永辉超市：公司跟踪报告：名创溢价收购永辉29.4%股份，零售龙头携手开创新篇章

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The report highlights that the retail sector, particularly supermarkets, is under pressure due to channel fragmentation, deflationary environments, and declining consumer spending. However, leading companies like Yonghui Supermarket still possess advantages in fresh supply chains. The report suggests monitoring same-store trends and profit recovery potential through cost reduction and efficiency improvements, as these could signal a turning point in operations [8][10]. Summary by Sections Investment Information - The report indicates a cash acquisition of 6.27 billion yuan for a 29.4% stake in Yonghui Supermarket by Jun Cai International, a wholly-owned subsidiary of Miniso. The transfer price is set at 2.35 yuan per share, representing a 3.1% premium over the previous closing price [6][7]. Financial Performance - For 2023, the projected revenue is 78.642 billion yuan, with a year-on-year decline of 12.7%. The net profit is expected to be -1.329 billion yuan, improving significantly in subsequent years with projections of 0.91 billion yuan in 2024, 3.56 billion yuan in 2025, and 8.12 billion yuan in 2026, reflecting growth rates of 106.9%, 290.8%, and 128.1% respectively [9][10][12]. Operational Changes - Yonghui has opened three modified stores in Zhengzhou, achieving significant sales increases post-renovation. The first store reported sales of 58.35 million yuan in July, which is 13.9 times higher than before the changes. The report emphasizes the integration of supply chain reforms and employee incentives to enhance service efficiency and customer experience [7][8]. Valuation - The report maintains the price-to-sales (PS) valuation method, suggesting a reasonable market value range of 29 billion to 36.3 billion yuan for Yonghui, with a target price of 3.20 to 4.00 yuan per share based on a PS ratio of 0.4-0.5 for 2024 [10][12].