Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has completed the transfer of shares to a state-owned enterprise, which strengthens its long-term development prospects. The new controlling shareholder is the Sichuan State-owned Assets Supervision and Administration Commission [4][9] - The company has a robust cash flow, with a free cash flow of 400 million in 2023 and cash on hand of 1.8 billion as of September 30, 2024, supporting future dividends [4][9] - The company is a leading convenience supermarket in Sichuan, with a history of expansion and efficiency improvements, currently operating 3,655 stores [4][10] Financial Performance - The company's revenue for 2023 was 10,133 million, with a slight year-on-year growth of 1.1%. The projected revenue for 2024 is 10,205 million, reflecting a 0.7% increase [7][27] - The net profit for 2023 was 561 million, with a year-on-year increase of 15.5%. The forecasted net profit for 2024 is 519 million, indicating a decrease of 7.6% [7][27] - The gross profit margin has remained stable around 29.6% in recent years, with a projected margin of 29.4% for 2024 [7][27] Market Position and Strategy - The company maintains a strong market position in Chengdu, with over 90% of its revenue generated from this region. The gross margin in the main urban areas is the highest, ranging from 24% to 26% [5][11] - The company has focused on supply chain enhancements and digital transformation since 2016, leading to a steady increase in its net profit margin to around 4% [5][11] - The company has a history of strategic acquisitions and store openings, with significant expansions occurring from 2015 to 2016, followed by a focus on store optimization and management improvements [16][22] Valuation and Forecast - The projected net profit for the company from 2024 to 2026 is expected to be 5.19 billion, 5.53 billion, and 6.01 billion respectively, with year-on-year changes of -7.6%, 6.6%, and 8.7% [6][22] - The estimated market value range for the company is between 8 billion and 9.3 billion, with a corresponding reasonable value per share between 5.90 and 6.87 yuan [6][22]

证券代码：002697 证券简称：红旗连锁 公告编号：2024-035 成都红旗连锁股份有限公司 关于实际控制人、第二大股东协议转让 公司股份完成过户暨控制权变更的公告 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。 成都红旗连锁股份有限公司（以下简称"公司""红旗连锁"）于 2024 年 11 月 12 日收到四川商投投资有限责任公司（以下简称"商投投资"）通知，曹世如 女士、曹曾俊先生与商投投资协议转让股份事宜，以及永辉超市股份有限公司（以 下简称"永辉超市"）与商投投资协议转让股份事宜均已完成过户登记手续，并 取得了《证券过户登记确认书》。具体情况如下： 一、本次协议转让基本情况： 公司实际控制人曹世如女士及其一致行动人曹曾俊先生与商投投资于 2023 年 12 月 20 日签署了《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红 旗连锁股份有限公司之股份转让协议》《表决权放弃协议》《业绩承诺协议》。同 日，永辉超市与商投投资签署了《四川商投投资有限责任公司与永辉超市股份有 限公司关于成都红旗连锁股份有限公司之股份转让协议》。具体内容详见公司于 202 ...

