Investment Rating - The report assigns a "Buy" rating for Hongqi Chain (002697.SZ) based on its stable performance and growth potential [1]. Core Views - The company achieved a revenue of 5.186 billion yuan in H1 2024, representing a year-on-year increase of 3.67%. The net profit attributable to the parent company was 267 million yuan, up 3.81% year-on-year, while the net profit excluding non-recurring items was 241 million yuan, a slight increase of 0.21% [1]. - In Q2 2024, revenue maintained steady growth, but profit faced pressure. The company reported revenues of 2.671 billion yuan and 2.515 billion yuan for Q1 and Q2 respectively, with year-on-year growth rates of +4.55% and +2.75% [1]. - The company's main convenience store business saw revenue growth in line with industry trends, achieving a total revenue of 5.791 billion yuan in H1 2024, an increase of 3.62% [1]. - The company completed the upgrade of 202 old stores and opened 16 new stores, bringing the total number of stores to 3,655 as of June 30, 2024 [1]. Financial Summary - The report forecasts revenues for 2024-2026 to be 10.43 billion, 10.68 billion, and 10.89 billion yuan respectively, with year-on-year growth rates of 2.9%, 2.4%, and 2.0% [17]. - The net profit attributable to the parent company is projected to be 599 million, 616 million, and 625 million yuan for the same period, with growth rates of 6.8%, 2.9%, and 1.4% [17]. - The report indicates a stable gross margin of approximately 29.6% for the forecasted years [17]. - The company's earnings per share (EPS) are expected to be 0.44, 0.45, and 0.46 yuan for 2024, 2025, and 2026 respectively, with a price-to-earnings (P/E) ratio of around 10 [17]. Market Position and Strategy - The company has strengthened its collaboration with online platforms, attracting 5.35 million customers to physical stores through online channels, with online sales nearing 500 million yuan in H1 2024 [1]. - The report highlights the company's focus on enhancing resource integration and collaborative development following the approval of business matters by the Sichuan State-owned Assets Supervision and Administration Commission [1].

Investment Rating - The report maintains a "Buy" rating for the company [21]. Core Views - The company is recognized as a rare large-scale profitable convenience store leader in China, showing growth potential in store expansion, daily sales, and gross margin [19]. - Despite a high base in 2023, the company's revenue and net profit remain relatively stable [19]. - The company achieved a revenue of 5.186 billion yuan in H1 2024, a year-on-year increase of 3.67%, and a net profit attributable to the parent company of 267 million yuan, up 3.81% year-on-year [1]. Financial Performance - In H1 2024, the company reported a revenue of 5.186 billion yuan, with a net profit of 267 million yuan, and a non-recurring net profit of 241 million yuan [1]. - For Q2 2024, the company achieved a revenue of 2.515 billion yuan, a year-on-year increase of 2.75%, but the net profit attributable to the parent company decreased by 10.95% to 103 million yuan [1]. - The company's main business net profit in H1 2024 was 207 million yuan, reflecting a year-on-year increase of 6.14% [2]. Future Projections - The company is projected to achieve revenues of 10.437 billion yuan, 10.750 billion yuan, and 11.072 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 571 million yuan, 590 million yuan, and 624 million yuan [19]. - The expected EPS for 2024, 2025, and 2026 are 0.42 yuan, 0.43 yuan, and 0.46 yuan respectively [19]. Operational Insights - The company has focused on store renovations and online customer acquisition, successfully attracting 5.35 million customers online in H1 2024, contributing to nearly 500 million yuan in online sales [18]. - The company has remodeled 202 old stores and opened 16 new stores, bringing the total to 3,655 stores by the end of June 2024 [18]. Cost Management - The gross margin for H1 2024 was 28.98%, a decrease of 0.37 percentage points year-on-year, while the overall expense ratio improved, with total expenses decreasing by 0.56 percentage points to 24.1% [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.69 CNY per share based on a 13x PE ratio for 2024 [5][18]. Core Insights - The company reported a revenue of 5.19 billion CNY for the first half of 2024, representing a year-on-year growth of 3.7%. The net profit attributable to shareholders was 270 million CNY, up 3.8% year-on-year [1][3]. - The company focuses on upgrading existing stores and enhancing product structure, with a total of 3,655 stores as of mid-2024, adding 16 new stores and renovating 202 old ones [1][3]. - The company has strengthened its online and offline integration, attracting 5.35 million customers through online channels, generating nearly 500 million CNY in online sales [1][3]. Financial Summary - Revenue (in million CNY): 10,020 (2022A), 10,133 (2023A), 10,598 (2024E), 11,126 (2025E), 11,573 (2026E) [3][11]. - Net Profit (in million CNY): 486 (2022A), 561 (2023A), 595 (2024E), 629 (2025E), 663 (2026E) [3][11]. - EPS (in CNY): 0.36 (2022A), 0.41 (2023A), 0.44 (2024E), 0.46 (2025E), 0.49 (2026E) [3][11]. - The company’s net profit growth rates are projected at 6.1% for 2024, 5.8% for 2025, and 5.4% for 2026 [1][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Views - The company is deeply engaged in the convenience store industry, focusing on enhancing its competitive advantages through adjustments in store operations and product offerings throughout the year [3][19] - The company reported a solid performance in the first half of 2024, with revenue increasing by 3.7% year-on-year and net profit rising by 3.8% [11][34] - The company aims to leverage its relationship with its controlling shareholder, a state-owned enterprise, to enhance resource allocation and stimulate growth [11][26] Financial Summary - As of July 26, 2024, the current stock price is 4.54 yuan, with a market capitalization of 61.74 billion yuan and a circulating market capitalization of 48.92 billion yuan [4] - The company achieved a revenue of 51.86 billion yuan in the first half of 2024, with a net profit of 2.67 billion yuan [11][34] - The projected earnings per share (EPS) for 2024-2026 are 0.42, 0.44, and 0.46 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10.7, 10.3, and 9.8 [11][12] Business Performance - The company opened 16 new stores and renovated 202 existing stores in the first half of 2024, bringing the total number of stores to 3,655 [26] - Online sales reached nearly 500 million yuan, with 5.35 million customers attracted to physical stores through online channels [26][34] - The company’s gross margin for the first half of 2024 was 28.98%, reflecting a slight decrease of 0.37 percentage points year-on-year [34]

Investment Rating - The report maintains a "Buy" rating for the company, citing its competitive strength in the convenience store business in Sichuan and gradual store upgrades and expansions [3][11] Core Views - The company's performance fell short of expectations, primarily due to declining investment returns from Xinwang Bank and Gansu Hongqi, leading to downward revisions of EPS forecasts for 2024/2025/2026 by 3%/5%/6% to 0.44/0.46/0.48 yuan [3] - Despite challenges, the company's convenience store business remains competitive, with steady growth in offline store upgrades and expansions [3] Financial Performance - In 1H2024, the company achieved revenue of 5.791 billion yuan, a year-on-year increase of 3.62%, with value-added business revenue growing by 12.57% to 1.514 billion yuan [2] - Net profit from main operations reached 207 million yuan, up 6.14% year-on-year, while investment income declined by 3.57% to 59 million yuan [2] - The company upgraded 202 stores and opened 16 new stores in 1H2024, bringing the total number of stores to 3,655 as of June 30, 2024 [2][16] - Online sales contributed nearly 500 million yuan, driving 5.35 million store visits [2] Operational Metrics - The company's comprehensive gross margin decreased by 0.37 percentage points in 1H2024, while the period expense ratio dropped by 0.27 percentage points [10] - In 2Q2024, the period expense ratio was 24.14%, down 0.56 percentage points year-on-year, with sales/management/financial expense ratios at 21.70%/1.66%/0.78%, respectively [7] Quarterly Breakdown - In 2Q2024, the company achieved revenue of 2.515 billion yuan, a year-on-year increase of 2.75%, with net profit attributable to shareholders of 103 million yuan, translating to a fully diluted EPS of 0.08 yuan, down 10.95% year-on-year [14] - For 1H2024, the company reported revenue of 5.186 billion yuan, up 3.67% year-on-year, and net profit attributable to shareholders of 267 million yuan, with a fully diluted EPS of 0.20 yuan, up 3.81% year-on-year [15] Historical Performance - From 2022 to 2026E, the company's revenue is projected to grow from 10.02 billion yuan to 11.191 billion yuan, with net profit