公司发布202 5Q2业绩： 25Q2：营收117.62 亿（+93.3%），归母净利润2.57 亿（+4940.3%），扣非归母净利润2.39 亿 （+4828.1%） 25H1：营收225.83 亿（+106.9%），归母净利润4.72 亿（+50358.8%），扣非归母净利润4.51 亿 （+14722.3%） 25Q2 盈利再度大超市场预期。 收入：开店/同店环比提升 25Q2 量贩业务营收同比增长95.0%。拆分开店与同店看： 盈利：单季净利率大超预期 亮点1：25Q2 公司量贩业务剔除股权支付费用后净利率达4.7%，大超市场预期3.5%，24Q3-25Q1 单季 分别为2.7%/2.7%/3.9%，实现同比/环比各+1.9/+0.8pct。我们预计净利率超预期来自于规模效应提升、 开店补贴减少、对上游议价力强化。 亮点2：25Q2 公司整体毛利率同比+0.6pct，销售/管理费率同比各-2.0/-0.4pct，出现大幅优化。单Q2 公 司归母净利率达2.2%，同比大幅提升2.3pct，24Q3-25Q1 单季分别为0.9%/1.8%/2.0%，处持续提升通 道，由于仍存少数股权收回落地，预计25H ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 32.33 billion yuan in FY24, representing a year-on-year increase of 247.86%, and a net profit of 294 million yuan, up 453.95% year-on-year [2] - The company is focusing on rapid expansion of its discount retail business, with a significant increase in store numbers and operational efficiency [3][4] - A stock incentive plan for 2025 has been announced, aimed at enhancing the company's growth potential [6][7] Summary by Sections Financial Performance - In FY24, the company reported a revenue of 32.33 billion yuan, with a net profit of 294 million yuan, and a non-recurring net profit of 258 million yuan, showing substantial growth compared to the previous year [2] - For Q4 of FY24, revenue reached 11.72 billion yuan, with a net profit of 209 million yuan, marking an impressive year-on-year increase of 894.27% [2] Business Expansion - The company has been actively expanding its store network, with a total of 14,196 stores by the end of FY24, having added 9,776 stores during the reporting period [4] - The company has established 50 warehousing centers nationwide, ensuring efficient supply chain management [4] Profitability - The discount retail business achieved a net profit of 858 million yuan in FY24, with a profit margin of 2.70%, reflecting a year-on-year increase of 2.32 percentage points [5] - The company’s profitability is expected to improve further due to the scale effects of its discount retail operations [5] Growth Prospects - The stock incentive plan involves granting approximately 2.21 million restricted shares to 70 core employees, with performance targets set for net profit growth over the next four years [6][7] - Revenue forecasts for 2025 and 2026 have been revised upwards to 53.88 billion yuan and 62.09 billion yuan, respectively, with EPS estimates also increased [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 32.33 billion yuan in FY24, representing a year-on-year increase of 247.86%, and a net profit attributable to shareholders of 294 million yuan, up 453.95% year-on-year [2] - The company is focusing on high-quality growth in its discount retail business, with a significant increase in store numbers and operational efficiency [3][4] - The company has announced a restricted stock incentive plan for 2025, aimed at enhancing growth potential [6][7] Summary by Sections Financial Performance - In FY24, the company reported a revenue of 32.33 billion yuan, with a net profit of 294 million yuan, and a non-recurring net profit of 258 million yuan, showing substantial growth compared to the previous year [2] - For Q4 of FY24, the revenue was 11.72 billion yuan, with a net profit of 209 million yuan, marking an impressive year-on-year increase of 894.27% [2] Business Expansion - The company has been rapidly expanding its discount retail business, achieving a revenue of 31.79 billion yuan in FY24, which is a 262.94% increase year-on-year [3] - By the end of FY24, the company had 14,196 stores, adding 9,776 new stores during the year, while maintaining a low closure rate of 2.2% [4] Profitability - The net profit margin for the discount retail business reached 2.70% in FY24, an increase of 2.32 percentage points year-on-year, indicating improved profitability [5] - The company’s net profit for Q1 of FY25 was 412 million yuan, with a profit margin of 3.85% [5] Incentive Plan - The company has introduced a restricted stock incentive plan for 2025, granting approximately 2.21 million shares to 70 core employees, with performance targets set for net profit growth over the next four years [6][7] Future Projections - Revenue forecasts for 2025 and 2026 have been revised upwards to 53.88 billion yuan and 62.09 billion yuan, respectively, with EPS estimates adjusted to 4.82 yuan and 6.50 yuan [8]