研報掘金丨長江證券:維持永輝超市“買入”評級,進入門店優化調改的深水區
長江證券研報指出,永輝超市(601933.SH)2024年歸母淨虧損14.7億元,同比擴大1.4億元,2025年一季度實現歸母淨利潤1.5億元,同比下滑80%。公司進入門店優化調改的深水區,收入階段性下滑導致利潤短期承壓,但供應鏈綜合能力得到顯著增強。調改單店營收大幅增長推動盈利能力兌現,未來12-18個月預計爲改革成果集中釋放期。截至4月28日,已開業調改店62家,2025Q1,41家開業滿3個月的“穩態調改店”實現了3月單月1470萬元的利潤、一季度累計利潤達7472萬元。預計至2025年6月底,全國調改店將突破124家,2026年農曆春節前目標鎖定300家,有望促進2025年顯著減虧,引領傳統零售業邁入以用戶和產品爲中心的品質時代。預計2025-2027年EPS有望實現-0.06、0.07、0.13元,維持“買入”評級。
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