Core Viewpoint - The retail industry is increasingly shifting towards hard discount models, with companies like Zhongbai Group and Wumart actively participating in this trend to meet consumer demands for lower prices and essential goods [1][2][6]. Company Developments - Zhongbai Group has opened its first discount store, Zhongbai Warehouse Wuhan Lidu International Xiaobaihui, focusing on community and family needs with a hard discount and livelihood product model [2][4]. - The store covers over 600 square meters and offers more than 2,000 SKUs, with prices 20% to 30% lower than market rates for essential items [2][3]. - Zhongbai plans to replicate this model, aiming to open five similar stores within the year, emphasizing a strategy of centralized procurement and regional adaptation [3][4]. Industry Trends - The hard discount model is gaining traction among various retailers, including Wumart and Jiajiayue, as they adapt to changing consumer preferences and competitive pressures [6][10]. - The model emphasizes simplified supply chains, low-cost operations, and a focus on high-frequency essential items, with stores typically having fewer than 1,000 SKUs and operating in smaller spaces [6][7]. - The shift towards hard discounting is driven by the need for efficiency in operations and supply chains, as traditional supermarkets face challenges in management complexity and cost control [8][9]. Competitive Landscape - Companies are differentiating themselves through unique strategies, such as Zhongbai's focus on hard discount and essential goods, which helps enhance inventory turnover and capital efficiency [3][6]. - The hard discount sector is expected to grow significantly, with potential market space reaching nearly 700 billion yuan if penetration rates align with global averages [10]. - The competitive environment is characterized by both established players leveraging existing supply chains and new entrants with tailored supply models, each bringing distinct advantages to the hard discount market [10].

家家悦(603708) 公司研究/公司深度 深耕山东，把握渠道变革机遇 家家悦坚持品质零售+效率零售+制造零售，以"强一体，稳两翼"为 发展战略。公司通过多业态立体布局，在山东市场继续强化密度，纵 深推进城市社区网络布局；京冀蒙、苏皖"两翼"稳健发展，外延收 购构建省外版图，提高市场竞争力。公司在山东区域密集布局新业态， 近年逐步推出悦记零食店、好惠星折扣店、烘焙店、社区店等，把握 渠道变革机遇，步步为营。 公司三大护城河 （1）山东区域深耕，多业态密集布局，消费者分层，增强市场主导地 位。 （2）并购整合能力强，外延收购逐步构建省外新版图。 （3）区域扩张依托供应链加持赋能，一体化生鲜供应链高筑壁垒。公 司以直采及集采为主，提质降本，自有品牌占比逐步提升，立体物流 实现区域深度覆盖。 把握渠道变革机遇，步步为营 ——家家悦首次覆盖报告 ◼ 核心观点 公司未来增长点 主业超市调改优化升级，增加客流及收入。零食店、折扣店、烘焙店 等新业态密集布局，打开第二增长曲线。省外不断减亏，盈利能力向 上，我们认为公司业绩有较大上行空间。 ◼ 投资建议 公司是胶东区域超市龙头，山东区域多业态深耕，省外版图逐步减亏。 我们看 ...

公司公布2024 年报及2025 年一季度报告，业绩符合预期。据公司公告，2024 年公司实现营收182.56 亿 元，同比增长2.77%，归母净利润1.32 亿元，同比降低3.26%。24Q4实现营收41.29 亿元，同比增加 6.31%，归母净利润-0.56 亿元，去年同期实现-0.72 亿元。25Q1 实现营收49.41 亿元，同比降低4.77%， 归母净利润1.42 亿元，同比降低3.59%。 持续优化门店结构布局，提升经营效率。据公司公告，2024 年新开门店140 家达1100家，其中直营/加 盟店分别为957/143 家。按业态划分，综合超市/社区生鲜食品超市/乡村超市/ 零食店/ 好惠星折扣店/ 便 利店等其他业态门店数量分别为249/410/208/133/9/91 家，同比-10/+2/-20/+80/+2/-3 家。25Q1 新开直营8 家（社区生鲜/乡村超市为主）、加盟7 家，关闭低效门店20 家，期末门店总数1095 家，其中直营/加盟 店分别为945/150 家，按业态划分，综合超市/社区生鲜食品超市/乡村超市/零食店/好惠星折扣店/便利店 等其他业态门店数量分别为247/403/ ...