Yonghui Supermarket (601933): Revenue accelerates and steady growth of main business
Event: Yonghui Supermarket released the third quarter performance report for 2019, and the company achieved operating income of 635 in the first three quarters.
4.3 billion, an annual increase of 20.
59%, net profit attributable to mother 15.
38 ppm, an increase of 51 in ten years.
The store expansion accelerated, and the third quarter revenue accelerated.
Driven by the increase in the number of new stores and the growth of old stores, the company achieved operating income of 223 in the third quarter.
67 ppm, an increase of 22 in ten years.
26% growth rate in the first half of the year (19.
According to the company’s official website, the company currently has 829 stores, with a net increase of 121 early in the beginning of the year.
The main business maintained a steady growth, Yunchuang posted a table, and the decrease in equity incentive expenses led to a significant increase in performance.
The reporting company confirms the equity incentive expenses2.
30,000 yuan, ranking the same period last year (about 4.
Reports on the baseline associated companies Yunchuang, Caishixian and Shangshu Yonghui Investment Expectations3.
650,000 yuan, stripped of fresh food to confirm investment income1.
US $ 2.6 billion, 杭州桑拿 while Yunchuang was still in the company’s consolidated statement in the same period last year, affecting the company’s net profit by about -2.
Excluding the impact of Yunchuang’s schedule and related investment income, we estimate that the company’s main business has maintained a growth rate of about 20%, with steady growth.
Actively explore innovative business formats to further open up growth space.
The company is actively innovating new formats, deploying community fresh formats and online home-based businesses. In the first half of the year, it opened 398 mini stores in 50 cities in 19 provinces, with a total operating income of 5
500 million, home supermarket business covering 518 stores, realized 13.
3 yuan, online sales accounted for 3.
In the third quarter, the company further launched the “Yonghui Shopping” APP for preliminary warehouse development. Starting in October, it started trials in Chongqing, Fuzhou, Chengdu and other cities.
The development of innovative formats is expected to open up new growth space for the company’s growth.
The net profit attributable to the parent company for 2019-2020 is expected to be 22.
840,000 yuan, the corresponding company is estimated to be 37.
Considering the company’s growth and efficiency improvement, maintain the “Highly Recommended-A” level.
Risk warning: the industry is fiercely competitive, business expansion is not up to expectations, and terminal demand is down.