营业利润 | --- | --- | --- | --- | --- | --- | |-----------------------|------------|------------|------------|----------|----------| | 现金流量表 ( 百万元 ) | 2022 | 2023 | 2024E | 2025E | 2026E | | 净利润 | 18.72 | 135.86 | 246.37 | 351.63 | 490.43 | | 折旧摊销 | 574.12 | 580.30 | 359.96 | 379.10 | 394.92 | | 财务费用 | 268.86 | 229.66 | 20.47 | 6.19 | (10.40) | | 投资损失 | 0.31 | 10.73 | 3.74 | 4.93 | 6.46 | | 营运资金变动 | 102.72 | 316.97 | (1,270.69) | 2,188.48 | (911.89) | | 其它 | 374.70 | 340.50 | (67.36) | (17.69) | (11.44) | | 经营 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2024-035 | | --- | --- | --- | | 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"家悦转债"预计触发转股价格修正条件的提示 性公告 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： 本次触发转股价格修正条件的期间从 2024 年 4 月 10 日起算。截至 2024 年 4 月 23 日，公司股票已有 10 个交易日的收盘价低于当期转股价格的 85%，预 计触发转股价格向下修正条件。 一、可转债发行上市概况 二、可转债转股价格修正条款与可能触发情况 （一）经中国证券监督管理委员会核准《关于核准家家悦集团股份有限公司 公开发行可转换公司债券的批复》（证监许可【2020】316 号），家家悦集团股 份有限公司（以下简称"公司"）于 2020 年 6 月公开发行了可转换公司债券 645 万张，每张面值人民币 100.00 元，发行总额为人民币 64,500.00 万元，期限 6 年 ...

+0.27/同比持平/+5.46PCT。 盈利预测与投资评级：我们预计公司 2024-2026 年收入分别为 196/205/213 亿元，同增 10%/4%/4%，归母净利润分别为 2.54/3.04/3.22 亿元，同增 87%/19%/6%，EPS 分别为 0.40/0.48/0.50 元，对应 4 月 22 日收盘价 PE 分别为 26/22/21X，维持"增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------------|-------------|--------------------------------|-------------|-------------|-----------------------|-------------|--------------|--------------|--------------|---------------| | [ 资产负债表 Tabl ...

| 证券代码：603708 | 证券简称：家家悦 公告编号：2024-034 | | --- | --- | | 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 2023 年度暨 2024 年第一季度业绩说明会召开情 况的公告 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。 家家悦集团股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日上午 9:00-10:00 在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 通过网络互动交流方式召开了 2023 年度暨 2024 年第一季度业绩说明会，现将说 明会召开情况公告如下： 一、说明会召开情况： 公司于 2024 年 4 月 16 日在上海证券交易所网站（www.see.com.cn）及指定 信息披露媒体披露了《家家悦集团股份有限公司关于召开 2023 年度暨 2024 年第 一季度业绩说明会的公告》（公告编号：2024-022）。2024 年 4 月 22 日上午 9:00-10: ...

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------------------------------------------------------------|-----------------------------------------|--------------|--------------------|----------------------------------------------------------------|------------|----------------------------------------------|-------------------------------|------------|----------------------| | | [Table_Title] \n家家悦 (603708) | | | | [Table_industryIn ...

商贸零售/一般零售 公 司 研 究 家家悦（603708.SH） 2024 年 04 月 22 日 2024Q1 经营业绩稳健增长，计划加快新业态布局 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 公司 2023 年年报营收有所承压，2024Q1 经营业绩增长良好 公司发布年报、一季报：2023 年实现营收 177.63 亿元（同比-2.3%）、归母净利 润 1.36 亿元（同比+127.0%），营收有所承压；2024Q1 营收 51.89 亿元（+5.7%）， 归母净利润 1.47 亿元（+7.1%）；此外，公告拟每 10 股派发现金股利 1.9 元。考 虑到门店调整等因素，我们下调公司 2024-2025 年盈利预测并新增 2026 年盈利 预测，预计 2024-2026 年归母净利润为 2.15（-0.86）/2.57（-1.20）/3.02 亿元， 对应 EPS 为 0.34（-0.12）/0.40（-0.18） ...

