You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨國金證券:予永輝超市“買入”評級,目標價7元

國金證券研報指出,永輝超市(601933.SH)模式已發生根本性變革,走向精選型零售路線,新型模式具備在後消費時代長期快速增長的潛力。模仿胖東來模式的超市衆多,但永輝超市具備獨特的競爭優勢:①中國人對生鮮蔬菜的鐘情成爲中國公司超越海外同行最佳切入口,生鮮銷售佔比高、獲客能力強,但經營難度也最高,永輝20年全國化生鮮經營專屬經驗構築難以逾越的護城河。②永輝規模優勢長期賦能,對於標品,裸價採購+規模優勢=更低進貨價,對於自有品牌,規模優勢帶來代工廠更優質+成本價更低優勢。③上市地位融資優勢。轉向胖東來模式對資金需求較高,非上市企業較難承受,這阻礙了相當多同行的模仿。胖東來式調改特點是“需要全面改,改一點是沒用的”,因此門店調改費用和中央工廠建設費用帶來的資金需求將相當的區域型、規模不大的競爭對手擋在門外。鑑於短期調改帶來的變化較快,以2027年盈利預測爲基礎,給予2027年35倍PE,目標價7.00元,目標市值爲641.59 億元,給予“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account