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Yonghui Supermarket (601933): Interim report results in line with expected profit growth

Yonghui Supermarket (601933): Interim report results in line with expected profit growth

Event: The company announced that it achieved total operating income of 411 in the first half of 2019.

73 trillion, ten years +19.

70%; net profit attributable to mother 13.

54 ppm, +45 a year.


Among them, the second quarter of 2019 achieved total operating income of 189.

37 trillion, +21 a year.

2%, to achieve net profit attributable to mother 2.

3 ‰, +23 a year.


The expansion of stores accelerated the growth of Q2 revenue, which was in line with expectations.

The company achieved revenue of 411 in 2019H1.

73 trillion, ten years +19.

70%; 2019Q2 achieved revenue of 189.

37 trillion, +21 a year.

2%, an increase of 2 from the previous quarter.

67pct, revenue grew steadily.

In terms of quarters, the growth rate in Q2 of 2019 was faster than that in the first quarter.

The opening of stores accelerated the improvement of revenue performance, and at the same time, the flow of customers in old stores increased, thereby achieving a steady increase.

As of now (7/26), the company has newly opened 87 red and green label stores and more than 400 mini stores.

By the end of the year, the company had 199 reserve stores. Overall, the company’s contracted stores were orderly. The company’s reserves provided sufficient support for the company’s exhibition stores.

At the beginning of 2019, the company plans to open 150 stores, and it is expected that the exhibition plan can be completed throughout the year, and the revenue growth rate will continue to increase steadily.

Yunchuang made a table and profit growth accelerated.

Summary of the report, associated company Yunchuang, Caishixian and Shanghai Vegetable Yonghui Investment Alternative 2.

1.7 billion, delete color food fresh confirmed investment income1.

2.6 billion.

Compared with the same period last year, Yunchuang’s net profit was -3.

880,000 yuan, the impact on the group’s net profit is -1.

9.1 billion.

After Cloud created a table, it is conducive to driving the elastic release of profits.

In addition, on the expense side, the report can confirm the distribution of incentive costs1.

US $ 3.6 billion, compared with the same period last year, the company made 2 less accruals.

2.2 billion equity incentive expenses.

In addition, due to the increased demand for external equity investment and domestic investment funds and short-term expenditures, financial costs increased.

Looking ahead to 19H2, Yunchuang’s performance will reduce the fair incentive fee, which is expected to keep the company’s profits high.

The supply chain continues to be optimized, and the “big store + small store” model is continuously explored. The company’s profitability will continue to increase in the future.

The company’s supply chain has continued to expand in terms of location and customer base. The report states that in order to deepen the supply chain reform, the company will invest 40% to establish a one-two-three-three international company with Transportation Group, Mintian Group, Jardine Group, and Mr. Xie Xiangzhen.Supply Chain Management Co., Ltd. to build a 1233 S2B global consumer goods supply chain service platform.

The company plans to develop B-side business and expand customer coverage.At present, the number of mini stores in the company exceeds 400. Small stores are omni-channel layouts around large stores, which helps the company to maintain its C-end advantage.

The B-side and C-side work together to take advantage of the supply chain and channels. The company’s future performance is expected to continue to improve, and both revenue and profit will increase.

Earnings forecast: We maintain the company’s performance expectations and expect the company to achieve revenue of 842 in 19/20/21.



79 trillion, a growth rate of 19.

42% / 22.

03% / 21.

52%, while achieving net profit attributable to mother 22.



8.8 billion, a previous growth rate of 54.

53% / 25.

22% / 38.

55%, EPS is 0.



41, corresponding to PE is 38.



43, maintain the “recommended” level.

Risk warning: macroeconomic downside risks, mini-store expansion is not up to expectations, and fierce competition in the industry.