Yonghui Supermarket (601933): Yunchuang & Incentive Fees Drag 18 Performance 19Q1 Highly Flexible

Yonghui Supermarket (601933): Yunchuang & Incentive Fees Drag 18 Performance 19Q1 Highly Flexible

Yonghui Supermarket (601933): Yunchuang & Incentive Fees Drag 18 Performance 19Q1 Highly Flexible

The event company released the 2018 annual report and the 2019 quarterly report: the company achieved revenue of 705 in 2018.

1.7 billion, an increase of 20 in ten years.

35%; net profit attributable to mother 14.

8 billion, a decrease of 18 previously.


The company plans to pay dividends for every 10 shares.

1 yuan (including tax), cash dividends combined 10.

530,000 yuan, accounting for 71 net profit attributable to mothers in 2018.

In the first quarter of 2019, 11% of the companies achieved revenue of 222.

36 ppm, an increase of 18 in ten years.

48%; realized net profit attributable to mother 11.

24 ppm, an increase of 50 in ten years.


A brief review of the fast-selling stores, and the revenue has steadily increased. In 2018, the company opened 135 new stores with an area of 96.

250,000 square meters, comparable store same-store sales increased by 1.

6%, endogenous + exhibition-driven company’s 2018 revenue growth of 20%.

35%, the growth rate remains stable.

In 2019Q1, the company opened 21 new green label stores and 93 mini stores. The new format exhibition stores were quickly rolled out, and the revenue in 19Q1 increased by 18.

48%, the growth rate increased by 1 compared to 18 single Q4.

85 pct, revenue growth rebounded to the bottom.

The company expects to open 150 stores in early 2019 and is actively exploring new formats of Mini stores.

At present, the company’s reserve stores have sufficient resources and have great potential to achieve the goal of opening stores. Until the end of 18 years, a total of 240 unopened stores have been signed with a reserve area of 188.

480,000 square meters, signed 19 green label stores, 146 Mini stores in 19Q1.

The country’s scale advantage is consolidated, fresh products perform well, and gross profit margins continue to increase.In 2018, the company divided the first and second mergers into ten major theaters. Among them, Chongqing, Fujian, and Zhejiang’s theater revenue reached more than 10 billion US dollars; Zhejiang, Guangdong, and ShaanxiTheater theater revenue growth rate exceeded 40%; except for the Guizhou theater theater new stores in the growth period, each theater’s gross profit margins expanded.

The company’s fresh product category has prominent advantages and has a beautiful performance.

In 2018, the company’s fresh income increased by 21 in ten years.

31% to 316.

6.3 billion, revenue increased by 1.

6 pct to 48.

04%, fresh gross profit margin increased by 1.

32 pct to 14.

86%, driving the company’s overall gross profit margin to increase by 1.

31 pct to 22.


2019Q1 company gross profit margin 苏州桑拿网 22.

71%, a slight decrease of 0 every year.

08 pct (expected to be mainly affected by the transfer promotion), the earlier 18 years old increased by 0.

56 points. The 2018 performance was dragged down by Yunchuang & Incentive Expenses, and the profitability of Yunchao’s main business remained strong. In 19Q1, the light load and high flexibility of the company’s operations increased during the company’s 2018 period.

55 pct to 20.

87%, of which the sales / management / financial expense ratio is +1.

97 / + 1.

22 / + 0.

35 to 16.

39% / 4.

26% / 0.

21%. The increase in sales expense ratio was mainly affected by the increase in employee compensation and rental costs, and the increase in management expense ratio was mainly affected by 6.

6 billion equity incentive costs dragged down.

Superimposed 武汉夜网论坛 Yunchuang, the impact of the cloud business sector business (18 years of Yunchuang replaced 9.

400 million, the company’s 46% shareholding corresponds to about -4.

30,000 yuan net profit attributable to mother), the company’s net profit attributable to mother decreased by 18 in 2018.

52% to 14.

80 billion.

We roughly calculated that excluding Yunchuang, cloud business restructuring, equity incentive expenses, asset disposal income, and the impact on equity investment income of upper and lower enterprises, the company’s main business net profit in 2018 was about 2.3 billion, compared with 2017 ((About 2 billion), an increase of about 15%, and the profitability of Yunchao’s main business remained strong.

At present, Yunchuang and Yunshang have completed the schedule. The amortization of fair incentive expenses that need to be amortized in 2019 & 2020 will gradually decrease. With the implementation of the company’s strategy of reducing costs and increasing efficiency, it is expected that the company’s performance in 2019 will be significantly repaired, and high flexibility is worth looking forward to.

During Q1 2019, the company’s expense ratio decreased by 1 year-on-year.

67 pct to 16.

62%, net profit attributable to mothers has increased substantially by 50.

28% to 11.

24 ppm, preliminary verification of the expected increase in expected performance.

During the inventory turnover period at the end of the Spring Festival during the 18th year of the Spring Festival, sales were good in 19Q1, which was affected by the increase in stocks caused by the advance of the Spring Festival in 2019. In 2018, the company’s inventory turnover days increased.

71 days to 52.

For 75 days, the net operating cash flow decreased by 33 per year.

48% to 17.

6.1 billion.

With the company’s Q1 sales, the ability to collect funds is good, Q1 inventory turnover days replaced 37.

56 days, net operating cash flow increased by 6.

53% to 16.

18 billion.

The upward CPI is expected to further catalyze the company’s performance March 2019 CPI +2.

At 3%, inflation has risen again, with food CPI of +4 in the past.


According to experts from the Ministry of Agriculture, pork prices will rise by 70% in the second half of the year, and rising pork prices continue to catalyze upward expectations for food CPI.

Historically, Yonghui Supermarket ‘s same-store growth rate has maintained a high positive correlation with food CPI. In the future, the upward CPI will gradually increase the company’s performance.

投资建议:永辉作为国内商超龙头,生鲜供应链优势明显,跨区域展业能力领先,未来公司将更加注重云超业务,内部管理机制理顺,实行战区制激发内部活力,并积极探索 店The new format has developed a home business, with a large exhibition space, and accompanied by the improvement of cloud creation tables and expenses, 19-year results are expected to grow with high flexibility.

We estimate that the company’s net profit attributable to its parent from 2019 to 2020 will be 24.

3, 33.
300 million, corresponding to PE 35X, 26X, maintaining the “overweight” rating.
Risk factors: Declining consumption boom; intensified competition in the industry; less-than-expected development of new businesses