硬折扣系列报告：机遇窗口期，百舸争流

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1]. Core Insights - The hard discount business model is viable, with successful practices observed in both domestic and international retail environments. Companies like Aldi and Costco have demonstrated that a simplified SKU approach and operational efficiency can lead to cost reductions and long-term partnerships with suppliers [4][10]. - Domestic hard discount enterprises are in the early stages of development, with significant growth potential. The current retail environment is undergoing a transformation, creating opportunities for hard discount formats to emerge as a key retail model [4][11]. - Investment targets recommended include Wancheng Group and Mingming Hen Mang Group, both of which are expanding their product categories and have strong foundational support in terms of supply chain and market presence [4]. Summary by Sections 1. Overseas Hard Discount Leaders - Hard discount is a mature business model internationally, with notable companies like Aldi and Costco leading the market. Aldi has over 13,000 stores globally, while Costco maintains a stable growth trajectory with a revenue increase of over 5% annually [10][11]. - The operational philosophies of these companies emphasize low prices, streamlined operations, and fair treatment of suppliers, which contribute to their success [27][28]. 2. Domestic Hard Discount Enterprises - Lele, as the earliest and largest full-category discount retailer in China, has rapidly expanded its store count to over 8,000 by 2024, achieving annual sales exceeding 50 billion yuan [36][37]. - The business model of Lele incorporates both retail and wholesale elements, allowing it to serve both end consumers and small businesses effectively [42][43]. - The profitability of Lele is driven by reducing distribution layers, achieving a lower markup rate of 2-3%, compared to traditional retail models [47]. 3. Market Opportunities and Challenges - The current retail landscape is reshaping, presenting opportunities for hard discount formats to thrive. However, domestic retailers face challenges due to a more complex and rapidly changing environment compared to their international counterparts [4][11]. - The report highlights that while there are significant opportunities for growth, the domestic market's diversity and the need for talent and operational capabilities present challenges for hard discount retailers [4][11].