Yonghui Supermarket (601933): Founder’s retail green label store and MINI store double-line to push business performance to a new high

Revenue and net profit achieved rapid growth.

19H1 achieved revenue of 412 trillion, an increase of 19 year-on-year.

71%.

Realize net profit attributable to mother 13.

69 ppm, an increase of 46 in ten years.

69%, we forecast the main business profit growth rate to be 18%, mainly due to the increase in new stores and mature store same-store growth. In the reporting period, it was confirmed that the distribution of incentive expenses decreased compared with last year.

08,000 yuan (the company’s 19H1 equity incentive fee is 1.

3.6 billion), to confirm the investment income of deleting fresh food.

26 ppm, the period expense ratio decreased by 1 compared with the same period last year.

86pct, only 18.

twenty two%.

Continue to open new stores, nearly 400 MINI stores.

By 19H1, the company’s stores have entered 24 provinces and cities nationwide. In the first half of the year, it added 84 supermarket stores (including the original Top 100 stores in Guangdong, excluding the MINI store, Yonghui life store and super samples), and added 50 new areas.

80,000 square meters, of which 25 stores opened in the second quarter.

The number of opened stores reached 791, and the number of same-stores increased by 3.

1%.

In terms of reserve stores, 249 stores have gradually been signed, with an area of 1.83 million square meters.

In the first half of the year, MINI stores entered 50 cities in 19 provinces across the country and opened 398 stores (305 in Q2), with an average area of 488 square meters and a total revenue of 500 million yuan.

The private brand strategy is advancing 夜来香体验网 steadily, and the logistics center covers 18 provinces and cities nationwide.

The company sold 44 private brands in the first half of the year, with SKUs of 1022, and C-end openings 7.
.

8.6 billion, with revenue accounting for 2.

1%, of which one hundred five.

4.4 billion, fresh 2.

4.2 billion, B-side 7.

1.4 billion, of which one hundred four.

5 billion, fresh 2.

6.4 billion.

The company’s logistics center covers 18 provinces and cities nationwide, with a total operating area of about 450,000 square meters, including 17 room temperature distribution centers and 9 fixed temperature distribution centers.

Investment ratings and estimates.

It is estimated that the net profit attributable to mothers for 2019-2021 will be 26.

10 billion, 36.

42 billion, 47.

8.9 billion, an increase of 76 in ten years.

28%, 39.

57%, 31.

49%, the corresponding EPS is 0.

27, 0.
38, 0.
50 yuan / share, the corresponding PE is 36x, 26x, 20x respectively, continue to give “highly recommended” grade.

risk warning.

The self-owned brand promotion effect did not meet expectations, and the gross profit margin increased slowly; the cloud innovation retail business model failed to bring about breakthrough investment breakthroughs; the green label store exhibited stores at a slower pace than expected; the MINI store did not form an effective synergy with the large store.The long-term drag on the same store revenue and profit growth; the merger and acquisition cost rate fell less than expected; the continuous subsidies of various fresh food e-commerce to divert the company’s store customer flow; adopting method risks