YONGHUI SUPERSTORES(SH:601933) Xinda Securities·2024-11-03 08:30Investment Rating - The investment rating for Yonghui Supermarket (601933.SH) is not explicitly stated in the provided documents, but the report indicates a focus on strategic transformation and operational adjustments [1]. Core Insights - The company reported a revenue of 16.77 billion yuan in Q3 2024, a year-on-year decrease of 16.4%, with a net loss attributable to shareholders of 353 million yuan, widening by 32 million yuan year-on-year [1]. - For the first three quarters of 2024, the revenue totaled 54.549 billion yuan, down 12.14% year-on-year, with a net loss attributable to shareholders of 78 million yuan, compared to a profit of 52 million yuan in the same period of 2023 [1]. - The company is actively optimizing its store operations, having closed 186 underperforming stores and opened 7 new ones in Q1-Q3 2024, with plans to continue this strategy [2]. Summary by Sections Financial Performance - In Q3 2024, the gross profit margin was 19.19%, a decrease of 1.69 percentage points year-on-year, primarily due to changes in product structure and procurement strategies during store adjustments [1]. - The overall expense ratio showed a downward trend, with sales, management, R&D, and financial expense ratios at 19.10%, 2.88%, 0.30%, and 1.64% respectively, reflecting a decrease in overall expenses due to store closures [1]. Strategic Initiatives - The company is learning from successful models like Pinduoduo to enhance its supply chain and product selection capabilities, focusing on reducing redundant SKUs and building a robust private label system [1]. - In Q3 2024, the company launched 23 new private label SKUs, with a revenue contribution of 1.499 billion yuan, accounting for 2.75% of total revenue [1][2]. Future Outlook - Revenue projections for 2024-2026 are estimated at 72.2 billion, 74.2 billion, and 83.1 billion yuan respectively, with expected year-on-year changes of -8%, +3%, and +12% [2]. - The net profit forecast indicates a narrowing loss in 2024, followed by a return to profitability in 2025, with significant growth anticipated in 2026 [2].