家家悦：超市业态增长良好，门店优化下费用增长影响利润表现

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]