Yonghui Supermarket (601933): After the return to the main business, the rapid growth of the performance of the country’s expansion in an orderly manner

Yonghui Supermarket (601933): After the return to the main business, the rapid growth of the performance of the country’s expansion in an orderly manner

Event: The company’s 2019H1 revenue was 411.

700 million, previously +19.

7%, net profit attributable to mother 13.

700 million, previously +46.

7%, net profit after deduction is 11.

600 million, +40 a decade ago.


Among them, Q2 achieved revenue of 189 in a single quarter.

4 ‰, +21 a year.

2%, net profit attributable to mother 2.

3 billion, +32.


Gross profit margin decreased, and the expense ratio decreased significantly during the period.

(1) The company’s gross profit margin for H1 in 2019 decreased by 0.

58pp to 21.


Among them, the fresh and processed gross margin decreased by 1.

09pp, mainly affected by inflation, the price of direct mining in the production area has increased significantly, and the gross profit margin of food supplies has drifted 0.


(2) The expense ratio decreased by 1 during the period.

86pp to 18.

2%, of which the sales expense rate increased by 0.

72pp to 15.

2%, the management expense rate is interest rate too.

38pp to 2.

7%, mainly due to the significant reduction in fair incentive fees and system development service fees compared to the same period last year, and the distribution of incentive fees in the first half was 1.

4 ppm, a decrease of about 2 from the same period last year.

1 ppm; financial expense ratio increased by 0.

23pp to 0.

37%, mainly due to increased bank borrowings or increased interest expenses.

Accelerate national expansion and build a fresh retail empire.

(1) Superstandard: The company will increase 84 supermarket stores (including the original Baijia Guangdong 38 stores) in 2019H1, with a total of 791 opened stores, and the same store growth of 3.

1%, is expected to open 150 new super-standard.

(2) Mini stores: 398 new mini stores will be opened in 2019H1, with an average area of 488 square meters and a total operating income of 5.

500 million US dollars, mini store model is constantly optimized, it is expected to open 1,000 stores in advance.

(3) Home-to-home business: 2019H1 supermarket home-to-home business has covered 109 cities in 22 provinces and autonomous regions, and a total of 518 stores provide home-to-home services to consumers, achieving 13.

3 ppm, with an average monthly growth rate of 7.
1%, online sales accounted for 3%.
4%, a year-on-year increase of 111%, of which Jingdong Dajia connected the company’s supermarket stores 407, adding 112.

(4) Private brands: 44 private brands were sold in the first half of the year, with SKU number 1022, and C-end 7.

8.6 billion (of which one hundred five.

400 million, fresh 2.

400 million), accounting for 2.

1%; B end 7.

100 million (of which one hundred four.

500 million, fresh 2.

600 million).

Build an omni-channel operation marketing platform to help the company’s strategic development.

The company actively builds an omni-channel operation and marketing platform, including the C-end application supporting the home business and the construction and optimization of online mid-stage, and supports the continuous construction and optimization of the home system platform.

Currently Yonghui Phaeton 2.

0 is being 杭州夜网论坛 fully implemented and applied, and data intelligence innovation applications are being promoted at the same time. In the future, the company’s operating efficiency will continue to improve, helping the company’s strategic development.

Earnings forecast and rating: The company ‘s store display speed is increasing quarter by quarter, and its internal growth is accelerating. Considering that the company’s gross profit margin has declined, it is expected that it will return to its net profit in 2019-2021.

7, 32.

9, 39.

90,000 yuan, EPS are 0.

24 yuan, 0.

34 yuan, 0.

42 yuan, corresponding to 41/29/24 times the PE, maintaining the “overweight” level.

Risk Warning: The speed of opening a store may be slower than expected; the new store may take a long time to develop; the investment income may be lower than 南京桑拿网 expected.


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