Investment Rating - The investment rating for the company is "Outperform the Market" [3][9] Core Views - The company has shown a slight revenue growth of 1.78% year-on-year in the first three quarters, with total revenue reaching 14.127 billion yuan. However, net profit has decreased by 12.03% to 188 million yuan, and the non-recurring net profit has dropped by 22.5% to 157 million yuan [5][7] - The performance of the supermarket sector is strong, with steady store expansion. The revenue from the comprehensive supermarket segment increased by 5.06%, and the community fresh food supermarket segment grew by 7.64%. However, the rural supermarket segment saw a decline of 8.52% due to adjustments [7][9] - The company is focusing on optimizing its store layout and improving logistics efficiency, which has led to a stable gross margin of 22.65% in Q3 2024. The inventory turnover days have improved, decreasing by 10 days to 48.92 days [7][9] Financial Summary - For the first three quarters, the company achieved a revenue of 14.127 billion yuan, with a year-on-year growth of 1.78%. The net profit attributable to the parent company was 188 million yuan, down 12.03% year-on-year, and the non-recurring net profit was 157 million yuan, down 22.5% [5][6] - The company opened 13 new direct-operated stores and 30 franchise stores in Q3 2024, while closing 36 stores, resulting in a total of 1,103 stores at the end of the period [7][9] - The projected net profits for 2024-2026 have been adjusted to 203 million yuan, 222 million yuan, and 240 million yuan, respectively, with corresponding P/E ratios of 35.6, 32.6, and 30 times [9][11]

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-087 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 家家悦集团股份有限公司（以下简称"公司"）股票连续三个交易日内 收盘价格涨幅偏离值累计超过 20%，属于股票交易异常波动。 经公司自查并书面问询控股股东及实际控制人，截止本公告披露日， 不 存在应披露而未披露的重大信息。 公司未发现存在对公司股票交易价格可能产生重大影响的媒体报道或市场 传闻，亦未发现涉及市场热点概念事项。 一、股票交易异常波动的具体情况 公司股票于 2024 年 10 月 25 日、10 月 28 日、10 月 29 日连续三个交易日内 日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关 规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经自查，公司目前生产经 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥4,764,925,506.07, a decrease of 0.49% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥18,310,391.38, down 33.71% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,789,585.73, a significant decline of 88.45% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.03, a decrease of 25.00% year-on-year[4]. - The diluted earnings per share for Q3 2024 was ¥0.04, down 20.00% compared to the same period last year[4]. - The gross profit margin for the overall business in Q3 2024 was 19.27%, showing a slight decrease of 0.18% compared to the previous year[17]. - Operating profit for Q3 2024 was CNY 259,887,666.57, down 11.61% from CNY 294,256,275.27 in Q3 2023[25]. - The company reported a total profit of CNY 249,316,651.40 for Q3 2024, a decrease of 12.92% from CNY 286,315,730.83 in Q3 2023[25]. - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 187,952,163.16, a decrease of 12.06% from CNY 213,647,425.63 in Q3 2023[26]. - Basic earnings per share for Q3 2024 were CNY 0.30, down from CNY 0.34 in Q3 2023, reflecting a decline of 11.76%[26]. Revenue and Sales - The company's main business revenue for the first three quarters of 2024 reached RMB 1,273,140.69 million, representing a year-on-year increase of 4.64%[17]. - Total revenue from sales of goods and services for the first three quarters of 2024 reached CNY 17,629,402,041.60, up from CNY 16,812,753,642.33 in the same period of 2023, representing an increase of 4.84%[27]. - The revenue from community fresh food supermarkets increased by 7.64% year-on-year, totaling RMB 367,581.12 million, while the revenue from rural supermarkets decreased by 8.52% to RMB 138,786.58 million[18]. - The company’s revenue from comprehensive supermarkets was RMB 746,741.97 million, with a year-on-year increase of 5.06%[18]. Assets and Liabilities - The total assets at the end of the reporting period were ¥14,080,446,179.53, reflecting a decrease of 1.44% from the end of the previous year[4]. - Current assets as of September 30, 2024, totaled ¥5,600,803,293.72, compared to ¥5,430,516,428.96 at the end of 2023, indicating a growth of 3.13%[20]. - Non-current assets totaled ¥8,479,642,885.81 as of September 30, 2024, down from ¥8,855,545,880.89 at the end of 2023, a decrease of 4.24%[21]. - Total liabilities decreased to ¥11,545,503,301.05 from ¥11,738,736,381.84, reflecting a reduction of 1.64%[22]. - The company's equity attributable to shareholders was ¥2,520,607,206.62, slightly down from ¥2,539,792,220.55 at the end of 2023, a decrease of 0.76%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,567,457,353.82, down 6.42% compared to the previous year[2]. - The net cash flow generated from operating activities for the first three quarters of 2024 was CNY 1,567,457,353.82, compared to CNY 1,674,978,366.82 in the same period of 2023, a decrease of 6.39%[27]. - Net cash flow from investment activities was -442,461,498.41, an improvement from -730,066,169.74 in the previous period[28]. - Total cash inflow from financing activities was 645,233,961.32, down from 1,382,468,638.63 in the previous period[28]. - Net cash flow from financing activities was -1,051,727,180.95, compared to -12,293,987.39 in the previous period[28]. - Cash and cash equivalents at the end of the period totaled 2,472,004,375.93, slightly down from 2,541,062,960.58 in the previous period[28]. - The net increase in cash and cash equivalents was 73,190,615.00, a significant decrease from 932,822,526.49 in the previous period[28]. Store Operations - In Q3 2024, the company opened 13 new direct-operated stores and 30 new franchise stores, bringing the total number of stores to 1,103, including 973 direct-operated and 130 franchise stores[12]. - The company closed 36 direct-operated stores during the reporting period, with a total leased area of 104,756.09 square meters[15]. - The company’s total number of stores includes 248 comprehensive supermarkets, 418 community fresh food supermarkets, and 208 rural supermarkets[12]. - The company plans to continue expanding its store network and optimizing its layout to enhance operational efficiency[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,876[8]. - The company repurchased 9,674,717 shares, accounting for 1.52% of the total share capital[11]. Accounting and Standards - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[29].