华西证券股份有限公司 关于 成都红旗连锁股份有限公司 详式权益变动报告书 之 2024 年三季度持续督导意见 财务顾问 二〇二四年十一月 声 明 2023 年 12 月 20 日，商投投资与曹世如女士及其一致行动人曹曾俊先生签 署了《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红旗连锁股份有限 公司之股份转让协议》《表决权放弃协议》《业绩承诺协议》。曹世如女士、曹 曾俊先生拟通过协议转让的方式将持有的合计 93,925,000 股红旗连锁股份（其中 曹世如女士转让 81,855,000 股，曹曾俊先生转让 12,070,000 股）及其所对应的股 东权利、权益转让给商投投资，合计转让股份占公司总股本的 6.91%，在上述股 份转让完成后，曹世如、曹曾俊承诺在弃权期限内放弃其合计所持红旗连锁剩余 的 281,775,000 股股份（占公司总股本的 20.72%）的表决权；同日，永辉超市与 商投投资签署了《四川商投投资有限责任公司与永辉超市股份有限公司关于成都 红旗连锁股份有限公司之股份转让协议》，永辉超市拟通过协议转让的方式将持 有的 136,000,000 股红旗连锁股份及其所对应的股东权利、权益转让给商 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is focusing on its core business, optimizing product structure, and adjusting store layouts, which is expected to drive further development [2] - The company has raised its EPS forecasts for 2024, 2025, and 2026 to 0.44, 0.47, and 0.51 yuan respectively, up from previous estimates of 0.43, 0.46, and 0.50 yuan [3] - Due to short-term pressures from store adjustments and upgrades, the target price has been lowered to 6.80 yuan from 7.08 yuan, reflecting a valuation slightly below the industry average of 15.7x PE for 2024 [3] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 7.767 billion yuan, a year-on-year increase of 1.65%, and a net profit attributable to shareholders of 390 million yuan, a decrease of 4.21% [3] - In Q3 2024, revenue was 2.581 billion yuan, down 2.17%, and net profit attributable to shareholders was 123 million yuan, down 17.91% [3] - The company’s main business net profit for 2024 was 304 million yuan, representing a year-on-year growth of 1.21% [3] - The company’s total revenue projections for 2024, 2025, and 2026 are 10.568 billion yuan, 11.097 billion yuan, and 11.685 billion yuan respectively, with expected growth rates of 4.3%, 5.0%, and 5.3% [4] Strategic Developments - The company is actively adjusting its store layout based on urban planning and is focusing on optimizing its product structure and developing more proprietary products [3] - The entry of Sichuan Commerce Investment as a major shareholder is expected to enhance synergies in supply chain and product development [3] - The company is also working on integrating online and offline operations while divesting from non-performing assets, such as transferring a 20% stake in Gansu Hongqi to state-owned Limin for a symbolic price of 1 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4]. Core Views - The company reported a revenue of 7.77 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.65%, while the net profit attributable to shareholders decreased by 4.21% to 390 million yuan [4]. - The company is optimizing its store layout and enhancing its self-operated products to seek stable growth, focusing on improving customer experience and sales efficiency [4]. - The gross profit margin slightly decreased to 29.13%, with a net profit margin of 5.02%, reflecting a decline compared to the previous year [4]. - The company plans to divest 20% of its stake in Gansu Hongqi to focus on its core operations in Chengdu, which is seen as a strategic move to eliminate underperforming assets [4]. - The profit forecast for 2024, 2025, and 2026 is adjusted to 566 million, 597 million, and 621 million yuan respectively, reflecting a downward revision due to investment income fluctuations [4]. Summary by Sections Market Data - Closing price as of November 1, 2024, was 5.06 yuan, with a one-year high of 5.91 yuan and a low of 4.03 yuan [2]. - The company has a market capitalization of 5,453 million yuan and a price-to-book ratio of 1.6 [2]. Financial Data - As of September 30, 2024, the company had a net asset value per share of 3.19 yuan and a debt-to-asset ratio of 47.90% [3]. - The total share capital is 1,360 million shares, with 1,078 million shares in circulation [3]. Revenue and Profit Forecast - The total revenue for 2024 is projected to be 10.385 billion yuan, with a year-on-year growth rate of 2.5% [5]. - The gross profit margin is expected to stabilize around 29.4% for the coming years [5]. - The return on equity (ROE) is forecasted to be 12.5% in 2024, decreasing slightly in subsequent years [5].

