Yonghui Supermarket (601933): Steady Revenue Growth, Short-term Incentive Expenses Affecting Net Interest Rate

Yonghui Supermarket (601933): Steady Revenue Growth, Short-term Incentive Expenses Affecting Net Interest Rate

Event: Yonghui released the 2018 annual report, reporting that the combined company achieved operating income of 705.

1.6 billion, +20 per year.

35%, operating income of 178 in the fourth quarter.

2.4 billion, +16 per year.

63%.

Initially realized net profit attributable to mother is 14.

80ppm, one year -18.

52% in the fourth quarter achieved a net profit of 4.

6.2 billion, +8 per year.

98%.

Operating data was in line with expectations, and the advantages of rapid expansion and consolidation of channels were strengthened.

① Stores: The company initially opened 135 new stores and closed 6 stores.

In 2018, 135 new stores were opened and 165 new stores were signed.

This year, we plan to open 150 new stores and explore new formats of “mini stores”.

First Class Same Store +1.

6%, with an annual passenger flow of 2.9 million, more than + 21%, and the unit price is 62 yuan. ② Online payment: In 2018, the supermarket home business has covered 88 cities in 20 provinces and autonomous regions, and has 3 million members.

800 million, an increase of 3 every year last year.

2 times, accounting for 2.

4%, an increase of 1 per year.

5 averages.

Among them, Jingdong Dajia connected 330 supermarket stores of the company, and subsequently added 95.

Income is increasing, and net interest rates are dragged down by rising expense ratios due to fair incentives.

The company’s annual operating income is 70.5 billion yuan, an annual increase of 20.

35%, Q1 and Q3 performed better in the single quarter, Q2 in the single quarter decreased significantly, the retail industry achieved operating income of 65.5 billion, +19 over the same period.

42%, becoming the main driver of revenue.

Gross profit margin 22.

15%, +1.

Of the 31 samples, the gross profit margin of raw and processed foods and processed foods increased rapidly, +1 from the end of last year.

32 averages.

Initial selling expense ratio 16.

39%, ten years +1.

97 budgets, overhead costs4.

26%, ten years +1.

22 budgets, 0 for financial expenses.

21%, little change.

Due to the expense ratio, the net net interest rate in 2018 was 1.

41% a year -1.

46 averages. Focus on Yunchao, be your own brand, and save energy and increase efficiency in the future.

The company will combine the original Yunchao one and two integrated supermarket operations to focus on Yunchao.

The company reshaped its own brand according to market trends and supply chain strategies. In 2018, its own brand and quality were customized for sales of 1.6 billion. At the same time, it increased technological transformation and added data from 55 fast testing centers in the Food Safety Cloud Network Center.Yonghui cloud platform of two centers and three centers.

Gradually increase energy conservation and efficiency in 2019, and further improve 杭州桑拿网 the profit margin.

The net profit attributable to the parent company for 2019-2021 is expected to be 29.

30/35.

49/42.

7.2 billion yuan, the current market value of the company is estimated to be 29.

4 times; Considering the company’s growth and room for improvement, maintain “Highly Recommended-A”.

Risk warning: fierce competition in the industry, business expansion is not up to expectations, and terminal demand is down

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