汇嘉时代（603101）：新疆零售龙头，创新转型价值重估

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is recognized as a leading retail player in Xinjiang, benefiting from a dense store network, local market insights, and multi-format synergy, which contribute to significant scale effects and brand barriers [1]. - The company is actively transforming its supermarket and department store formats, implementing a systematic upgrade based on the "Fat Donglai model," which has shown promising results in sales growth [2]. - The company is exploring new growth avenues through low-altitude economy initiatives, partnering with local aviation companies to enhance logistics and tourism [3]. Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been operating in Xinjiang for over 20 years, with a diverse portfolio including shopping centers, traditional department stores, and supermarkets. As of Q3 2025, it operates 6 department stores, 5 shopping centers, and 10 independent supermarkets, covering key commercial areas [13][1]. - Xinjiang's GDP is projected to grow at an average rate of 8.71% from 2021 to 2024, significantly outpacing the national average, which positions the company to benefit from regional economic growth [17][1]. 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, with the first batch of 8 upgraded stores completed by September 2025, resulting in a significant sales increase of 272% year-on-year for the first upgraded store [2]. - The department store transformation focuses on brand upgrades and enhancing customer experience, leading to a 24.3% increase in sales post-upgrade [2]. 3. Low-altitude Economy Initiatives for Second Growth Curve - The company has established a joint venture with a major aviation company to integrate retail and aviation logistics, focusing on low-altitude tourism and smart logistics [3]. - Strategic agreements have been signed to develop a comprehensive low-altitude ecological system, marking a significant step in expanding its business model [3]. 4. Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.422 billion, 2.557 billion, and 2.782 billion yuan, with year-on-year growth rates of 0.5%, 5.6%, and 8.8% respectively. Net profit is expected to reach 0.81 billion, 1.41 billion, and 1.88 billion yuan, with growth rates of 38.2%, 74.4%, and 33.8% [3].