证券代码：002697 证券简称：红旗连锁 公告编号：2024-034 成都红旗连锁股份有限公司 关于公司实际控制权变更事项的进展公告 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。 曹世如女士、曹曾俊先生于 2024 年 6 月 17 日与商投投资签署《四川商投投 资有限责任公司与曹世如及曹曾俊关于成都红旗连锁股份有限公司股份转让事 宜的备忘录》、《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红旗连锁 股份有限公司股份转让协议的补充备忘录》、《四川商投投资有限责任公司与曹世 如及曹曾俊关于成都红旗连锁股份有限公司之股份转让协议的补充备忘录（二）》 （以下简称"《补充备忘录二》"）具体内容详见公司于 2024 年 6 月 18 日披露的 《关于公司实际控制权变更事项的进展公告》（2024-019）。 二、进展情况 2024 年 11 月 1 日，公司接商投投资通知，商投投资于 2024 年 11 月 1 日与 曹世如女士、曹曾俊先生签署《四川商投投资有限责任公司与曹世如及曹曾俊关 于成都红旗连锁股份有限公司股份转让事宜的补充备忘录（三）》（以下简称"《补 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 7.767 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.65%, while the net profit attributable to shareholders was 390 million yuan, a decrease of 4.21% year-on-year [1] - The company is adjusting its store layout and continuously optimizing its product and supply chain [1] - The company plans to transfer its 20% stake in Gansu Hongqi to a state-owned enterprise for a nominal price of 1 yuan, after which it will no longer hold any equity in Gansu Hongqi [1] - The company is focusing on self-operated product development and enhancing logistics and supply chain efficiency through data analytics [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.581 billion yuan, a year-on-year decrease of 2.17%, and a net profit of 123 million yuan, down 17.91% year-on-year [1] - The gross margin for Q3 2024 was 29.43%, showing a slight increase of 0.03 percentage points year-on-year [1] - The overall expense ratio increased by 0.56 percentage points year-on-year to 24.98% [1] - The company expects revenues for 2024-2026 to be 10.335 billion, 10.645 billion, and 10.965 billion yuan respectively, with net profits of 544 million, 554 million, and 577 million yuan respectively [1][2] Investment Outlook - The company is positioned as a leading convenience store operator in China with growth potential in store expansion, daily sales, and gross margin [1] - The current stock price corresponds to a P/E ratio of 12.5x for 2024, 12.3x for 2025, and 11.8x for 2026 [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue performance remains stable, with a year-on-year increase of 1.7% in revenue for the first three quarters of 2024, while net profit attributable to the parent company decreased by 4.2% [1][2] - The company plans to divest its 20% stake in Gansu Hongqi for a nominal price of 1 yuan, which is expected to help in shedding non-performing assets without harming the company's interests [2] - The company is positioned as an "Internet + modern technology chain" firm, executing a differentiated competition strategy of "products + services" [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.767 billion yuan and a net profit of 390 million yuan [1] - The revenue for Q3 2024 was 2.581 billion yuan, reflecting a decrease of 2.2% year-on-year, while net profit for the same period was 123 million yuan, down 17.9% [1] - The gross margin for Q1-Q3 2024 was 29.1%, and the net margin was 5.0%, showing a slight decline compared to the previous year [2] - The company’s investment income decreased by 17.0% year-on-year, primarily due to changes in investment returns from Xinwang Bank and Gansu Hongqi [2] Future Projections - The company forecasts net profits for 2024, 2025, and 2026 to be 578 million, 600 million, and 629 million yuan respectively, with corresponding EPS of 0.42, 0.44, and 0.46 yuan [1][4] - The projected P/E ratios for the next three years are 11.9, 11.4, and 10.9 times [4] Strategic Positioning - The company focuses on optimizing its product structure and enhancing self-operated product development, with successful products like "Hongqi Preferred" whole wheat bread [3] - It emphasizes the integration of physical and online economies, utilizing a data platform to optimize supply chain management and cost control [3]

证券代码：002697 证券简称：红旗连锁 公告编号：2024-030 成都红旗连锁股份有限公司 1、审议通过了《2024 年第三季度报告》 表决情况：本议案有效表决票 9 票，同意 9 票，反对 0 票，弃权 0 票 与会董事一致认为公司《2024 年第三季度报告》的编制和审核程序符合法律 法规及相关监管规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。公司董事、监事、高级管理人员 就该报告签署了书面确认意见，监事会出具了书面审核意见。 《2024 年第三季度报告》详见《中国证券报》、《上海证券报》、《证券日报》、 《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 2、审议通过了《关于转让甘肃省红旗便利连锁有限公司股权的议案》 表决情况：本议案有效表决票 9 票，同意 9 票，反对 0 票，弃权 0 票 第五届董事会第十七次会议决议公告 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"）第五届董事会第十七次会议 于 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-032 成都红旗连锁股份有限公司 第五届监事会第十一次会议决议公告 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。 三、备查文件 1、第五届监事会第十一次会议决议 特此公告 成都红旗连锁股份有限公司 监事会 二、监事会会议审议情况 1、审议通过了《2024 年第三季度报告》 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 年第三季度报 告》的程序符合法律、行政法规的规定。报告内容真实、准确、完整的反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 《2024 年第三季度报告》详见《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 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"）第五届监事会第十一次会 议于 2024 年 10 月 29 日下午 16:00 时以现场方 ...