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-086 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 第四届监事会第二十三次会议决议公告 家家悦集团股份有限公司（以下简称"公司"）第四届监事会第二十三次会 议于 2024 年 10 月 29 日以现场方式召开，本次会议由公司监事会主席张爱国先 生主持，应到监事 3 人，实到监事 3 人。本次会议符合《公司法》、《公司章程》 的有关规定，会议的召集、召开及表决程序合法有效。 二、监事会会议审议情况 1、审议并通过《关于<公司 2024 年第三季度报告>的议案》。 表决结果：同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 特此公告。 家家悦集团股份有限公司 监事会 二〇二四年十月三十日 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-085 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024年10月30日（星期三）上午09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2024年10月30日（星期三）9:00前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱jiajiayue@jiajiayue.com.cn进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、参加人员 本公司出席业绩说明会的人员包括公司董事长王培桓先生、独立董事魏紫女 士 ...

上 海 证 券 交 易 所 上证公监函〔2024〕0153 号 关于对家家悦集团股份有限公司 及有关责任人予以监管警示的决定 当事人： 对家家悦集团股份有限公司及时任财务总监姜文霞、时任董事 会秘书周承生予以监管警示。 根据《上海证券交易所纪律处分和监管措施实施办法》，请你公 司及董事、监事和高级管理人员（以下简称董监高人员）采取有效 措施对相关违规事项进行整改，并结合本决定书指出的违规事项， 就公司信息披露及规范运作中存在的合规隐患进行深入排查，制定 针对性的防范措施，切实提高公司信息披露和规范运作水平。请你 公司在收到本决定书后一个月内，向我部提交经全体董监高人员签 字确认的整改报告。 家家悦集团股份有限公司，A 股证券简称：家家悦，A 股证券代 码：603708； 姜文霞，家家悦集团股份有限公司时任财务总监； 周承生，家家悦集团股份有限公司时任董事会秘书。 经查明，2022 年 7 月 15 日，家家悦集团股份有限公司（以下简 称公司）第四届董事会第二次会议审议通过，同意公司使用不超过 18,000 万元（含本数）的闲置募集资金进行现金管理，使用期限不 超过董事会审议通过之日起 12 个月。2024 年 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-084 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于公司收到山东证监局警示函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 公司的上述行为违反了《上市公司信息披露管理办法》（证监会令第 182 号）第三条和《上市公司监管指引第 2 号一上市公司募集资金管理和使用的监管 要求（2022 年修订）》（证监会公告〔2022〕15 号）第八条的规定。 根据《上市公司信息披露管理办法》（证监会令第 182 号）第五十二条的规 定，我局决定对你公司采取出具警示函的行政监管措施，并记入证券期货市场诚 信档案数据库。公司应当规范使用募集资金，强化信息披露管理，严格按照法律、 行政法规和证监会有关规定履行信息披露义务。你公司应自收到本决定书之日起 30 日内向我局提交书面报告。 如果对本监督管理措施不服，可以在收到本决定书之日起 60 日内向中国证 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 券监督管理委员会提出行 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-083 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/9/12 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 239,900 股 | | 累计已回购股数占总股本比例 | 0.04% | | 累计已回购金额 | 1,827,083 元 | | 实际回购价格区间 | 7.42 元/股~7.78 元/股 | 根据《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规 关于 2024 年第二期以 ...

[Table_MainInfo] 公司研究/商业贸易/卖场与超市 证券研究报告 家家悦（603708）公司跟踪报告 2024 年 09 月 21 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 20 日收盘价（元） ] | 7.79 | | 52 周股价波动（元） | 7.40-15.08 | | 总股本 / 流通 A 股（百万股） | 638/599 | | 总市值 / 流通市值（百万元） | 4973/4669 | | 相关研究 | | | [Table_ReportInfo] 《 1Q24 收入增 6% 净利增 7% | ，供应链变革初 | | 显成效》 2024.05.30 | | | 《 3Q23 归母净利增 72% | ，展店加速省外调优》 | | 2023.11.02 | | ...

丨证券研究报告丨 公司研究丨点评报告丨家家悦（603708.SH） [Table_Title] 家家悦 2024 年中报点评：新业态稳步推进，利 润端阶段承压 报告要点 [Table_Summary] 公司发布 2024 年中报，报告期内实现营收 93.6 亿元，同比增长 3.0%，实现归母净利润 1.7 亿 元，同比下滑 8.8%；单二季度，实现营收 41.7 亿元，同比下滑 0.2%，实现归母净利润 2247 万元，同比下滑 53.8%。 分析师及联系人 [Table_Author] 李锦 罗祎 张彦淳 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 家家悦（603708.SH） 相关研究 [Table_Title 家家悦 20242]年中报点评：新业态稳步推进，利 润端阶段承压 [Table_Summary2] 事件描述 公司发布 2024 年中报，报告期内实现营收 93.6 亿元，同比增长 3.0%，实现归母净利润 1.7 亿元，同比下滑 8.8%；单二季度，实现营收 41.7 亿元，同比下滑 0.2%，实现归母净利润 2 ...