永辉超市：转型品质零售，调改门店表现优异

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is undergoing a transformation towards quality retail, with significant improvements in store performance following adjustments [1]. - Despite a decline in revenue due to external and internal factors, the company is actively optimizing its store operations and expanding its private label offerings [1]. - The company has reported a decrease in gross margin due to its restructuring strategy, but expenses have remained stable [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 54.549 billion yuan, a year-on-year decrease of 12.14%, and a net profit attributable to shareholders of -0.078 billion yuan, compared to 0.052 billion yuan in the same period last year [1]. - In Q3 2024, revenue was 16.77 billion yuan, down 16.40% year-on-year, with a net profit of -0.353 billion yuan [1]. - The company has opened 2 new stores in Q3 2024 and is focusing on enhancing its online sales, which accounted for 21.21% of total revenue [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 69.992 billion yuan, 72.091 billion yuan, and 74.254 billion yuan respectively, with net profits expected to improve from -0.305 billion yuan in 2024 to 0.1 billion yuan in 2026 [2][10]. - The earnings per share (EPS) are projected to be -0.03 yuan in 2024, -0.03 yuan in 2025, and 0.01 yuan in 2026 [2][10]. Market Position - The company is recognized as a leading offline supermarket with a strong fresh supply chain, facing challenges from new retail channels since late 2020 [1]. - The competitive environment has improved since H1 2022, with expectations of recovery in macroeconomic conditions and offline customer traffic [1].