [21]. - In terms of regional performance, revenue from urban areas in Chengdu grew by 8.35%, while revenue from suburban and secondary city areas decreased by 11.82% and increased by 2.70%, respectively [21]. Cost and Efficiency - The report notes a 0.4 percentage point increase in the expense ratio for 2023, with sales expense ratio rising by 0.49 percentage points and financial expense ratio decreasing by 0.11 percentage points [22]. - The average salary per employee was 80,000 yuan, reflecting a year-on-year increase of 2.5%, with labor efficiency improving by 2% to 657,000 yuan per employee [22]. Future Projections - The company is projected to achieve a net profit of 617 million yuan in 2024, with a year-on-year growth of 10% [24]. - The report forecasts a steady increase in revenue, with expected figures of 10.713 billion yuan in 2024, 11.390 billion yuan in 2025, and 12.094 billion yuan in 2026 [23].

证 券 研 究 报 告 聚焦主业持续提档升级，投资收益实现大幅提升 | --- | --- | --- | |----------|---------------------|-----------------------------| | | | | | | 刘越男 ( 分析师 ) | 赵国振 ( 分析师 ) | | | 021-38677706 | 021-38031044 | | | liuyuenan@gtjas.com | zhaoguozhen028586@gtjas.com | | 证书编号 | S0880516030003 | S0880524030006 | 公司聚焦主业持续提档升级，利润端改善明显且拓店速度有所提升；积极探索直播业 务，加速推进线上线下一体化进程；叠加四川商投入驻赋能，有望推动公司持续成长。 投资要点： [Table_Summary] 维持增持。考虑门店持续提档升级，维持公司 2024/25 年 EPS 分别为 0.43/0.46 元，新增 2026 年 EPS 为 0.50 元，给予 2024 高于行业平均 17xPE 估值，维持目标价为 7.24 元，维持"增持"评级。 ...

[Table_Interest 权益披露Disclosure] [Table_Copyright 版权声明] [Table_Title] 红旗连锁（002697.SZ） 基本面温和修复进程中 ⚫ 点评：（1）公司进行分红，2023 年公司进行现金分红，每 10 股派息 1.24 元，现金分红总额约 1.7 亿元，积极回报股东价值。（2）公司于 2023 年末探索直播经营业务，通过直播推广与线下门店的结合，实现 线上线下联动互补，吸引众多消费者，同时也加强了与其他线上平台的 合作。公司的直播业务有望在 2024 年进一步成熟。（3）公司在 2023 年持续开展门店提档升级，重点提升员工服务意识，利用门店布局优 势，不断优化配送能力，并充分利用门店优势开展直播服务，行成网络 下单＋门店提货的销售新模式。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] | 2022A | 20 ...

红旗连锁（002697.SZ） 2024 年 04 月 02 日 黄泽鹏（分析师） 骆峥（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790122040015 事件：公司 2023 年营收同比+1.1%，归母净利润同比+15.5% 公司发布年报：2023 年实现营收 101.33 亿元（同比+1.1%）、归母净利润 5.61 亿 元（同比+15.5%）；此外，公告拟每 10 股派发现金股利 1.24 元。考虑新网银行 贡献投资收益增长等因素，我们上调 2024-2025 年盈利预测并新增 2026 年盈利 预测，预计 2024-2026 年归母净利润为 5.78（+0.31）/6.00（+0.17）/6.29 亿元， 对应 EPS 为 0.42（+0.02）/0.44（+0.01）/0.46 元，当前股价对应 PE 为 12.0/11.6/11.0 倍。我们认为，公司便利超市主业经营稳健，国资控股后，有望实现全方位资源 赋能，进一步激发增长动能，推动持续成长，维持"买入"评级。 深耕便利店行业构筑竞争优势，四川省 ...

