以下文章来源于消研所trendmakers ，作者房煜 消研所trendmakers . 聚焦新消费，关注中国品牌成长。消研所是钛媒体集团旗下消费内容品牌。 在消费零售行业不断出现结构性盘整的时代，超市百强榜上暗流涌动，也正是时代的缩影。 7月9日下午，根据2024年行业基本情况调查结果，中国连锁经营协会(CCFA)公布"2024年中国超市Top100"。 根据榜单，2024年，超市Top100企业销售规模约为9000亿元，同比增长0.3%；门店总数2.52万个，同比下降9.8%。CCFA指出，会员店、 折 扣 店 的 销 售 额 及 门 店 数 依 然 增 长 显 著 。 沃 尔 玛 ( 中 国 )2024 年 实 现 销 售 1588 亿 元 ， 继 续 居 超 市 Top100 首 位 。 开 市 客 、 芯 果 科 技 （Hotmaxx）、尧地、奥乐齐销售额均有大幅提升。 此外，网络零售额的占比继续提升。2024年，超市Top100企业网络销售额占总销售的16.9%，前置仓对企业提升线上销售的作用逐步凸显。 但是这份榜单除了数据，最有意思的是一些代表企业的排 名变化。 | 2024销售规模总 | 肖雪 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance exceeded expectations, with revenue reaching 10.82 billion yuan, a year-on-year increase of 124.0%, and a net profit of 210 million yuan, up 3344.1% year-on-year [7] - The snack wholesale business continues to show strong growth, with Q1 revenue of 10.688 billion yuan, a year-on-year increase of 127.6% [7] - The net profit margin for the snack wholesale business significantly improved, reaching 3.85% in Q1, up from previous quarters [7] - The report anticipates continued growth for the company, with revised profit forecasts for 2025-2027, projecting net profits of 944 million, 1.257 billion, and 1.608 billion yuan respectively, reflecting year-on-year growth rates of 221.68%, 33.18%, and 27.85% [7] Financial Summary - Total revenue forecast for 2023 is 9.294 billion yuan, with significant growth expected in subsequent years, reaching 49.460 billion yuan in 2025 [1] - The company is expected to achieve a net profit of 944 million yuan in 2025, with an EPS of 5.25 yuan [1] - The P/E ratio is projected to decrease from 69.23 in 2024 to 21.52 in 2025, indicating improved valuation as earnings grow [1] - The gross margin is expected to improve to 13.46% by 2025, with a net profit margin of 1.91% [8]