汇嘉时代：新疆零售龙头，创新转型价值重估-20260209

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is recognized as a leading retail player in Xinjiang, leveraging its extensive store network, local market insights, and multi-format synergy to create significant scale and brand barriers. The company is actively upgrading its supermarket and shopping center formats, exploring innovative "low-altitude economy + consumption" scenarios, which are expected to unlock a second growth curve [1][3] - The company has a diversified retail presence, including shopping centers, traditional department stores, and supermarkets, with a total building area exceeding 1.06 million square meters in Xinjiang [1][13] - The economic growth in Xinjiang is robust, with an average GDP growth rate of 8.71% from 2021 to 2024, significantly outpacing the national average. The retail sales in Xinjiang are projected to grow from CNY 358.5 billion in 2021 to CNY 392.6 billion in 2024, indicating a favorable environment for the company's growth [1][17] Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been deeply rooted in the Xinjiang market for over 20 years, becoming one of the largest retail chains in the region. It operates 6 department stores, 5 shopping centers, and 10 independent supermarkets [1][13] - The company has experienced revenue and profit improvements, with a significant recovery in 2023, achieving a revenue of CNY 2.494 billion, a year-on-year increase of 30.76%, and a net profit of CNY 162 million, marking a turnaround from losses [25] 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, adopting the "Fat Donglai model" to enhance product structure, service experience, and employee benefits. The first upgraded store achieved sales of CNY 17.32 million in its opening week, a 272% year-on-year increase [2] - The department store transformation focuses on brand upgrades and experience enhancement, leading to increased foot traffic and sales, with a 24.3% year-on-year increase in department store sales following supermarket upgrades [2] 3. Low-altitude Economy Layout for Second Growth Curve - The company has established a joint venture with a state-owned enterprise to develop low-altitude tourism, smart logistics, and ecological governance, marking a significant step in advancing its low-altitude economy initiatives [3] 4. Financial Forecast - The company is projected to achieve revenues of CNY 2.422 billion, CNY 2.557 billion, and CNY 2.782 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 81 million, CNY 141 million, and CNY 188 million, indicating a positive growth trajectory [3][5]