Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 29.4% stake in Yonghui Supermarket for RMB 6.27 billion, which will make it the largest shareholder [3] - The acquisition is expected to improve the retail landscape, leveraging Yonghui's extensive offline retail network [3] - The transaction is anticipated to be completed in the first half of 2025, pending shareholder and regulatory approvals [3] - The company aims to enhance Yonghui's operational efficiency through its supply chain management capabilities [3] Financial Summary - Total revenue projections for the company are as follows: - CY2023A: RMB 13,838 million - CY2024E: RMB 17,008 million (up 22.90% YoY) - CY2025E: RMB 20,602 million (up 21.13% YoY) - CY2026E: RMB 24,311 million (up 18.00% YoY) [2] - Net profit projections are as follows: - CY2023A: RMB 2,253 million - CY2024E: RMB 2,530 million (up 12.28% YoY) - CY2025E: RMB 3,140 million (up 24.12% YoY) - CY2026E: RMB 3,730 million (up 18.77% YoY) [2] - The latest diluted EPS projections are: - CY2023A: RMB 1.79 - CY2024E: RMB 2.01 - CY2025E: RMB 2.49 - CY2026E: RMB 2.96 [2] - The P/E ratios based on the latest diluted EPS are: - CY2024E: 14.81 - CY2025E: 11.93 - CY2026E: 10.04 [2] Market Position - Yonghui Supermarket is the second-largest chain supermarket in China by sales, following Walmart [3] - The company is optimistic about the improvement in the overall operational efficiency of the offline retail sector in China [3]
名创优品：拟收购永辉超市29%股权，零售格局改善或可期