Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The acquisition of a 29.4% stake in Yonghui Supermarket for 6.3 billion RMB is expected to position the company as the largest shareholder, enhancing its influence in the retail sector [2]. - Yonghui Supermarket, a leading player in the domestic supermarket industry, is implementing a transformation plan to improve store profitability, with a total of approximately 850 stores across over 25 provinces and municipalities [2]. - The company aims to leverage its extensive retail network and supply chain to enhance its product offerings and operational efficiency, while also assisting Yonghui in developing high-quality private label products [3]. - Short-term revenue growth is anticipated due to ongoing store expansions, while long-term competitive advantages are expected to solidify the company's market leadership [3]. Financial Projections - The adjusted net profit for the company is projected to be 2.83 billion, 3.49 billion, and 4.17 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.0%, 23.3%, and 19.5% [3]. - For the fiscal years 2025 and 2026, the net profit attributable to the parent company is expected to be 3.11 billion and 3.81 billion RMB, with year-on-year growth rates of 28.8% and 22.4% [3][4]. - The report forecasts revenue growth rates of 13.8%, 34.1%, 29.0%, and 21.1% for the fiscal years 2025 to 2026 [4]. Market Position and Strategy - The company is focused on expanding its business footprint through continuous store openings, which is expected to provide significant revenue elasticity [3]. - The competitive advantages include a strong product lineup, quality supply chain, asset-light operational model, and a global strategy that will help capture more market share [3].
名创优品：事件点评：收购永辉超市29.4%的股权，线下零售龙头协同发展