亏损持续收窄，线上化及供应链建设稳步推进

Investment Rating - The report maintains a rating of "Accumulate" for Yonghui Supermarket [2][3] Core Views - Yonghui Supermarket continues to narrow its losses, with a focus on online transformation and supply chain development. The company reported a revenue of 78.64 billion yuan in 2023, a year-on-year decrease of 12.7%, while the net profit attributable to shareholders was -1.33 billion yuan, an improvement from -2.76 billion yuan in the previous year [1][4] Summary by Sections Financial Performance - In 2023, Yonghui Supermarket achieved a revenue of 78.64 billion yuan, down 12.7% year-on-year. The net profit attributable to shareholders was -1.33 billion yuan, compared to -2.76 billion yuan in the previous year. The company reported a revenue of 21.66 billion yuan in Q1 2024, a decrease of 9.0% year-on-year, with a net profit of 740 million yuan, an increase of 4.6% year-on-year [1][4] Store Optimization and Supply Chain - The company opened 12 new stores and closed 45 in 2023, resulting in a total of 1,000 stores by year-end, a decrease of 33 stores year-on-year. Online business revenue reached 16.1 billion yuan, accounting for 20.5% of total revenue, up from 17.7% in 2022. The self-operated home delivery service "Yonghui Life" covered 920 stores, generating sales of 8.38 billion yuan [1][4] Margin and Cost Management - The gross margin improved, with Q4 2023 gross margin at 19.8%, up 1.04 percentage points year-on-year, and the full-year gross margin at 21.2%, up 1.56 percentage points year-on-year. However, the total expense ratio increased to 23.2%, up 1.0 percentage points year-on-year, primarily due to declining revenue [1][4] Future Projections - The report adjusts revenue forecasts for 2024-2026 to 81.001 billion yuan, 83.431 billion yuan, and 85.934 billion yuan, respectively. The net profit projections are -180 million yuan, 780 million yuan, and 3.34 billion yuan, respectively, with EPS estimates of -0.02 yuan, 0.01 yuan, and 0.04 yuan per share [1][4]