YONGHUI SUPERSTORES(SH:601933) SINOLINK SECURITIES·2025-10-31 09:48Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 12.486 billion yuan in Q3 2025, a decrease of 25.55% year-on-year, with a net profit attributable to shareholders of -469 million yuan, down 32.86% [2] - Despite the revenue decline, gross margins improved across all regions, attributed to reduced loss rates from store adjustments and an increase in high-margin processed food sales [3] - The company closed 104 stores in Q3 2025, resulting in a loss of 612 million yuan, while the number of adjusted stores reached 222, accounting for 49.33% of total stores [4] Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 12.486 billion yuan, a decline of 25.55%, and a net profit of -469 million yuan, a decrease of 32.86% [2] - The adjusted net profit was -700 million yuan, showing a slight improvement from -940 million yuan in Q2 [2] Operational Analysis - Revenue for the first three quarters of 2025 was 42.434 billion yuan, down 22.21%, with significant declines in various regions: East China (-31.18%), South China (-19.36%), West China (-17.28%), North China (-23.93%), and Central China (-4.04%) [3] - The decline in revenue was attributed to intense retail competition, changing consumer habits, and the company's strategic store closures [3] - Gross margins improved in Q3 2025 across all regions, with increases of 1.36 percentage points in East China, 0.39 in South China, 0.28 in West China, 3.01 in North China, and 2.4 in Central China [3] Store Adjustments - The company accelerated its store adjustment strategy, closing 104 stores and opening 2 in Q3 2025, with adjusted stores now making up nearly half of the total [4] - The average number of adjusted stores opened per month increased to 32, up from 25 in Q2 [4] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 58.766 billion yuan, 98.990 billion yuan, and 112.145 billion yuan, with expected growth rates of -13.03%, +68.45%, and +13.29% respectively [5] - The forecasted net profit for 2025-2027 is -896 million yuan, 1.508 billion yuan, and 2.053 billion yuan, with growth rates of -38.89%, N/A, and +36.15% respectively [5]