家家悦2024年中报点评：新业态稳步推进，利润端阶段承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a revenue of 9.36 billion yuan for the first half of 2024, representing a year-on-year growth of 3.0%, while the net profit attributable to shareholders was 170 million yuan, down 8.8% year-on-year [2][3] - In the second quarter alone, revenue was 4.17 billion yuan, a slight decline of 0.2% year-on-year, with net profit attributable to shareholders dropping 53.8% to 22.47 million yuan [2][3] - The company is expanding its new business formats steadily, with a net increase of 48 stores, bringing the total to 1,097, focusing on discount stores and snack shops [2][3] - The company is enhancing its product quality and supply chain capabilities, with a focus on optimizing store operations and improving product offerings [3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 9.36 billion yuan, with a year-on-year increase of 3.0% and a net profit of 170 million yuan, down 8.8% [2][3] - In Q2 2024, revenue was 4.17 billion yuan, down 0.2% year-on-year, and net profit was 22.47 million yuan, down 53.8% [2][3] - The gross profit margin for the first half of 2024 decreased by 0.5 percentage points to 23.6% [2][3] Business Development - The company is actively expanding its new business formats, with a net increase of 48 stores, including discount stores and snack shops [2][3] - The revenue from various business formats in the first half of 2024 was as follows: comprehensive supermarkets (5.0 billion yuan, +7.7%), community fresh food supermarkets (2.35 billion yuan, +4.7%), rural supermarkets (980 million yuan, +1.0%), and other formats (110 million yuan, +51.4%) [2][3] Strategic Initiatives - The company is focusing on enhancing operational efficiency through store quality improvements and optimizing product offerings to meet changing consumer demands [3] - The second phase of the Huai Bei comprehensive industrial park project is nearing completion, which will enhance the logistics network [3] Earnings Forecast - The company expects EPS to reach 0.38 yuan, 0.43 yuan, and 0.54 yuan for the years 2024, 2025, and 2026 respectively [3]