YONGHUI SUPERSTORES(SH:601933) EBSCN·2025-04-27 08:17Investment Rating - The report maintains an "Accumulate" rating for the company [4][6] Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with revenue down 19.32% year-on-year to 17.48 billion yuan and net profit down 79.96% to 148 million yuan [1] - The company is undergoing store adjustments and optimizing online channels, with 61 stores modified and significant revenue growth from these stores [3] - The profit forecast for 2025 has been revised down by 81% to 59 million yuan, while the forecast for 2026 has been increased by 5% to 383 million yuan, indicating potential recovery [4] Summary by Sections Financial Performance - Q1 2025 revenue was 17.48 billion yuan, a 19.32% decrease year-on-year, and net profit was 148 million yuan, down 79.96% [1] - In 2024, the company reported revenue of 67.57 billion yuan, a 14.07% decline, and a net loss of 1.47 billion yuan [1] Profitability Metrics - The comprehensive gross margin for Q1 2025 was 21.50%, down 1.35 percentage points year-on-year [2] - The operating profit for 2025 is projected to be -538 million yuan, with a significant improvement expected in 2026 [11] Store Adjustments and Online Optimization - The company has completed modifications on 61 stores, leading to substantial increases in revenue and customer traffic [3] - The online sales through the company's app reached 1.75 billion yuan in Q1 2025, with a monthly repurchase rate of 47.6% [3] Earnings Forecast - The earnings forecast for 2025 has been adjusted to 59 million yuan, while the 2026 forecast is set at 383 million yuan, reflecting a recovery trend [4][5] - The projected revenue growth rates show a decline of 5.54% in 2025, followed by a slight recovery in subsequent years [5] Valuation Metrics - The P/E ratio for 2025 is projected at 837, indicating a high valuation relative to earnings, which is expected to improve in 2026 with a P/E of 129 [5][14] - The company's total market capitalization is approximately 49.37 billion yuan [6]