YONGHUI SUPERSTORES(601933) 国盛证券·2024-09-06 00:38Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [1][2] Core Views - Yonghui Superstores achieved revenue of 37 78 billion yuan in H1 2024, a year-on-year increase of 10 11%, but net profit attributable to the parent company decreased by 26 34% to 275 million yuan [1] - The company's operating cash flow in H1 2024 reached 2 94 billion yuan, a year-on-year increase of 13 63% [1] - The company has made significant progress in store optimization, with two pilot stores achieving daily sales increases of 13 9x and 8 2x respectively after renovation [1] - Online business revenue remained stable at 7 84 billion yuan, accounting for 20 8% of total revenue, with a significant reduction in losses compared to the previous year [1] - The company's supply chain optimization efforts resulted in a new product introduction rate of 22 5% and a product elimination rate of 24 9% in H1 2024 [1] Financial Performance - In Q2 2024, the company's revenue decreased by 11 6% year-on-year to 16 11 billion yuan, with a net loss of 460 million yuan, compared to a loss of 330 million yuan in the same period last year [1] - The company's gross profit margin in Q2 2024 decreased by 0 97 percentage points year-on-year to 19 86% [1] - The overall expense ratio in Q2 2024 increased by 0 4 percentage points year-on-year to 24 6%, with sales and R&D expense ratios showing improvement due to cost reduction and efficiency enhancement measures [1] - The company's asset disposal income in Q2 2024 reached 167 million yuan, a year-on-year increase of 109%, while investment income increased by 32% to 130 million yuan [1] Store Optimization and Expansion - The company closed 62 stores and opened 5 new stores in H1 2024, bringing the total number of stores to 943, with 86 stores signed but not yet opened [1] - The company's self-operated platform for home delivery services covered 883 stores, achieving sales of 4 22 billion yuan, a year-on-year increase of 4%, with an on-time delivery rate of 93 1% [1] - The company has strengthened cooperation with third-party platforms and explored new channels such as Douyin and Kuaishou, ranking first in channel merchant rankings multiple times [1] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 73 9 billion yuan, 77 6 billion yuan, and 81 5 billion yuan respectively, with net profit expected to turn positive in 2026 at 390 million yuan [1] - The company's EPS for 2024-2026 is expected to be -0 04 yuan, -0 01 yuan, and 0 04 yuan per share respectively [1] - The company's ROE is expected to improve from -6 7% in 2024 to 7 4% in 2026 [1]