家家悦(603708)23年报&24Q1业绩点评：基础性管理提升显著，网络布局和业态协同不断增强

国泰君安04-22

本报告导读：公司积极适应市场和消费需求变化，大力提升基础性管理能力，不断加强网络布局和业态协同，推动未来公司高质量发展。投资要点：维持增持。考虑行业环境承压和新业务的开拓，下调2024/25年EPS为0.23/0.24元(前值为0.54/0.62元)。新增2026年EPS为0.25元。给予2024年略低于行业平均的0.46xPS，下调目标价为13.5元(前值为14.48元)，维持增持。业绩简述：...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2429912375?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-04-22 16:19","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2429912375","market":"sh","top_or_hot":-1,"title":"家家悦(603708)23年报&24Q1业绩点评：基础性管理提升显著，网络布局和业态协同不断增强","media":"国泰君安","content":"<div>\n<p>本报告导读：公司积极适应市场和消费需求变化，大力提升基础性管理能力，不断加强网络布局和业态协同，推动未来公司高质量发展。投资要点：维持增持。考虑行业环境承压和新业务的开拓，下调2024/25年EPS为0.23/0.24元(前值为0.54/0.62元)。新增2026年EPS为0.25元。给予2024年略低于行业平均的0.46xPS，下调目标价为13.5元(前值为14.48元)，维持增持。业绩简述：...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024042216300187a085d7&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>家家悦(603708)23年报&24Q1业绩点评：基础性管理提升显著，网络布局和业态协同不断增强</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n家家悦(603708)23年报&24Q1业绩点评：基础性管理提升显著，网络布局和业态协同不断增强\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-22 16:19 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024042216300187a085d7&s=b><strong>国泰君安</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：公司积极适应市场和消费需求变化，大力提升基础性管理能力，不断加强网络布局和业态协同，推动未来公司高质量发展。投资要点：维持增持。考虑行业环境承压和新业务的开拓，下调2024/25年EPS为0.23/0.24元(前值为0.54/0.62元)。新增2026年EPS为0.25元。给予2024年略低于行业平均的0.46xPS，下调目标价为13.5元(前值为14.48元)，维持增持。业绩简述：...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024042216300187a085d7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0209","symbol_name":"零售","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024042216300187a085d7&s=b","article_id":"2429912375","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024042216300187a085d7&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2429912375","pubTimestamp":1713773992,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"新增2026年EPS为0.25元。至报告期末公司门店总数1065家，其中零食店67家、好惠星折扣店8家。持续进行业态优化创新， 线上线下 全渠道协同不断增强。公司顺应需求变化，进行业态创新，推出零食连锁品牌“悦记零食”、“好惠星折扣店”，以自营与加盟结合的模式积极拓展市场。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"603708":"家家悦","BK0209":"零售"},"translate_title":"Jiajiayue (603708) 23 Annual Report","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603708":1},"content_text":"本报告导读：公司积极适应市场和消费需求变化，大力提升基础性管理能力，不断加强网络布局和业态协同，推动未来公司高质量发展。投资要点：维持增持。考虑行业环境承压和新业务的开拓，下调2024/25年EPS为0.23/0.24元(前值为0.54/0.62元)。新增2026年EPS为0.25元。给予2024年略低于行业平均的0.46xPS，下调目标价为13.5元(前值为14.48元)，维持增持。业绩简述：2023年营业收入177.63亿/-2.31%，归母净利润1.36亿/+127.04%，扣非净利润9871万/+275.56%；2024Q1营业收入51.89亿/+5.73%；归母净利润1.47亿/+7.10%；扣非净利润1.36亿/+1.05%。大力提升基础性管理能力，旧店持续优化新店扩张提速。面对行业困境，公司回归零售本身，狠抓陈列、服务、标识等基础性管理，门店运营质量明显提升。对旧店持续提档升级，实现较好业绩增长。同时坚持有质量开店24Q1新开直营门店12家，新增加盟店8家。至报告期末公司门店总数1065家，其中零食店67家、好惠星折扣店8家。持续进行业态优化创新， 线上线下 全渠道协同不断增强。当今消费者需求端发生重大变化，更加注重性价比。公司顺应需求变化，进行业态创新，推出零食连锁品牌“悦记零食”、“好惠星折扣店”，以自营与加盟结合的模式积极拓展市场。同时依托下沉门店网络，利用 家家悦 优鲜平台、第三方平台，搭建线上线下融合互动的全渠道协同平台，2024年线上业务销售占比5.98%。风险提示：宏观经济下行，消费者信心减弱；拓店进展缓慢。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429912375"}