万[Ta辰ble集_Sto团ckN（ameRptType] 300972） 公司点评 25Q4 同店改善超市场预期 ——万辰集团 2025 业绩预告点评 | 投资评级： | 买入（维持） | | | | --- | --- | --- | --- | | 报告日期： | 2026-02-02 | | | | 收盘价（元） | | 202.03 | | | 近 12 个月最高/最低（元） | 240.89/77.24 | | | | 总股本（百万股） | | 189 | 141.8%）。 | | 流通股本（百万股） | | 168 | | | 流通股比例（%） | | 88.94 | 382.7%）。 | | 总市值（亿元） | | 382 | | | 流通市值（亿元） | | 339 | | 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 期 2025-10-27 2025-08-31 3.万辰集团（300972.SZ）：万店之上 的成长空间 2025-08-24 我们的观点： 25H2 验证我们对公司单店修复判断，中 ...

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]