永辉超市（601933）：2024年报和2025年一季报点评：坚持品质零售战略，聚焦供应链提质升级

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 67.6 billion yuan for 2024, a year-on-year decline of 14.1%, with a net loss attributable to shareholders of 1.47 billion yuan, which is an increase in loss by 140 million yuan compared to the previous year. The net loss excluding non-recurring items was 2.41 billion yuan, an increase of 430 million yuan year-on-year. For the first quarter of 2025, the revenue was 17.5 billion yuan, down 19.3% year-on-year, with a net profit attributable to shareholders of 150 million yuan, a decline of 80% year-on-year, and a net profit excluding non-recurring items of 140 million yuan, down 77% year-on-year [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 67.6 billion yuan, with a gross profit margin of 20.5%, a decrease of 0.8 percentage points year-on-year. The sales expenses, management expenses, R&D expenses, and financial expenses accounted for 19.3%, 2.7%, 0.3%, and 1.7% of revenue respectively, with changes of +0.7, +0.3, -0.1, and stable year-on-year. The operating loss for 2024 was 2.56 billion yuan, an increase of 840 million yuan year-on-year [11]. Strategic Focus - The company is committed to a quality retail strategy and is focusing on upgrading its supply chain. It has developed 120 self-owned brand products in 2024, with 20 products achieving annual sales exceeding 50 million yuan. The company aims to collaborate with the supply chain to incubate 100 billion-level products in the future [11]. Future Outlook - The company expects significant improvements in profitability as the results of its store reform initiatives are released over the next 12-18 months. As of April 28, 2025, 62 reform stores have been opened, and the company anticipates that by the end of June 2025, the number of reform stores will exceed 124, with a target of 300 stores before the Lunar New Year in 2026 [11].