Investment Rating - The report assigns a rating of ★★★☆☆ to the company based on fundamental factors and valuation [3]. Core Insights - The company is a grain and oil wholesaler headquartered in Yangzhou, primarily operating in the Suzhong region under the "Hongxin Long" brand, ranking second among supermarket operators in Yangzhou with a market share of approximately 9.1% in 2023 [1]. - The convenience store sector is expected to continue growing, with retail sales in mainland China reaching RMB 424.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.30% from 2017 to 2023. The forecast for 2024E-2027E indicates a continued growth with a CAGR of 9.00% [2]. - The company has four main business strategies aimed at consolidating market position and increasing market share, including expanding retail store numbers, enhancing warehousing capacity through new distribution centers, increasing food processing capabilities via new central kitchens, and improving operational efficiency through enhanced ERP systems [2]. Financial Data Summary - The financial data for the company shows the following figures (in billion RMB): - Other income: 14.32 in 2022, 13.29 in 2023, and projected 14.02 in 2024 - Profit attributable to shareholders: 0.35 in 2022, 0.51 in 2023, and projected 0.52 in 2024 [3].
新股预览：江苏宏信