increasing from 486 million yuan to 652 million yuan [6] - The company's ROE (diluted) is expected to decline from 13.7% in 2023 to 12.0% in 2026E, while the P/E ratio is forecasted to decrease from 11 in 2023 to 9 in 2026E [6][32]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 5.186 billion yuan for the first half of 2024, representing a year-on-year growth of 3.67%. The net profit attributable to the parent company was 267 million yuan, up 3.81% year-on-year [3][19] - The company is focusing on optimizing store operations, including adjusting product structures and upgrading store designs. In the first half of 2024, 202 stores were upgraded, and 16 new stores were opened, bringing the total to 3,655 stores as of June 30, 2024 [9][20] - The company is undergoing a significant ownership transfer process, with approval from the provincial state-owned assets supervision and administration commission received as of June 17, 2024 [35] Financial Summary - In the first half of 2024, the company achieved a diluted EPS of 0.20 yuan and a weighted average return on equity of 6.32%. The operating cash flow net amount was 435 million yuan, a decrease of 19.79% year-on-year [3] - The company’s revenue is projected to grow to 10.501 billion yuan in 2024, with a net profit of 578 million yuan, reflecting a year-on-year increase of 3.1% [10][36] - The estimated reasonable market value range for the company is between 7.2 billion and 8.4 billion yuan, corresponding to a reasonable price range of 5.26 to 6.20 yuan per share [11][21]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 5.72 [10][23]. Core Views - The company reported a revenue growth of 3.67% year-on-year to RMB 5.19 billion for the first half of 2024, with a net profit attributable to the parent company increasing by 3.81% to RMB 267 million [7][24]. - The company has optimized its store structure and types, completing the renovation of 202 old stores and opening 16 new stores, which has contributed to a 3.62% year-on-year growth in main business revenue [7][8]. - The company is expected to continue improving its market share in convenience stores in Sichuan province, supported by a steady recovery in CPI [7][24]. Financial Performance - For the first half of 2024, the company's main business revenue (including tax) reached RMB 5.79 billion, reflecting a year-on-year increase of 3.62% [7]. - The company’s net profit for Q2 decreased by 10.95% to RMB 103 million, primarily due to a decline in investment income from Xinwang Bank [8][24]. - The gross margin decreased by 0.37 percentage points to 28.98% due to changes in product structure, while the expense ratio improved due to the integration of online and offline channels [9][24]. Future Outlook - The report forecasts net profits for the company to be RMB 600 million, RMB 623 million, and RMB 650 million for 2024, 2025, and 2026 respectively [7][25]. - The company is undergoing a change in its controlling shareholder, which is expected to bring new development opportunities once the transfer is completed [9][24].

Financial Performance - The net profit for the first half of 2024 was CNY 266,557,899.05, an increase from CNY 256,788,947.01 in the same period last year, representing a growth of approximately 0.3%[24] - The company achieved a total revenue of 5.791 billion CNY, representing a year-on-year growth of 3.62%[37] - The net profit attributable to shareholders was 267 million CNY, an increase of 3.81% compared to the previous year[37] - The net profit from the main business reached 207 million CNY, growing by 6.14% year-on-year[37] - The company reported a total comprehensive income of 282.24 million CNY, compared to 269.54 million CNY in the previous period[28] - The company's operating revenue for the current period is ¥5,186,389,931.99, representing a 3.67% increase compared to ¥5,002,869,943.95 in the same period last year[163] - Net profit attributable to shareholders of the listed company is ¥266,577,931.15, up 3.81% from ¥256,788,947.01 in the previous year[163] Assets and Liabilities - The total assets increased to CNY 8,448,877,298.43 from CNY 8,053,058,753.53, reflecting a growth of about 4.9%[20] - The total current assets amounted to CNY 5,482,336,781.73, an increase from CNY 5,139,557,394.62, representing a growth of about 6.7%[20] - The company's total liabilities were not specified, but the increase in total assets suggests a potential increase in leverage[20] - The company’s total assets at the end of