永辉超市：外部帮扶+内部优化门店经营，推进产品供应链焕新

Investment Rating - The report downgrades the investment rating to "Outperform" [5] Core Views - The company reported a 2024 H1 revenue of 37.779 billion yuan, a year-on-year decrease of 10.11%, with a net profit attributable to shareholders of 275 million yuan, down 26.34% [5] - The company is optimizing its store network and enhancing online efficiency, which has led to a significant reduction in losses [5] - The company is receiving external support from "胖东来" to improve store operations and product supply chain [5] - The company aims to enhance its brand competitiveness and consumer experience through ongoing store renovations and external assistance [5] Summary by Sections Market Data - Closing price as of August 26, 2024, is 2.22 yuan, with a one-year high/low of 3.44/2.08 yuan [2] - The market capitalization of circulating A shares is 20,147 million yuan [2] Financial Data - As of June 30, 2024, the company has a net asset per share of 0.68 yuan and a debt-to-asset ratio of 87.06% [3] - The total number of shares is 9,075 million [3] Performance Metrics - For 2024 H1, the company reported a gross margin of 21.58% and a net profit margin of 0.73% [5] - The company’s revenue for 2024 is projected to be 75.782 billion yuan, with a net profit of 121 million yuan [7] - The company’s gross margin is expected to stabilize around 21.2% for 2024E [7] Strategic Initiatives - The company has closed 62 stores and opened 5 new ones, resulting in a total of 943 operational stores across 29 provinces [5] - Online business revenue reached 7.84 billion yuan in H1 2024, accounting for 20.8% of total revenue [5] - The company has introduced 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5]