国金证券：永辉超市(601933.SH)携手胖东来开启改革复盘仓储会员龙头COSTCO指引中国商超变革

智通财经12-04

智通财经APP获悉，国金证券发布研报称，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为“网红品牌”。国内商超龙头永辉超市(601933.SH)开启转型，携手胖东来调改门店迈向“品质零售”，零售龙头名创优品亦看好其未来发展大举收购近30%股份入局商超行业。拆解以凭借优质商品和服务闻名的全球仓储会员店龙头Costco的成功模式，可为国内商超行业改革带来启示。同时，永辉超市携手...

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/2488812481?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-12-04 11:07","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2488812481","market":"hk","top_or_hot":-1,"title":"国金证券：永辉超市(601933.SH)携手胖东来开启改革 复盘仓储会员龙头COSTCO指引中国商超变革","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国金证券发布研报称，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为“网红品牌”。国内商超龙头永辉超市(601933.SH)开启转型，携手胖东来调改门店迈向“品质零售”，零售龙头名创优品亦看好其未来发展大举收购近30%股份入局商超行业。拆解以凭借优质商品和服务闻名的全球仓储会员店龙头Costco的成功模式，可为国内商超行业改革带来启示。同时，永辉超市携手...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1220095.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>国金证券：永辉超市(601933.SH)携手胖东来开启改革 复盘仓储会员龙头COSTCO指引中国商超变革</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国金证券：永辉超市(601933.SH)携手胖东来开启改革 复盘仓储会员龙头COSTCO指引中国商超变革\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-04 11:07 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1220095.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国金证券发布研报称，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为“网红品牌”。国内商超龙头永辉超市(601933.SH)开启转型，携手胖东来调改门店迈向“品质零售”，零售龙头名创优品亦看好其未来发展大举收购近30%股份入局商超行业。拆解以凭借优质商品和服务闻名的全球仓储会员店龙头Costco的成功模式，可为国内商超行业改革带来启示。同时，永辉超市携手...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1220095.html\">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":"BK4550","symbol_name":"红杉资本持仓","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1220095.html","article_id":"2488812481","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2488812481","pubTimestamp":1733281623,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"国内商超龙头永辉超市开启转型，携手胖东来调改门店迈向“品质零售”，零售龙头名创优品亦看好其未来发展大举收购近30%股份入局商超行业。拆解以凭借优质商品和服务闻名的全球仓储会员店龙头Costco的成功模式，可为国内商超行业改革带来启示。同时，永辉超市携手胖东来开启改革，调改店运营表现亮眼，或预示线上线下零售渠道迎来再平衡。此外永辉超市的费用率亦高于Costco，历年均值约19.8%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600109":"国金证券","601933":"永辉超市","BK4550":"红杉资本持仓","BK4588":"碎股","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","BK0188":"融资融券","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0471298694.HKD":"BGF NUTRITION \"A2\" (HKD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","BK4155":"大卖场与超市","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4581":"高盛持仓","BK4504":"桥水持仓","BK4596":"哈里斯概念","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK0209":"零售","BK0183":"MSCI概念","BK0012":"证金概念","BK0077":"质押式回购","BK0196":"行业龙头","BK0276":"资本市场","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","COST":"好市多","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","BK0170":"新零售","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2360106947.USD":"BGF