合百集团：产业集大成者，变革中乘风破浪

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 8.46 CNY per share based on a 20x PE valuation for 2025 [5][3]. Core Viewpoints - HeBai Group is a leading comprehensive commercial circulation enterprise in Anhui Province, primarily engaged in retail and agricultural product wholesale, actively expanding into five new business areas: online, cross-border, cold chain, consumer finance, and emerging industries [1][2]. - The company has a strong brand influence in Anhui, operating 24 department stores, 199 supermarkets (180 direct-operated and 19 franchised), and 25 appliance stores as of H1 2024 [1][2]. - The company's revenue for H1 2024 increased by 2.02% year-on-year to 3.7 billion CNY, with revenue contributions from various segments: department stores (including appliances) at 35.95%, supermarkets at 49.62%, agricultural trading services at 8.31%, and real estate at 6.11% [1][2][4]. Summary by Sections Business Overview - HeBai Group has undergone significant transformation and expansion since its establishment in 1959, evolving from a department store to a diversified group with over 300 chain outlets [39][40]. - The company has faced challenges due to the pandemic but has shown recovery, with 2023 revenue reaching 6.688 billion CNY, a 6.13% increase from the previous year [43][44]. Retail and Agricultural Product Distribution - The company is focusing on upgrading its core retail and agricultural wholesale businesses to strengthen market competitiveness [2][3]. - The retail segment is being restructured to enhance product offerings, customer experience, and service quality, with new store formats and private label products being introduced [2][3]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 290 million CNY, 330 million CNY, and 400 million CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 8.0%, 15.7%, and 20.7% [3][4]. - The report anticipates a steady increase in revenue across all business segments, with significant growth expected in agricultural trading services due to new logistics facilities [148][149].