1-3Q2024 公司期间费用率为21.33%，同比上升0.15 个百分点，其中，销售/管理/财务/研发费用率分别为17.99%/1.90%/1.36%/0.08%，同比分别变化+0.17/ -0.06/+0.04/-0.003 个百分点。3Q2024 公司期间费用率为22.10%，同比上升0.65个百分点，其中，销售/管理/财务/研发费用率分别为18.79%/1.93%/1.31%/0.07%，同比分别变化+0.53/ -0.04/ +0.16/+0.003 个百分点。The company's 1-3Q2024 revenue increased 1.78% year on year, and net profit to mother decreased by 12.03% year on year. The company announced the 2024 three-quarter report: 1-3Q2024 achieved operating income of 14.127 billion yuan, up 1.78% year on year, realized net profit to mother of 0.188 billion yuan, a year-on-year decrease of 12.03%, and realized net profit deducted from mother 0.157 billion yuan, a decrease of 22.50% year on year.
Looking at the single-quarter split, 3Q2024 achieved operating income of 4.765 billion yuan, a year-on-year decrease of 0.49%, realized net profit of 0.018 billion yuan, a year-on-year decrease of 33.71%, and realized net profit deducted from non-return to mother 0.003 billion yuan, a year-on-year decrease of 88.45%.
The company's 1-3Q2024 comprehensive gross margin decreased by 0.36 percentage points, and the cost ratio increased by 0.15 percentage points during the period 1-3Q2024. The company's comprehensive gross margin was 23.26%, down 0.36 percentage points from the previous year. Looking at the single-quarter split, 3Q2024's comprehensive gross margin was 22.65%, down 0.06 percentage points from the previous year.
The 1-3Q2024 company's cost ratio for the period was 21.33%, up 0.15 percentage points from the previous year. Among them, the sales/management/finance/R&D expenses ratio was 17.99%/1.90%/1.36%/0.08%, respectively, with a year-on-year change of +0.17/ -0.06/+0.04/-0.003 percentage points, respectively. The 3Q2024 company's expense ratio for the period was 22.10%, up 0.65 percentage points year on year. Among them, sales/management/finance/R&D expenses rates were 18.79%/1.93%/1.31%/0.07%, respectively, with year-on-year changes of +0.53/ -0.04/ +0.16/ +0.003 percentage points, respectively.
Strengthen logistics system construction and modify stores to improve operational efficiency
As of the end of June 2024, the company had a total of 1,097 stores, including 997 direct-run stores and 100 franchised stores; as of the end of June 2024, there were 104 Yueji snack stores. In 2024, the company will further strengthen the three-dimensional layout of central warehouses and regional warehouses, and the construction of a logistics system linked to multiple warehouses. At the same time, the company changed from focusing on stores in terms of category structure, product quality, price-quality ratio, service, environment, etc.; improving the operational efficiency of stores through optimization of store area, products, processes, and systems.
Lower profit forecasts and maintain the “increase in holdings” rating
The company's performance fell short of our previous expectations, mainly due to the intense competition in the supermarket industry. Considering the future competitive situation in the industry, we lowered our forecast of the company's net profit to mother for 2024/2025/2026 by 3%/8%/12% to 0.12/0.126/0.13 billion yuan. The company continuously improves the supply chain system, optimizes and modifies stores, and maintains an “increase in holdings” rating.
Risk warning: The business area is concentrated, rising rents have led to increased costs, and the development of new business formats falls short of expectations.