NUTRITION \"A4\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0385154629.USD":"贝莱德营养科学基金A2","BK0028":"国家队","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","BK0201":"可转债","LU0079474960.USD":"联博美国增长基金A","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0471298777.SGD":"Blackrock Nutrition A2 SGD-H","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD"},"translate_title":"Sinolink Securities: Yonghui Supermarket (601933. SH) joins hands with Pangdonglai to launch reform. COSTCO, the leading warehousing member in review, guides the reform of Chinese supermarkets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600109":1,"601933":1,"COST":1},"content_text":"智通财经APP获悉，国金证券发布研报称，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为“网红品牌”。国内商超龙头永辉超市(601933.SH)开启转型，携手胖东来调改门店迈向“品质零售”，零售龙头名创优品亦看好其未来发展大举收购近30%股份入局商超行业。拆解以凭借优质商品和服务闻名的全球仓储会员店龙头Costco的成功模式，可为国内商超行业改革带来启示。同时，永辉超市携手胖东来开启改革，调改店运营表现亮眼，或预示线上线下零售渠道迎来再平衡。国金证券主要观点如下：Costco：美国仓储会员店龙头，创造零售神话。Costco成立于1980年，长期秉持“为会员持续提供优质、低价的商品和服务”理念。05-24财年归母净利累计增长6倍，年化增速10.7%，其中会员费贡献利润，商品销售业务贡献收入。截至24财年，全球门店890家/付费会员0.76亿人，以美国/加拿大为主并进军全球。模式拆解：付费会员制为基，精选品+强运营打造性价比。Costco成功在于以“会员为中心”重塑产业链实现共赢，会员/选品/运营是三大关键要素：①会员：变革盈利模式，会员费贡献收入使收益前置，公司变身为采购服务商，提前锁定利润从而实现低毛利率+专注选品运营。②选品：精简SKU数量，聚焦优质商品，以极致性价比吸引客户并扩大规模形成飞轮效应以降低成本。③运营：强调周转效率，在门店运营、客户服务等细节精益求精。未来展望：开启全球化扩张，推动零售行业变革。公司品牌得到全球消费者认可，未来增长在于国际市场。①北美：北美是公司主战场，24财年收入占比86%。我们测算美国仓储会员店渠道渗透率已达4.0%，19-23年市场增速约3.3%；23年公司市占率约63%，提升空间较为有限。②国际：20-24财年收入复合增速12.4%，拓展步伐加快，单店表现亦有提升空间。19年踏足中国大陆市场，20-24财年中国大陆门店增长至7家。中外对比：中国商超大变局，永辉超市引领变革。24年5月永辉超市携手胖东来启动门店调改，聚焦：①商品升级；②体验提升；③员工激励，重在提升消费体验和商品品质。首家调改店营业首日销售额增长13.9倍表现强劲，11月末永辉全国调改店已达17家，计划25年春节前达40-50家，25全年调改100家以上。对标Costco，永辉超市此次改革有两大看点：①优化商品结构，提升周转效率。Costco/永辉超市历年总资产周转率分别为3.4/1.6，存货周转天数分别约30天/50天，随着永辉超市导入DL品牌、自有品牌及名创优品合作产品等优质商品，动销效率有望显著提升。②定位优质优价，提升利润空间。Costco采用付费会员制、以会员费锁定利润，因此主动将毛利率保持在较低水平，但永辉超市受制于行业价格竞争毛利率并未显著高于Costco，近年来均值分别为11.0%/15.7%。此外永辉超市的费用率亦高于Costco，历年均值约19.8%。随着永辉超市运营思路转变，定位优质商品，利润率水平或进入上行通道。投资建议：中国超市迎来变革，永辉超市携手胖东来开启改革，调改店运营表现亮眼，或预示线上线下零售渠道迎来再平衡。Costco成功的核心在于独特的会员制商业模式，“以性价比引流、会员费作为利润”。同时公司坚持低价+优质商品&服务，并以精简SKU/大包装/货架陈列等运营技巧显著提升周转效率，经营思路值得借鉴。此次永辉超市改革定位“品质零售”，在商品优化和服务升级上与Costco不谋而合，数据证明消费者也认可该模式。后续看点在于：①周转效率&利润率改善空间、②门店调改进度。若进展顺利，永辉超市有望开启新一轮量价齐升，值得持续关注。风险提示：数据统计误差；市场竞争加剧；门店调改不及预期；市场波动风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"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":"4.29.4","shortVersion":"4.29.4","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/2488812481"}

国金证券：永辉超市(601933.SH)携手胖东来开启改革 复盘仓储会员龙头COSTCO指引中国商超变革

精彩评论

国金证券：永辉超市(601933.SH)携手胖东来开启改革复盘仓储会员龙头COSTCO指引中国商超变革