永辉超市2024年三季报点评：调改稳步推进，积蓄增长弹性

Investment Rating - The report maintains a "Buy" rating for Yonghui Superstores (601933 SH) [6][8] Core Views - Yonghui Superstores is actively addressing industry pressures through store optimization and self-reform, with a focus on improving product quality and service to enhance store competitiveness [6] - The company is undergoing a transformation with the help of industry peers, closing underperforming stores and incubating private brands, reflecting strong determination for medium-to-long-term business reform [6] - Despite short-term revenue and profit pressures, the company is expected to see a recovery in the future [6] Financial Performance - In Q3 2024, the company reported revenue of 16 77 billion yuan, a year-on-year decrease of 16 4% [3] - Net loss attributable to the parent company in Q3 was 350 million yuan, a 9 9% increase in loss compared to the same period last year [3] - Adjusted net loss in Q3 was 690 million yuan, a 45 8% increase in loss year-on-year [3] - Gross margin in Q3 was 19 2%, a decrease of 1 7 percentage points year-on-year [4] - Operating loss in Q3 was 810 million yuan, an increase of 260 million yuan compared to the same period last year [4] Store Optimization - The company closed approximately 150 stores in the first three quarters of 2024, reducing the total number of stores to around 850 [4] - 10 stores were successfully optimized in the reporting period, with significant revenue growth observed in the optimized stores [5] - The company is actively adjusting its product structure and procurement model, introducing new products and phasing out old ones [4] Private Brand Development - 23 new SKUs were launched under the company's private brand in Q3, covering categories such as corn oil, dried plums, cashews, organic grains, facial towels, and enzyme laundry detergent [5] - The private brand's craft beer series, launched in May, achieved an average monthly sales of 5 2 million yuan, with the German wheat beer contributing 2 1 million yuan [5] Future Outlook - The company is expected to achieve EPS of -0 04, 0 02, and 0 06 yuan in 2024, 2025, and 2026, respectively [6] - The company's store competitiveness is expected to improve as a result of ongoing reforms and private brand development [5]