公司信息更新报告：2023年亏损额有所收窄，持续转型升级、优化经营

Investment Rating - The investment rating for Yonghui Supermarket is "Buy" (maintained) [2] Core Views - The company has narrowed its net loss in 2023 and is undergoing continuous transformation and operational optimization. The first quarter of 2024 shows good growth in operating performance, with a focus on supply chain development and technology-driven performance growth [4][5] Financial Performance Summary - In 2023, Yonghui Supermarket achieved revenue of 78.642 billion yuan, a year-on-year decrease of 12.7%. The net loss attributable to shareholders was 1.329 billion yuan, a reduction of 52% compared to the previous year. For Q1 2024, revenue was 21.665 billion yuan, down 9.0%, but the net profit attributable to shareholders was 736 million yuan, an increase of 4.6% [4][5] - The company’s gross margin for 2023 was 21.2%, up 1.6 percentage points year-on-year. In Q1 2024, the gross margin improved to 22.9% [5] Strategic Initiatives - The company is actively optimizing its store network, having opened 12 new stores and closed 45 in 2023. As of the end of 2023, the total number of supermarket stores was 1,000 [6] - Yonghui Supermarket is advancing its omnichannel strategy, with online business revenue reaching 16.1 billion yuan in 2023, accounting for 20.5% of total revenue. The "Yonghui Life" home delivery service covers 920 stores, with registered members reaching 115 million, a 13.9% increase [6] - The company is focusing on digital transformation to enhance operational efficiency and innovate business processes, optimizing supply chains and retail platforms [6] Financial Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 86 million yuan, 423 million yuan, and 870 million yuan, respectively. The corresponding EPS is projected to be 0.01 yuan, 0.05 yuan, and 0.10 yuan [4][7] - The current stock price corresponds to a P/E ratio of 240.9 for 2024, 49.0 for 2025, and 23.8 for 2026, indicating a reasonable valuation as the company aims to overcome challenges and achieve growth [4][7]