Investment Rating - The investment rating for the company is "Buy" [34] Core Views - The company achieved a net profit of 136 million yuan in 2023, representing a year-on-year increase of 127.04%, while revenue decreased by 2.31% to 17.763 billion yuan [1][4] - In Q1 2024, the company reported a revenue growth of 5.73% and a net profit growth of 7.10% year-on-year, indicating stable performance [1][4] - The company plans to distribute a cash dividend of 0.19 yuan per share, which accounts for 88% of the annual net profit [1] - The company is expanding its store network, with a net increase of 44 stores in 2023 and 16 stores in Q1 2024 [10] - Online sales grew by 23.9% in 2023, with online business accounting for 5.98% of total sales [1][9] Financial Performance - The company's gross margin improved by 0.62 percentage points to 23.88% in 2023, while the gross margin for Q1 2024 was 24.04% [10] - Operating cash flow for 2023 was 1.614 billion yuan, a year-on-year increase of 20.5%, and for Q1 2024, it was 702 million yuan, up 22.1% year-on-year [10] - The company has adjusted its net profit forecasts for 2024 and 2025 to 224 million yuan and 247 million yuan, respectively, due to short-term costs associated with new business formats [19] Regional Performance - Revenue from outside Shandong province grew by 4.49% in 2023, accounting for 15.35% of total revenue [9] - In Q1 2024, revenue from Shandong province increased by 8.63%, while revenue from outside Shandong rose by 9.81% [9] Business Segments - In Q1 2024, the main business revenue from comprehensive supermarkets grew by 10.96%, while other formats, including snack stores and discount supermarkets, saw revenue growth of 46.66% [9][10] - The company is actively exploring multi-format layouts to adapt to consumer trends [8]

敬请参阅最后一页特别声明 -3- 证券研究报告 家家悦（603708.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-----------------------------|--------|--------|--------|--------|-------------------------------------------------------------------|-------------------------------|---------------|---------------|---------------|-------------| | 利润表（百万元） \n营业收入 18,184 17,763 18,544 19,273 19,900 | 2022 2023 2024E 2025E 2026E | | | | | 资产负债表（百万元） ...

