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研報掘金丨中金:永輝超市改革已進入加速期,維持“跑贏行業”評級
格隆匯 03-18 15:06

中金公司研報指出,永輝超市(601933.SH)擬成立改革領導小組,加快公司改革轉型步伐。認爲公司改革已進入加速期,治理、經營等層面與名創優品合作進一步深入,有望產生良好協同,看好國內零售行業廣闊空間下公司成功轉向品質零售路線的發展前景。短期2025年經營重點爲減虧,通過三提兩降(提人效、提業績、提毛利,降成本、降費用)實現,計劃全年完成200家門店調改,關閉250-350家門店,中期2026 年底完成存量門店全部整改工作,屆時全部門店均爲調改後門店,短中期門店調整節奏我們認爲略超此前市場預期,顯示公司整體行動力與變革決心。長期來看,公司希望根據胖東來的經營理念和山姆的選品邏輯,打造更適合中國主流家庭的有品質的超市。此外,名創優品有望進一步對公司協同賦能。看好公司後續經營變革加速,維持目標價7元,維持“跑贏行業”評級。

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