YONGHUI SUPERSTORES(SH:601933) Shanxi Securities·2025-11-05 07:50Investment Rating - The investment rating for the company is "Accumulate-A" [1][11]. Core Views - The company has experienced a decline in revenue, with a reported revenue of 42.434 billion yuan for the first three quarters of 2025, a year-on-year decrease of 22.21%. The net loss attributable to shareholders was 710 million yuan, with a non-recurring net loss of 1.502 billion yuan [2][4]. - The company is accelerating the opening of remodeled stores and focusing on the continuous launch of private label products, with a new positioning of "National Supermarket Quality Yonghui" announced [5][11]. - The company is undergoing a supply chain restructuring, achieving a supplier elimination rate of 40.4% [5]. Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 20.52%, a year-on-year decrease of 0.32 percentage points. In Q3 2025, the gross profit margin was 19.84%, showing a year-on-year increase of 0.65 percentage points [6]. - The company reported a net cash flow from operating activities of 1.14 billion yuan for the first three quarters of 2025, a year-on-year decrease of 69.82% [6]. - The company had a total of 450 stores open by the end of Q3 2025, a net decrease of 102 stores compared to the previous quarter [5]. Future Projections - The company is projected to have net profits of -730 million yuan, 567 million yuan, and 743 million yuan for the years 2025, 2026, and 2027, respectively [11]. - Revenue is expected to decline to 56.424 billion yuan in 2025, with a year-on-year decrease of 16.5%, before recovering in subsequent years [13][15].