The net profit in the first quarter of the national business super leader significantly exceeded the institutional expectation, more than twice the predicted value of the annual net profit. The company lost nearly 4 billion yuan in 2021, but the Research Report of securities companies is optimistic about the ebb tide of community group purchase capital, superimposed procurement system, warehousing logistics and supply chain digitization, and is expected to usher in an inflection point of operation this year. Another analyst pointed out that the company focuses on low price and parity, and there is still a large gap compared with the medium and high-end warehouse model represented by Costco.
Yonghui Superstores Co.Ltd(601933) with a total market value of more than 40 billion, a national supermarket leader, new retail, prefabricated dishes and other concepts, hit a record high of 11 yuan in April 2020. Since then, share prices have fallen by nearly 69.82% . However, the last two months saw the bottom ahead of the market. Since the low point on March 8, the cumulative maximum increase of share price has reached 57.23% .
Yonghui Superstores Co.Ltd(601933) released the 2021 annual report and the first quarterly report of 2022 last night. The net profit attributable to the parent company in the first quarter was 502 million yuan, with a year-on-year increase of 205354% . However, in 2021 net profit attributable to parent company lost 3.944 billion yuan .
It is worth noting that the net profit of Yonghui Superstores Co.Ltd(601933) in the first quarter was 502 million yuan, a new high of in the single quarter in the past two years , but there is still a large gap from the 1.568 billion yuan in the first quarter of 2020.
As of today, a total of 7 institutions have predicted the performance of Yonghui Superstores Co.Ltd(601933) in 2022 within 6 months, of which the estimated average net profit attributable to the parent company is 252 million yuan. The first quarter net profit announced by Yonghui Superstores Co.Ltd(601933) yesterday was 502 million yuan, is more than twice the annual net profit estimated by the organization, which is significantly higher than the organization’s expectation .
According to public information, Yonghui Superstores Co.Ltd(601933) is a chain supermarket business characterized by fresh food operation, with hypermarkets, stores and community supermarkets as the core format, supplemented by franchise of convenience stores, and combined with food processing and modern agriculture. The main products are fresh and processed, food supplies, etc.
Guotai Junan Securities Co.Ltd(601211) Liu Yuenan and others said in the research report released on April 6 that 2021 is the first annual loss after Yonghui Superstores Co.Ltd(601933) listing . Performance loss is mainly caused by structural adjustment, inventory reduction and online transformation . The overall operating revenue of the company decreased by 3.8% year-on-year and the gross profit margin decreased by 2.4% year-on-year. In addition, the company invested 670 million yuan in science and technology and lost 840 million yuan in online business.
Analysts said that with the decline of community group purchase capital in 2021 , Yonghui Superstores Co.Ltd(601933) establish core competitiveness . Bind upstream and downstream enterprises with equity, and continuously strengthen the bargaining power and global purchasing power. Supply chain upgrading is user-oriented and continuously improves efficiency. In addition, it also layout the digitization of supply chain to improve operation efficiency .
Deloitte released the report “global retail power in 2022” and counted the list of the world’s top 250 retailers. Yonghui ranks 84th in the list of global retail top 250 .
According to the profit forecast and valuation calculation, analysts predict that the year-on-year growth rate of net profit attributable to parent company in 2022 will be 119.43% , and PE will be as high as 62.43 times in 2022.
Analysts said that the warehouse store represented by Costco is regarded as a new outlet for physical supermarkets in the industry . Yonghui’s warehouse stores are quite different from other brands. First, Yonghui warehouse stores adopt the non membership system. Second, Yonghui warehouse stores are mostly transformed from the original hypermarket stores, and focuses on low price and low price . This is significantly different from Costco’s model of charging an annual fee of more than 200 yuan and selecting global high-quality goods and services for medium and high-end customers therefore, the effect of Yonghui water test warehouse store does not seem to be optimistic .
