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永辉超市(601933):调改持续进行 期待业绩好转
Xin Lang Cai Jing· 2025-04-29 02:35
Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing challenges in its operations and profitability [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 17.479 billion yuan, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 148 million yuan, down 79.96% year-on-year [1]. - The company's comprehensive gross margin for Q1 2025 was 21.50%, a decrease of 1.35 percentage points compared to the previous year [1]. - The period expense ratio for Q1 2025 was 20.78%, an increase of 1.38 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and finance reported as 16.63%, 2.45%, 0.24%, and 1.46% respectively [2]. Operational Adjustments - The company has been implementing store adjustments and optimizing online channels since 2024, completing modifications in 61 stores by April 25, 2025, which resulted in significant increases in revenue and customer traffic [2]. - The company has also been closing underperforming stores, with a total reduction of 273 stores by the end of Q1 2025 [2]. Profit Forecast Adjustments - The profit forecast for 2025 has been revised down by 81% to 5.9 million yuan, while the forecast for 2026 has been increased by 5% to 38.3 million yuan, and a new forecast for 2027 is set at 55.6 million yuan [3]. - The company maintains an "overweight" rating due to expected improvements from store adjustments and the clearing of underperforming stores [3].
大商股份:2024年年报、2025年一季报点评:业绩符合预期,期待后续调改进展-20250429
Soochow Securities· 2025-04-29 01:10
Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is a stable profit generator within the department store sector, with a low PE valuation, PB under 1, and a dividend payout ratio of 50%. Recent adjustments have led to a rapid increase in performance. The new leadership and ongoing reform plans are expected to enhance profit margins, with net profit forecasts for 2025-2027 set at 649 million, 716 million, and 768 million respectively, reflecting year-on-year growth of 10.74%, 10.37%, and 7.17% [3][8] - The company reported a revenue of 6.95 billion in 2024, down 5% year-on-year, while net profit increased by 16% to 586.2 million. The first quarter of 2025 saw a revenue of 1.925 billion, a decrease of 8% year-on-year, with net profit slightly up by 0.7% [8][3] - The company is focusing on optimizing its operational structure, which has led to an increase in profit margins. In Q1 2025, the gross margin and net profit margin were 44.8% and 15.0%, respectively, showing improvements compared to the previous year [8][3] Financial Performance Summary - The total revenue forecast for 2023 is 7.331 billion, with a slight increase of 0.75% year-on-year. However, a decline is expected in the following years, with projections of 6.949 billion in 2024, 5.867 billion in 2025, and further decreases in 2026 and 2027 [3][8] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, resulting in a dividend rate of 54%, which corresponds to a dividend yield of 3.8% based on the closing price on April 25 [8][3] - The company has been closing underperforming stores to optimize its store structure, resulting in a reduction in the number of department and supermarket stores, which has impacted revenue but improved profitability [8][3]
永辉超市:目标在短期内实现大幅减亏,并尽快进入稳定健康盈利状态
news flash· 2025-04-28 07:09
Core Viewpoint - The company aims to significantly reduce losses in the short term and quickly achieve a stable and healthy profit status [1] Group 1: Company Performance - The chairman noted that the sales of the reformed stores have significantly increased, with sales growth meeting the company's expectations [1] - The current focus is on completing the reform of existing stores and optimizing underperforming locations before expanding to new stores [1] - There is no specific target for the number of new stores, as this will depend on the progress of the overall company reform [1] Group 2: Industry Context - The company acknowledges the considerable pressure within the overall industry, with many players actively undergoing reforms [1] - The chairman expressed optimism about the future, indicating a belief in positive outcomes despite current challenges [1]
永辉超市股份有限公司 2025年第一季度报告
Zheng Quan Ri Bao· 2025-04-26 00:31
Financial Performance - The company's revenue for the first quarter of 2025 decreased due to a strategic and operational model transformation, with a total of 47 stores modified, leading to a decline in overall revenue as 273 stores were closed compared to the same period last year [1][2] - The net profit attributable to shareholders decreased primarily due to a 1.35 percentage point drop in gross margin, influenced by the optimization of product structure and procurement during the store modifications [1][2] - The fair value change loss of Advantage Solutions stock amounted to -172 million yuan, resulting in a profit decrease of 249 million yuan compared to the same period last year [1] Operational Highlights - As of March 31, 2025, online business revenue reached 3.15 billion yuan, accounting for 18.02% of total revenue [5] - The "Yonghui Life" app covered 670 stores, generating sales of 1.75 billion yuan, with an average daily order volume of 231,000 and a monthly repurchase rate of 47.6% [6] - The company accelerated store modifications, focusing on quality retail, with a total of 61 modified stores by the report date [7] Shareholder Information - The company proposed not to distribute cash dividends or implement other forms of distribution for the 2024 fiscal year, as the net profit attributable to shareholders was negative for four consecutive years [9][14] - The profit distribution plan has been approved by the board and will be submitted for shareholder meeting approval [10][12] Governance and Risk Management - The company plans to purchase liability insurance for directors, supervisors, and senior management to enhance risk management and protect the interests of the company and investors [18] - The board of directors has proposed to appoint Wang Shoucheng as a non-independent director, pending approval at the upcoming shareholder meeting [20] Audit and Compliance - The company intends to renew its contract with Ernst & Young Huaming for the 2025 financial audit, with the proposal having been approved by the board and requiring shareholder meeting approval [49][57]