Yonghui Supermarket (601933): The revenue is accelerating month-on-month, and the profit of Yunchao ‘s main business is growing steadily, and the performance is in line with expectations

Yonghui Supermarket (601933): The revenue is accelerating month-on-month, and the profit of Yunchao ‘s main business is growing steadily, and the performance is in line with expectations

Event: On October 29, the company released the third quarter report of 2019, announcing that it achieved operating income of 635 in Q1-Q3 2019.

43 ppm, an increase of 20 in ten years.

59%, net profit attributable to mother 15.

38 ppm, an increase of 51 in ten years.

14%, net profit deducted from non-mother 12 was achieved.

69 ppm, an increase of 45 in ten years.


In the third quarter alone, the company achieved operating income of 182 in Q3 2019.

95 ppm, an increase of 22 in ten years.

3%, realizing net profit attributable to mother 1.

69 ppm, an increase of 100 in ten years.

3%, realizing net profit deduction for non-attribution1.

5.9 billion, an increase of 140 in ten years.

0%, performance is in line with expectations.

Stores initially accelerated, the same store was stable, and revenue maintained rapid growth.

In 2019, the company’s long-term exhibition target is 150 (excluding the top 100 consolidated tables), and the previous year’s exhibition target has increased. In total, there were 34 stores in Q3 2019, and 80 stores in Q1-Q3 in 2019.There are 38 bravo stores, and the exhibition plan is planned to advance twice as scheduled in the report.

In terms of mini stores, there were 112 stores in 2019Q3, with an average area of 440 square meters. In addition, in 2019H1, there were 510 mini stores in the first three quarters.

The same store is still healthy. According to the company announcement, about 3% of the same store in the third quarter.

On the whole, the company’s 2019Q1-Q3 achieved operating income of 635.

430,000 yuan, 182 revenue in 2019Q3.

95 ppm; according to last year’s statement, the revenue growth of the 2019 Q1-Q3 cloud ultra segment (including mini and cloud business) increased by about 23.

9%, the revenue of Yunchao segment in Q3 2019 will increase by about 25 per year.

7%, maintaining a sequential increase in revenue growth.

In the third and third quarters, the gross profit margin increased, and the expense ratio improved due to the impact of Parkin ‘s. The mini-store incubation period had a slight breakthrough, and the main business profit was stable. In addition, the equity incentive fee continued to decline, and the apparent profit increased.

At the gross profit margin, the company’s gross profit growth in the first three quarters increased by zero.

1pct to 21.

9%. In terms of regions, except for the 7th and 10th districts, the gross profit margin of the main business in the remaining regions has declined, or it is related to the company’s initiative to adjust prices and product structure adjustments. From the perspective of the third quarter, the gross profit margin has decreased.Raise 0.

2pct to 22.


On the expense side, the company’s first three quarters of sales, management, and financial costs have been reduced by 0 every year.

2pct, decrease by 1.

4pct, boosted by 0.

3 points to 15.

7%, 2.

9%, 0.

4%, related to the same period last year, cloud creation, cloud business and other innovative businesses are still on the table; in the third quarter alone, the company’s sales, management, and financial expenses were increased to zero.

6pct, decrease by 1.

3pct, boosted by 0.3 points to 16.

7%, 3.

3%, 0.

4%, higher sales expense ratio in the third and third quarters, related to Guangzhou Baijia integration.

On the whole, the company’s main business profit is stable, and the growth rate of large stores is expected to be 15-20%. There is a slight replacement during the incubation period of the mini store.
Investment suggestion: The company starts with a differentiated positioning of fresh produce. The supply chain of more than 20 years of intensive cultivation has become the fourth leader in supermarkets.

At present, the company is seizing the advantages of dual-line integration in the industry, accelerating the advantages of concentration, and promoting the speed of Yunchao’s exhibition shops. It also follows the trend, promotes the integration of the same industry, and advances towards platformization.

In 18 years, affected by various factors such as the distribution of incentive fees, innovative business, and consumer 天津夜网 pressure in the second half of the year, the company ‘s expense ratio was at an all-time high. At the end of 18 and early 19 years, fresh food and Yunchuang successively promoted the advancement of light equipment.One or two mergers, the manager’s division of labor is clear or the cloud super efficiency is improved; focus on the development of small stores, if its replicability is verified, it may enrich the home business, promote a significant increase in the single district market share, key recommendations.

It is expected that the growth rate of cloud supercomplex in 2019-2021 will be 20-25%, and the EPS in 19-20 is expected to be 0.

23 yuan / share, 0.

29 yuan / share, corresponding to 30 times PE, 6-month target price of 10.

5 yuan, maintain “Buy-A rating”.

Risk reminders: 1) intensified regional competition; 都市夜网 2) new business development in lower-tier cities exceeds expectations; 3) small store business development is lower than expected; 7) CPI continued downside risks.