永辉超市（601933）：门店调改稳步推进，步入品质零售新阶段

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Insights - The company has experienced a revenue decline of 14.07% in 2024, with total revenue reaching 67.574 billion yuan. The decline is attributed to intense competition in the retail sector and the strategic closure of 232 underperforming stores [2][12]. - The company is actively transforming its retail strategy by learning from successful models like "胖东来" and is focusing on upgrading the quality of its stores and products to enhance customer appeal [3][15]. - The company plans to continue its store renovation efforts, with a target of 200 renovated stores by the end of 2025, which is expected to improve overall performance in the long run [3][15]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -1.465 billion yuan, with a significant drop in earnings per share to -0.16 yuan. The projected revenues for 2025-2027 are estimated at 62.864 billion yuan, 74.025 billion yuan, and 84.537 billion yuan respectively [5][16]. - The gross margin for 2024 was 20.46%, reflecting a slight decrease of 0.78 percentage points compared to the previous year, while the net profit margin was -2.17% [14][19]. - The company’s financial metrics indicate a projected recovery in profitability, with expected net profits of -0.405 billion yuan in 2025, followed by positive net profits of 0.567 billion yuan and 1.176 billion yuan in 2026 and 2027 respectively [4][16].