Financial Performance - In 2023, the company's operating revenue was CNY 17,762,968,076.50, a decrease of 2.31% compared to CNY 18,183,817,809.52 in 2022[38]. - The net profit attributable to shareholders of the listed company reached CNY 136,393,205.49, representing a significant increase of 127.04% from CNY 60,074,047.49 in the previous year[38]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 98,709,857.79, up 275.56% from CNY 26,283,101.77 in 2022[38]. - The net cash flow from operating activities was CNY 1,614,011,040.62, reflecting a 20.50% increase compared to CNY 1,339,434,424.96 in the previous year[38]. - The company's total assets at the end of 2023 were CNY 14,286,062,309.85, a slight decrease of 0.74% from CNY 14,392,318,671.57 at the end of 2022[38]. - The net assets attributable to shareholders of the listed company increased by 23.13% to CNY 2,539,792,220.55 from CNY 2,062,622,774.23 in 2022[38]. - The total revenue for the main business in 2023 was 1,495.32 million yuan, reflecting a year-on-year decrease of 2.17%[71]. - The company reported a net cash flow from operating activities of 1,614.01 million yuan, an increase of 20.50% compared to the previous year[72]. - The financial expenses decreased by 14.57% to 242.42 million yuan, reflecting improved financial management[72]. Market Expansion and Store Operations - The company opened 110 new stores during the reporting period, including 81 self-operated stores and 29 franchised stores, enhancing its market presence[46]. - The company continues to strengthen its market position in Shandong, enhancing brand influence and market competitiveness through various new store formats[46]. - The company focuses on expanding its chain network in regions such as Shandong, Inner Mongolia, Beijing, and Hebei, optimizing its business formats according to local market demands[52]. - The company operates a diverse range of store formats, including community fresh food supermarkets and convenience stores, to meet varied consumer needs[52]. - The company expanded its store count to 991 by the end of the year, with 81 new openings and 57 closures, resulting in a total area of 301.33 million square meters[69]. - The total number of stores reached 1,049, with 110 new stores opened during the reporting period, including 81 direct-operated and 29 franchised stores[83]. - The company plans to continue expanding its store network, particularly in the Shandong province, where it opened 67 new stores[69]. - The company closed 18 stores in the fourth quarter, with 10 closures attributed to underperformance[71]. Product and Service Development - The proportion of self-owned and customized products reached 13.5% in 2023, indicating a focus on improving product offerings[31]. - The company invested approximately ¥12.90 million in research and development, representing 0.07% of total revenue[61]. - Research and development expenses reached 12.90 million yuan, marking a 100% increase, indicating a significant focus on innovation[72]. - The company is focused on developing new business formats, such as discount stores and snack shops, to enhance profitability and market competitiveness[100]. - The company will continue to promote the development of high-quality products, particularly in processed fresh food and meal preparation[141]. - The company is investing in new product development, allocating approximately $10 million for R&D in the upcoming year[172]. Online and Digital Integration - The company's online retail sales of physical goods increased by 8.4% year-on-year, accounting for 27.6% of total retail sales of consumer goods[48]. - Online orders and sales have been growing rapidly, with the company enhancing its online and offline integration capabilities[53]. - The company aims to create a seamless online and offline shopping experience to improve customer satisfaction and operational efficiency[100]. - The company plans to enhance its digital capabilities and supply chain efficiency, aiming to transform into a comprehensive, platform-based, and technology-driven retailer[99]. Governance and Compliance - The company strictly adheres to the regulations of the Company Law, Securities Law, and the requirements of the China Securities Regulatory Commission, ensuring compliance in corporate governance[146]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and finances, with no adverse effects on governance structure[146]. - The company has established a robust internal control system, enhancing operational efficiency and risk management capabilities to protect investor interests[153]. - The company has confirmed its independence in operations and governance, complying with all relevant laws and regulations[156]. - The company has established a self-evaluation report on internal controls for 2023, focusing on key business processes and control effectiveness[153]. Strategic Outlook and Challenges - The company's overall strategy for 2024 focuses on "stability and progress," emphasizing quality improvement in traditional operations and innovation acceleration[122]. - The retail industry faces significant challenges due to macroeconomic fluctuations and weak consumer expectations, impacting the company's performance[143]. - The company anticipates that the recovery of the consumer market will support economic growth, despite ongoing challenges in the retail sector[136]. - The company recognizes the need to adapt to changing consumer demands and market trends, emphasizing the importance of innovation in retail operations[143]. - The company plans to improve operational efficiency through organizational transformation and cost control measures[126]. Leadership and Management - The total pre-tax remuneration for the chairman and general manager, Wang Peihuan, is CNY 1.5 million[160]. - The total pre-tax remuneration for the executive vice president, Fu Yuanhui, is CNY 1.7 million[160]. - The company has a diverse board with members holding various significant positions in other organizations[162][163]. - The company has appointed a new financial director, Jiang Wenxia, to strengthen its financial management[163]. - The board approved a stock option incentive plan aimed at improving employee retention and performance[179]. - The company reported a total compensation of $1.059 million for its senior management team in the last fiscal year[183].

