报告名称：Yonghui Superstores Alert(601933)Preliminary NP up 30% yoy in 1Q16
报告类型：点评报告
报告日期：2016-04-15
研究机构：德意志银行
股票名称：永辉超市
股票代码：601933
页数：1
简介：Preliminary 1Q16 results
Yonghui reported preliminary results for 1Q16 on 14 April. Net profit rose 30%yoy to RMB472m as a result of a 20% increase in sales revenue to RMB13bn.The company attributed the revenue growth to 1) effective promotional eventsduring the CNY period and 2) improved SSSg. Net margin has improved from3.2%-3.3% in 1Q14/1Q15 to 3.5% in 1Q16, due to the completion of theorganizational restructure in 2H15.
Resignation of president
The company announced that Mr. Li Jian-bo has resigned as president of thecompany due to personal reasons.
Deutsche Bank comments
1Q16 revenue is 37% of our full-year forecast vs. 36%/38% in 1Q13/1Q14 and60% in 1Q15. We believe that the top-line growth is mainly from 1) mid-singledigitSSSg and 2) accelerating new store opening of 15 stores vs. 13 stores in1Q15. We expect full-year SSSg to grow by low mid-single-digits for 2016.According to management, Mr. Li has completed his five-year term of serviceas president. To recap, Mr. Li was mainly responsible for the operationstandardization in the company, and this has been launched successfully.The company has scheduled to report its audited full-year 2015 results and1Q16 results on 28 April and 30 April, respectively. We will have more updatesat that time.

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