the reporting period were CNY 4,240,523,954.59[58] - Total assets at the end of the reporting period are ¥8,096,770,875.22, a slight decrease of 0.17% from ¥8,110,293,782.99 at the end of the previous year[163] - Net assets attributable to shareholders of the listed company increased by 2.38% to ¥4,208,475,657.06 from ¥4,110,537,725.91 at the end of the previous year[163] Cash Flow - The cash and cash equivalents at the end of the period were CNY 1,779,195,718.99, up from CNY 1,622,863,465.62, indicating an increase of approximately 9.6%[20] - The net cash flow from investment activities was 376.14 million CNY, a significant improvement from a negative cash flow of 133.02 million CNY in the previous period[28] - The company reported cash inflow from operating activities of CNY 5,715,230,941.89 for the first half of 2024, a slight increase from CNY 5,708,524,435.14 in the same period of 2023[52] - The net cash flow from operating activities decreased by 19.79% to ¥434,859,893.84 from ¥542,145,007.61 in the same period last year[163] Inventory and Investments - The company's inventory rose to CNY 617,058,667.87 from CNY 536,790,945.82, marking an increase of around 14.9%[21] - Investment income from Xinwang Bank and Gansu Hongqi amounted to 59.36 million CNY, with a cash dividend of 45.45 million CNY received from Xinwang Bank[37] - The company has implemented a strategy to integrate subsidiaries and business results into consolidated financial statements from the beginning of the reporting period[97] Market Position and Expansion - The company maintained a strong market position in the convenience store sector, being the first listed convenience chain in the A-share market[37] - The company completed the upgrade of 202 old stores and opened 16 new stores, bringing the total number of stores to 3,655 as of June 30, 2024[38] - Online customer traffic reached 5.35 million, with online sales nearing 500 million CNY during the reporting period[38] - The company plans to expand its market presence by opening 30 new stores in the next fiscal year[189] - A strategic acquisition of a local competitor is expected to enhance market share by 5%[189] Customer Focus and Service Improvement - The company has established a new store inspection team to enhance customer experience through improved service attitude, product display, and inspection of near-expiry products[86] - The company focuses on customer needs and aims to provide safer, more reliable, and professional services[86] - New marketing strategies are being implemented to increase brand awareness and customer engagement[189] Financial Reporting and Accounting Policies - The company recognizes financial assets and liabilities based on their contractual cash flow characteristics and business model[73] - The company will account for direct costs related to business combinations in the current period's profit and loss[95] - The company will adjust capital reserves and retained earnings based on the difference between the net asset book value and the payment for mergers and acquisitions[67] - The company recognizes financial assets at fair value, with changes recorded in other comprehensive income[104] - The company assesses credit risk based on a 30-day overdue threshold for financial instruments[110] - Expected credit loss rates for accounts receivable are set at 0% for up to 6 months, 5% for 6 to 12 months, and 100% for over 5 years[135]

成都红旗连锁股份有限公司(以下简称"公司""本公司")于 2024 年 7 月 25 日召开的第五届董事会第十六次会议审议通过了《关于使用自有闲置资金进 行投资理财的议案》，同意公司使用自有闲置资金不超过人民币 5 亿元购买商业 银行发行的保本型理财产品，在此额度内，资金可滚动使用，为控制风险，以上 额度资金只能购买一年以内保本型理财产品。同时，授权公司管理层具体实施上 述投资理财，授权期限为自董事会审议通过之日起十二个月。 该事项无需提交公司股东大会审议。 现将具体情况公告如下： 证券代码：002697 证券简称：红旗连锁 公告编号：2024-024 成都红旗连锁股份有限公司 关于使用自有闲置资金进行投资理财的公告 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。 上述拟用于购买银行理财产品的 5 亿元人民币为公司自有闲置资金。 5、 决议有效期 授权期限为自董事会审议通过之日起十二个月。 一、投资概述 1、 投资目的 为提高资金使用效率，合理利用闲置资金，在不影响公司正常经营的前提下， 利用自有闲置资金购买银行理财产品,为公司和股东谋取更多的投资收益。 2、 ...

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。 一、 监事会会议召开情况 证券代码：002697 证券简称：红旗连锁 公告编号：2024-026 成都红旗连锁股份有限公司 第五届监事会第十次会议决议公告 《2024 年半年度报告摘要》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）,《2024 年半年度报告全文》详见巨潮资讯网（http://www.cninfo.com.cn）。 2、审议通过了《关于使用自有闲置资金进行投资理财的议案》 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 公司目前财务状况良好，内部控制健全，在不影响公司正常经营基础上，购 买保本型银行短期理财产品，风险较低，有利于提高资金使用效率，符合公司和 全体股东的利益。决策程序符合相关法律法规的规定。 《关于使用自有闲置资金进行投资理财的公告》详见《中国证券报》、《上 海证券报》、《证券日报》、《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）。 3、 审议 ...