Yonghui Supermarket (601933): Revenue growth continues to shine, Yunchao’s operating results are expected to maintain rapid growth

Yonghui Supermarket (601933): Revenue growth continues to shine, Yunchao’s operating results are expected to maintain rapid growth

Highlights of the report Event description The company announced the 2019 semi-annual performance report, and the company achieved operating income of 411 in 2019H1.

73 ppm, an increase of 19 years.

70%; net profit attributable to shareholders of listed companies13.

54 ppm, an increase of 45 in ten years.


Realize the deduction of non-net profit attributable to shareholders of listed companies.

79 trillion, an increase of 30 in ten years.


Incident review The same-store improvement over the second quarter improved the second-quarter extension speed, and the revenue growth in Q2 2019 was bright.

It is estimated that the growth rate of the company’s revenue end in 2019Q1-Q2 is 18.

48%, 21.

16%, recorded a bright growth. As the company replaced the cloud creation and cloud business business, it is expected that the actual comparable revenue growth rate is higher than this value, and the single-quarter second-quarter revenue growth rate increased by 2 from the previous quarter.

68 supplements, mainly due to: endogenous, thanks to the increase in passenger flow from old stores and the second-quarter food price rise, it is expected that 2019Q2 will be better than 2019Q1; from the perspective of extension, it is expected that the single-second quarter revenue increase will mainly come from 1) Speeding up shop of Yunchao store: The official website shows that the company opened 25 new stores in the second quarter, which is faster than Q1; 2) Mini stores are expected to accelerate development in Q2;Registration is completed, and it is expected that the consolidated contribution will increase from the second quarter of 2019.

In terms of performance, we expect Yunchao’s operating results, excluding financial expenses, to maintain rapid growth in the second quarter alone.

The net profit attributable to the company in the second quarter alone increased by 23 per year.

81%, a decrease compared to the previous quarter. We expect that due to the company ‘s increased external allocation of investment and domestic investment funds, it will supplement short-term expenditures and increase the index fee; however, mini-stores are emergingIn the first half of the year, there may be a certain amount of expenses in accelerating the exhibition in the first half of the year. The high investment income base from Zhongbai in the same period last year also had a certain impact.

In our opinion, regardless of financial expenses and mini-store spending, Yunchao’s operating results in the second quarter alone are expected to maintain rapid growth, highlighting the company’s return to its core business and the effective implementation of energy savings and efficiency.

Investment suggestion: in the short to medium term, we are optimistic about the company’s efforts to promote organizational structure transformation after returning to the focus of the supermarket business, and the operational vitality brought by moderate decentralization.

In the long run, the current supermarket industry is facing a dual diversion of e-commerce to standard products and community stores to fresh products. The industry is clearing up and integration has become prominent. At the same time, the logic of the fresh food category consumption scenario remains offline.Yonghui, which has few operating advantages, is in the key stage of integrating the existing market and actively opening up the incremental community market. The market share increase trend is becoming more prominent. It is committed to gaining market share in exchange for long-term channel bargaining and margin improvement space. The company is expected toThe EPS for 2019-2021 is 0.



39 杭州桑拿 yuan, “Buy” rating.

Risk Warning: 1.

Consumption deteriorated further, CPI continued to slump; 2.

The expansion effect of the new format was lower than expected.