永辉超市（601933）：拟定增融资40亿元，主要用于支持门店调改

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company plans to raise 4 billion yuan through a private placement to support store renovations and upgrades [7] - The funds will primarily be used for upgrading 298 stores and enhancing logistics and warehousing systems with advanced automation and digital management technologies [7] - The company has accelerated the renovation of old stores and the closure of underperforming stores, with 146 stores renovated and 258 closed as of July 30, 2025 [7] - The financial model has been adjusted to reflect faster-than-expected progress in renovations and closures, with revised net profit forecasts for 2025-2027 [7] Financial Projections - Total revenue is projected to decline from 67.57 billion yuan in 2024 to 53.51 billion yuan in 2025, before recovering to 64.99 billion yuan in 2026 and 71.77 billion yuan in 2027 [1] - The net profit attributable to shareholders is expected to improve from a loss of 1.47 billion yuan in 2024 to a profit of 1.09 billion yuan in 2027 [1] - The earnings per share (EPS) is forecasted to be -0.10 yuan in 2025, turning positive to 0.05 yuan in 2026 and 0.12 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to be 51.16 in 2025, decreasing to 40.48 by 2027 [1]