家家悦：Q2盈利承压，静待新业态成熟

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 9.36 billion RMB for H1 2024, reflecting a year-on-year increase of 3.0%, while the net profit attributable to shareholders was 170 million RMB, down 8.8% year-on-year. In Q2, revenue was 4.17 billion RMB, showing a slight decline of 0.2% year-on-year, and net profit was 22.47 million RMB, down 53.8% year-on-year. The decline in profitability is attributed to intensified competition and weak CPI support, leading to a 0.5 percentage point drop in gross margin and a 0.3 percentage point increase in sales expense ratio [2][5] - Looking ahead to H2 2024, the company expects a gradual recovery in CPI and the maturation of new business formats, which may lead to improved profitability [2][4] Summary by Sections Revenue and Profitability - The company achieved a revenue of 93.6 billion RMB in H1 2024, with a year-on-year growth of 3.0%. However, Q2 revenue was 41.7 billion RMB, reflecting a slight decline of 0.2% year-on-year. The net profit for H1 was 1.7 billion RMB, down 8.8% year-on-year, with Q2 net profit at 224.7 million RMB, down 53.8% year-on-year. The main reasons for the weaker net profit include increased competition and a decline in gross margin [2][5] Store Expansion and New Business Formats - In H1 2024, the company added 6 new direct-operated stores and 42 franchise stores, with a strong growth performance in the snack store segment. The company closed 5 inefficient comprehensive supermarkets and opened 8 community fresh supermarkets, indicating a strategic focus on optimizing store performance [3][4] Future Outlook - The company is gradually emerging from an adjustment phase, with new business formats entering a growth stage. The self-operated stores have shown a 13.7% year-on-year increase in customer traffic for comparable stores. The new formats, such as the snack store and discount store, are in rapid expansion, reflecting confidence in their development [4][5] Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 240.91 million RMB, 294.80 million RMB, and 420.05 million RMB, respectively. The target price for the company is set at 8.36 RMB, based on a 22x PE ratio for 2024, considering the rapid growth phase of the new business formats [2][6][8]