Financial Performance - The company's operating revenue for 2023 was CNY 10.13 billion, an increase of 1.12% compared to CNY 10.02 billion in 2022[18]. - Net profit attributable to shareholders reached CNY 561.12 million, reflecting a year-on-year growth of 15.53% from CNY 485.67 million in 2022[18]. - The company achieved a basic earnings per share of CNY 0.41, up 13.89% from CNY 0.36 in the previous year[18]. - The total operating revenue for 2023 was 10,132,655,167 yuan, representing a year-on-year increase of 1.12%[37]. - The company reported a total revenue of 376.6 million in the latest financial period, reflecting a significant growth compared to previous periods[83]. - The net profit for 2023 was CNY 561,083,928.94, up from CNY 485,669,168.43 in 2022, reflecting a growth of approximately 15.5%[190]. - The company's total liabilities increased to CNY 3,812,534,798.94 in 2023 from CNY 3,270,421,208.23 in 2022, representing a growth of approximately 16.5%[190]. - The company reported a significant increase in interest income, which rose to CNY 41,392,037.74 in 2023 from CNY 28,713,538.97 in 2022, representing a growth of about 44%[190]. Cash Flow and Dividends - The company plans to distribute a cash dividend of 1.24 RMB per 10 shares to all shareholders, based on a total of 1,360,000,000 shares[4]. - The company distributed over 600 million yuan in cash dividends in the first half of 2023, reflecting a commitment to shareholder returns[31]. - The cash dividend represents 33.39% of the total distributable profit of RMB 505,061,192.24[110]. - The net cash flow from operating activities was ¥1,242,300,941.67, down 15.53% year-on-year[49]. - The company paid CNY 601,120,000.00 in dividends and interest, significantly higher than CNY 19,040,000.00 in 2022[198]. Operational Developments - The company focused on enhancing consumer shopping experience and upgraded store facilities, contributing to a 0.97% increase in main business revenue to CNY 11.3 billion[30]. - The company established a new sales model combining online ordering and in-store pickup, enhancing delivery capabilities[30]. - The company opened 144 new stores in 2023, increasing the total number of stores to 3,639 by December 31, 2023[31]. - The company is actively exploring live-streaming business to integrate online and offline sales channels[31]. - The company is positioned as a key supplier of essential goods in Sichuan province, reflecting its strong market presence[29]. Market and Competitive Environment - The retail sales in Sichuan province grew by 9.2% year-on-year, indicating a favorable market environment for the company[29]. - The company faces risks from macroeconomic trends that could impact consumer confidence and demand, particularly if economic growth slows[70]. - The retail industry is highly competitive, and the company adopts a differentiated competition strategy focusing on convenience stores catering to various consumer needs[70]. - Rising operational costs, including rental and labor expenses, pose a significant risk to the company's profitability[70]. Governance and Management - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, organization, and finance[79]. - The management team is independent, with no overlapping roles in the controlling shareholders' enterprises, ensuring unbiased decision-making[79]. - The company has a robust operational management system and logistics facilities that are entirely independent from those of its controlling shareholders[80]. - The company has a diverse management team with various roles, ensuring a balanced governance structure[82]. - The company has a significant focus on corporate governance, with independent directors actively participating in various roles[93]. Social Responsibility and Community Engagement - The company donated over 100 million yuan to social welfare and charity initiatives, with the chairman personally contributing over 60 million yuan[119]. - The company supported local agriculture by directly purchasing and selling tens of thousands of tons of fruits and vegetables, enhancing local farmers' income[122]. - The chairman made multiple donations totaling 10.6 million yuan to support education for underprivileged students across 23 districts[121]. Risks and Challenges - The company emphasizes the importance of risk awareness in its future outlook and operational plans, as detailed in the management discussion section[4]. - The company is focusing on improving operational efficiency and customer engagement to drive sales growth in the upcoming quarters[87]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[118]. Financial Health and Investments - The company reported a total investment amount of 200 million with a 100% ownership stake in the new retail chain established in Sichuan Tianfu New Area[60]. - The total investment amount during the reporting period was ¥65,000,000.00, a 202.33% increase from ¥21,500,000.00 in the previous year[58]. - The company has retained its accounting firm, Lixin Certified Public Accountants, for 14 consecutive years, with an audit fee of 700,000 yuan for the current period[130].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's performance exceeded previous expectations, primarily due to significant growth in investment income and the continuous increase in the asset management scale of Xinwang Bank. The ongoing upgrade of old stores is expected to enhance the profitability of the main business in the future [2]. - The company achieved a total revenue of 11.3 billion yuan in 2023, with a year-on-year growth of 0.97%. The value-added service revenue reached 2.853 billion yuan. The net profit from the main business was 414 million yuan, reflecting a year-on-year increase of 6.47%, while investment income surged by 46.89% to 154 million yuan [1][19]. - The company opened 144 new stores and upgraded 279 existing stores in 2023, bringing the total number of stores to 3,639 by the end of the year. Additionally, the company launched a new sales model combining online ordering with in-store pickup [1][19]. Financial Summary - The company’s revenue for 2023 was 10.133 billion yuan, with a growth rate of 1.12%. The net profit attributable to the parent company was 561 million yuan, translating to a fully diluted EPS of 0.41 yuan, which is a 15.53% increase year-on-year [19]. - The comprehensive gross margin for 2023 was 29.63%, an increase of 0.57 percentage points year-on-year. The expense ratio for the same period was 24.80%, up by 0.39 percentage points [20]. - The report projects EPS for 2024 and 2025 to be 0.45 yuan and 0.48 yuan respectively, with a new forecast for 2026 at 0.51 yuan [2].