商贸零售行业2023年年度业绩综述报告：零售23年营收同比下行，互联网电商业绩改善

Investment Rating - The report maintains an "Outperform" rating for the retail industry [2]. Core Insights - In 2023, the retail sector's total revenue was CNY 1,367.95 billion, a slight decline of 0.23% year-on-year, ranking 20th among Shenwan's primary industries. However, the net profit attributable to shareholders reached CNY 15.24 billion, a significant increase of 874.69%, ranking first among the same industries [11][35]. - The return on equity (ROE) for the sector improved to 2.77%, up by 3.85 percentage points year-on-year, with gross and net profit margins at 15.18% and 1.40%, respectively [11][35]. Summary by Sections 1. Retail Industry Performance - The retail sector experienced a slight revenue decline, but net profit saw a substantial increase due to a low base effect from the previous year [11]. - The overall ROE and profit margins improved, indicating enhanced profitability despite revenue challenges [11][35]. 2. Sub-sector Performance 2.1 Trade - The trade sector reported revenue of CNY 468.87 billion, down 8.44% year-on-year, with a net profit of CNY 3.82 billion, a decrease of 8.77% [21]. - Most companies in this sector saw revenue declines, with notable performances from Suhao Hongye and CITIC Metal [21]. 2.2 General Retail - General retail achieved revenue of CNY 442.42 billion, a slight increase of 0.40%, but net profit fell by 11.84% to CNY 5.13 billion [23]. - Performance varied significantly among companies, with leading player Yonghui Supermarket still struggling to turn a profit [23]. 2.3 Specialty Chains - Specialty chains generated revenue of CNY 213.02 billion, up 10.73%, but net profit decreased by 11.55% to CNY 1.33 billion [28]. - The sector saw mixed results, with some companies like Doctor Eye achieving profit growth while others faced declines [28]. 2.4 E-commerce - The e-commerce sector's revenue reached CNY 176.10 billion, a year-on-year increase of 2.57%, while net profit loss narrowed significantly to CNY 1.74 billion, an improvement of 88.35% [32]. - Despite overall losses, several companies reported over 100% growth in net profit, indicating a recovery trend [32]. 3. Investment Recommendations - The report suggests focusing on supermarket leaders benefiting from cost-effective consumption trends, comprehensive trade service providers with improving profit quality, and e-commerce companies with stable core businesses and improving performance [35].