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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.24 CNY, reflecting a valuation of 17x PE for 2024, which is above the industry average [1][19]. Core Insights - The company focuses on upgrading its core business, leading to significant profit improvements and an increase in store expansion speed. It is actively exploring live streaming business and accelerating the integration of online and offline operations, supported by Sichuan Merchants' investment, which is expected to drive continuous growth [1]. - In 2023, the company achieved a revenue of 10.133 billion CNY, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 561 million CNY, up 15.53% [1]. - The company completed the upgrade of 279 stores during the reporting period, enhancing consumer shopping experiences and increasing customer loyalty through a convenient shopping model [1]. - Investment income saw a significant increase of 46.89%, primarily due to improvements in financial services provided by Xinwang Bank [1]. Financial Summary - For 2023, the company reported a total revenue of 10.133 billion CNY and a net profit of 561 million CNY, with an EPS of 0.41 CNY. The projected EPS for 2024 is 0.43 CNY, and for 2025, it is expected to be 0.46 CNY [2][21]. - The company has a net asset return (ROE) of 13.7% for 2023, with projections of 12.9% for 2024 and 2025 [21]. - The company’s total assets are reported at 8.192 billion CNY, with total liabilities of 3.458 billion CNY, indicating a healthy balance sheet [21]. Market Data - The stock price has fluctuated between 4.16 CNY and 6.52 CNY over the past 52 weeks, with a current market capitalization of 6.936 billion CNY [2][5]. - The average daily trading volume is approximately 17.53 million shares, with an average daily trading value of 83.79 million CNY [2].

[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].

根据商投投资与曹世如和曹曾俊签订的《业绩承诺协议》，2024-2026 年公 司扣非归母净利润减去投资收益，每一年均不低于 2.3 亿元。曹世如在业绩 承诺期及期满后 6 个月内继续担任上市公司董事长、总经理，负责上市公司 日常经营。 | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|----------------|----------------|----------------|----------------|--------------| | [Table_Profit] 重要财务指标 营业总收入 ( 百万元 ) | 2022A 10,020 | 2023A 10,133 | 2024E 10,430 | 2025E 10,707 | 2026E 10,988 | | 增长率 YoY % | 7.2% | 1.1% | 2.9% | 2.7% | 2.6% | | 归属母公司净利润 ( 百万元 ) | 486 | 561 | 603 | 628 | 646 | ...

证券代码：002697 证券简称：红旗连锁 公告编号：2024-007 成都红旗连锁股份有限公司 第五届监事会第八次会议决议公告 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。 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"）第五届监事会第八次会议 于 2024 年 4 月 1 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 3 月 25 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 1、 审议通过了《 2023 年度监事会工作报告》 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 本议案需提交公司股东大会审议。 2、 审议通过了《 2023 年年度报告全文及摘要》 本议案需提交公司股东大会审议。 《2023 年年度报告全文》详见巨潮资讯网（http://ww ...

成都红旗连锁股份有限公司 在每次召开董事会前，公司董事会秘书及董事会办公室按照法定时间向本人 提供了会议资料，并介绍了相关情况。本人对本年度公司董事会提交的议案均认 真审议，所有议案经过客观谨慎的思考，主动参与各议案的讨论并提出合理建议， 为董事会的正确、科学决策发挥积极作用。所有议案本人均投了赞成票，没有投 反对票和弃权票。 2、出席股东大会情况 2023 年度独立董事述职报告 独立董事：汤继强 各位股东及股东代表： 本人作为成都红旗连锁股份有限公司（以下简称公司）的独立董事，2023 年严格按照《公司法》、《证券法》、《上市公司独立董事规则》以及《公司章程》 等相关法律、法规、制度的规定和要求，认真履行独立董事职责，认真、勤勉地 行使公司所赋予独立董事的权利，充分发挥独立董事作用，切实维护了公司整体 利益及全体股东尤其是中小股东合法权益。现就本人在报告期内履职情况汇报如 下： 一、 出席会议情况 1、出席董事会情况 2023 年度，公司共召开了 10 次董事会会议，本人参加了全部会议，没有缺 席或连续两次未亲自出席会议的情况。出席会议具体情况如下： | | | | 出席董事会情况 | | 是否连续两 | ...

成都红旗连锁股份有限公司 2023 年度，公司共召开了 10 次董事会会议，召开了 1 次年度股东大会和 1 次临时股东大会，本人参加了全部会议，没有缺席或连续两次未亲自出席会议的 情况。出席会议具体情况如下： | | 出席董事会情况 | | | | 是否连续两 | | --- | --- | --- | --- | --- | --- | | 曹麒麟 | 应出席董事 会次数 | 实际出席董 事会会议 | 委托出席 | 缺席次数 | 次未出席会 | | | | | | | 议 | | | 10 | 10 | 0 | 0 | 否 | | | | | 列席股东大会次数 | | | | | | | 2 | | | 本人对本年度公司董事会提交的议案均认真审议，所有议案经过客观谨慎的 思考，本人均投了赞成票，没有投反对票和弃权票。根据自身专业知识提出合理 化建议，充分行使独立董事职权并发表相关独立意见。 二、 发表的独立意见 | 召开日期 | 会议届次 | 发表的独立意见 | | --- | --- | --- | | 2023-2-14 | 第五届董事 会第四次会 | 对聘任高级管理人员发表了独立意见 | 2023 ...