研報掘金丨東莞證券:予永輝超市“增持”評級,看好公司門店調改完成後輕裝上陣
東莞證券研報指出,永輝超市是國內領先的連鎖超市龍頭,近年來受到疫情衝擊和線上分流等壓力影響業績下滑。公司積極應對市場變化,2024年6月接受胖改後啓動學習胖東來模式自主調改,推動門店、供應鏈及管理層面的全面改革,並得到了名創產投的戰略投資。名創系入股後加速推動公司變革,計劃2025年調改門店200家左右,並將關店250-350家,短期內門店歇業和閉店形成大量成本導致公司2025年上半年業績預虧。基於公司調改門店的業績表現、持續性和低效門店的關閉,看好公司門店調改完成後輕裝上陣,坪效和盈利能力有望得到提升,預計公司2025-2026年每股收益分別爲-0.06元和0.05元,對應估值分別爲-84.97倍和105.83倍,給予公司“增持”評級。
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