YONGHUI SUPERSTORES(SH:601933) Guotai Junan Securities·2024-09-24 05:23Investment Rating - The investment rating for Yonghui Supermarket is "Accumulate" with a target price of 2.96 RMB, unchanged from the previous forecast [2]. Core Views - The acquisition by Miniso is expected to enhance Yonghui Supermarket's competitiveness through channel upgrades and supply chain integration, allowing for significant improvements in sales and customer traffic [4][6]. - The company is actively optimizing its underperforming stores and steadily advancing its transformation plan, maintaining an EPS forecast of 0.02 RMB for 2024, 2025, and 2026 [5]. Summary by Sections Company Events - The largest shareholder has changed to Jun Cai International, which will hold a total of 29.40% of the shares after the transfer of shares from other shareholders [5]. - Yonghui Supermarket operates approximately 850 stores across more than 25 provinces and municipalities in China [5]. Financial Performance - In the first half of 2024, Yonghui reported revenues of 37.8 billion RMB and a profit of 210 million RMB, with a net asset value of 6.15 billion RMB [5]. - The sales from its private label products reached 1.28 billion RMB, accounting for 3.4% of total revenue [5]. Store Performance - Recent store renovations have led to significant sales increases, with one store in Zhengzhou achieving sales of 58.35 million RMB in July, which is 13.9 times higher than before the renovation [7]. - Another store in Fuzhou saw a sales increase of approximately 5 times post-renovation, with daily customer traffic increasing by about 6.5 times [7].