Financial Performance - Revenue for the reporting period reached ¥5,188,974,365.75, representing a year-on-year increase of 5.73%[1] - Net profit attributable to shareholders was ¥147,171,979.44, reflecting a growth of 7.10% compared to the same period last year[1] - Net cash flow from operating activities increased significantly by 22.1%, totaling ¥701,927,259.82[1] - Basic earnings per share for the period was ¥0.23, while diluted earnings per share increased by 4.35% to ¥0.24[1] - Net profit for Q1 2024 reached CNY 152,810,388.53, an increase from CNY 138,336,559.55 in Q1 2023, representing a growth of approximately 10.7%[46] - Total revenue from sales of goods and services in Q1 2024 was CNY 6,576,462,355.15, compared to CNY 6,208,355,076.31 in Q1 2023, indicating a year-over-year increase of about 5.9%[47] - Operating profit for the period was CNY 190,454,576.46, slightly up from CNY 189,760,138.69 in the previous year[46] - The company reported a total comprehensive income of CNY 152,822,708.86 for Q1 2024, compared to CNY 138,243,363.91 in Q1 2023, marking an increase of about 10.5%[47] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,306,274,934.09, a slight increase of 0.14% from the previous year[4] - The company's total assets as of March 31, 2024, were CNY 8.25 billion, reflecting a slight decrease from the previous period[31] - Total liabilities decreased to ¥11,668,277,509.76 from ¥11,738,736,381.84[38] - The company's equity attributable to shareholders reached ¥2,624,976,509.05, up from ¥2,539,792,220.55[38] Shareholder Information - The company has a total of 21,922 common shareholders at the end of the reporting period[9] - The largest shareholder, Jiajiayue Holding Group, holds 62.94% of the shares, amounting to 401,786,932 shares[10] - Shareholders' equity attributable to the parent company rose to ¥2,624,976,509.05, marking a 3.35% increase year-on-year[4] Store Operations - In Q1 2024, the company opened 12 new direct-operated stores and 8 new franchise stores, bringing the total number of stores to 1,065, including 999 direct-operated and 66 franchise stores[16] - The main business revenue from direct-operated stores in Shandong province reached CNY 383.81 million, a year-on-year increase of 8.63%, with a gross margin of 19.47%[25] - The total main business revenue from direct-operated stores was CNY 469.36 million, reflecting an 8.85% year-on-year growth, with an overall gross margin of 19.40%[26] - The revenue from the comprehensive supermarket format was CNY 284.96 million, showing a significant year-on-year increase of 10.96%[26] - The company closed 4 stores due to underperformance, with a total contract area of 2,602.58 square meters[35] Cash Flow and Expenses - The company’s cash and cash equivalents as of March 31, 2024, amounted to CNY 2.38 billion, down from CNY 2.52 billion at the end of 2023[31] - The company’s inventory as of March 31, 2024, was CNY 1.89 billion, a decrease from CNY 2.02 billion at the end of 2023[31] - The net cash flow from financing activities was negative at CNY -603,662,209.42, compared to a positive CNY 223,898,861.27 in the same period last year[48] - Cash inflow from investment activities reached CNY 201.20 million, compared to CNY 144.60 million in the prior year[60] - Cash outflow from investment activities was CNY 467.21 million, slightly higher than CNY 453.26 million in the previous period[60] - Cash received from the recovery of investments was CNY 200 million, up from CNY 140 million in the previous year[60] - Cash paid for the purchase of fixed assets and intangible assets was CNY 157.21 million, down from CNY 204.26 million[60] - Cash paid to employees decreased to CNY 474.08 million from CNY 546.60 million year-over-year[60] Research and Development - Research and development expenses decreased to CNY 3,281,409.41 from CNY 4,577,711.36, reflecting a reduction of approximately 28.3%[46] Financial Ratios - The weighted average return on equity decreased slightly to 5.71%, down by 0.99 percentage points from the previous year[1] - The weighted average return on net assets decreased by 0.99% due to an increase in net assets[40] - The gross margin for the community fresh food supermarket format was 18.68%, with a year-on-year decrease of 1.10%[26] - The company's financial expenses decreased to CNY 64,403,673.56 from CNY 66,917,122.27, reflecting a decline of about 3.8%[46] - The company reported goodwill of ¥253,277,962.50, unchanged from the previous period[36]