Yonghui Supermarket (601933) Annual Report Review: Organizational Structure Optimized Evolution Seasonally Improved Trend Continues

Yonghui Supermarket (601933) Annual Report Review: Organizational Structure Optimized Evolution Seasonally Improved Trend Continues

In the first quarter of 19th, revenue and profit grew faster than expected, and the quarter-to-quarter improvement trend of operations will continue to be released by the company.
19 financial reports in 2018 and the first quarter, the revenue in 2018 was 70.5 billion yuan, an increase of 20.

4%, same-store growth of 1.

6%, net profit attributable to mother 14.

8 ‰, 18 years ago.

5%; 19Q1 achieved revenue of 222.

4 trillion, with an increase of 18.

5%, net profit attributable to mother 11.

200 million, an increase of 50.

3%, exceeding market expectations.

We divided the core cloud super business, and the net profit growth rate in 4Q18 and 1Q19 was divided into 10.

5% and 14.

9%; if you want to exclude the impact of color fresh food and Yunchuang in the same period each year, the comparable income growth rate in 1Q19 is about 21%.

Taking into account the high base and low base last year, the acceleration of expansion this year, and the upward CPI (2H18 is the company ‘s same-store growth low), we expect the company’s quarterly improvement trend in operating data 无锡桑拿网 will continue.

  Yunchao maintained its pace of expansion, fully expanded its mini-stores, and steadily pushed forward its innovative business in 2018. The company opened 135 Yunchao in 2018 to 708, and its operating area increased at the end of the year.

8%, newly entered Hunan and Guangxi provinces.

In the first quarter of 19, there were 21 newly opened cloud superstores, and it is expected that 150 new ones will be opened (regardless of acquisitions and mergers); 93 new mini-stores will be opened. Focusing on Sichuan and Chongqing from a regional perspective, the country will advance simultaneously.

At-home services and private labels have been steadily advancing. In 2018 such home-based services16.

800 million (proportion 2).

4%), own brand and custom 16 billion (proportion).


18-year gross profit margin 四川耍耍网 continued to increase1.

31% to 22.

15%, of which raw gross fresh profit margin increased by 1.

32%, the advantages of the supply chain are becoming more prominent.

  Profit forecast and investment recommendations According to the annual report disclosure, the company completed the optimization of its organizational structure in 2018, and clearly defined the goals of creating a food supply chain platform: 1) Integrate and integrate cloud super one and two management, reorganize the top ten war zones, and establish a large supply chain and a largeTechnology Division; 2) Fresh food and enterprises purchase external capital and replace 35% of shares; 3) Yunchuang created a table that dampened the burden of seeking independent development and replaced 26 by holding shares.


As the largest growth supermarket leader in China, Yonghui continues to optimize its internal organizational structure to adapt to industry transformation, optimistic about the output of its management capabilities, and enjoys the industry’s concentration and increased dividends.

We forecast the net profit attributable to mothers to be 23 in 19-21.

8 billion, 30 billion, 36.

90,000 yuan, combined with the company’s leading attributes and historical valuation center is 44X, giving the company a 19X 40X PE valuation, corresponding to a reasonable value of 10 yuan per share, maintaining an overweight rating.

  Risk warning: intensified competition in the retail market; global procurement and supply chain integration are not progressing as expected; e-commerce divisions such as Tmall, JD.com; and the company’s O2O business is not up to expectations.