汇嘉时代(603101)：胖东来调改初见成效

Core Viewpoint - The company, as a retail leader in the Xinjiang region, is poised to capitalize on the recovery of local consumer spending and the increase in tourist numbers, maintaining a competitive advantage in the market [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.868 billion yuan, a year-on-year increase of 1.18%, with the third quarter revenue at 597 million yuan, reflecting a year-on-year decrease of 1.12% [2] - The net profit attributable to shareholders for the first three quarters of 2025 was 80 million yuan, up 60.05% year-on-year, while the net profit excluding non-recurring items was 74 million yuan, an increase of 86.65% year-on-year [2] - In the third quarter of 2025, the net profit attributable to shareholders was 13 million yuan, a year-on-year increase of 48.23%, and the net profit excluding non-recurring items was 11 million yuan, up 186.93% year-on-year [2] Business Development - The company has been actively advancing the transformation of its supermarket business, with significant progress noted after the reopening of the Beijing Road store in August, which has achieved over 90% synchronization with the product structure of the successful "胖东来" model [3] - By the end of the third quarter, the company had completed transformations in 8 stores across 7 cities, while also optimizing underperforming locations [3] - The gross margin of the supermarket business improved by 5.69 percentage points year-on-year, with expectations for further benefits in the fourth quarter as stores ramp up operations [3] Strategic Initiatives - The company is pioneering low-altitude economy initiatives, having launched drone delivery trials in July, which significantly reduce delivery times for agricultural products [4] - Plans are in place to enhance helicopter services in scenic areas, aligning with the growth opportunities presented by the low-altitude economy [4] Investment Outlook - The company is expected to see positive results from its supermarket business adjustments, with revised net profit forecasts for 2025-2027 set at 108 million, 156 million, and 214 million yuan, corresponding to price-to-earnings ratios of 48X, 33X, and 24X respectively, maintaining a "buy" rating [4]