Yonghui Supermarket (601933): Establishing one, two, three, creating an S2B global consumer goods supply chain service platform

Yonghui Supermarket (601933): Establishing one, two, three, creating an S2B global consumer goods supply chain service platform

Event: The establishment of a supply chain management company and the creation of an S2B global consumer goods supply chain service platform On July 15, 2019, the company issued an announcement saying that in order to deepen the supply chain reform, it plans to cooperate with Fujian Provincial Communications Group, Fuzhou Mintian Group, Jardine Group andXie Xiangzhen established 1223 International Supply Chain Management Co., Ltd. (subject to industrial and commercial registration) to create a 1233S2B global consumer goods supply chain service platform.

According to the company announcement, the registered capital of 1233 was US $ 1 billion. Yonghui Supermarket invested 400 million yuan in cash, accounting for 40% of the registered capital, and was the controlling shareholder of 1233.

Compete with Wumart for Metro China and further strengthen Yonghui Supermarket ‘s supply chain B-end output strength On July 9, 2019, according to foreign media reports, Yonghui Supermarket has joined forces with Gao Capital to participate in the last step of Metro’s China business.A round of bidding.

Metro Metro is a 55-year-old German old-fashioned retailer and wholesaler. It entered China in 1996 and opened its first store in China in Shanghai. It has adopted a unique 北京桑拿洗浴保健 membership system to occupy a dominant area on the B-side for a long time.

According to the official website of Metro China, Metro currently has 95 stores in 58 cities in China; it has 1 stores throughout the country.

10,000 employees; affiliate for fiscal year 2018 was 2.7 billion euros (approximately 20.9 billion yuan).

After the divestment of Yunchuang, Yonghui Supermarket persisted in consolidating its main business, and acquired high-quality companies such as Hongqi Chain and Zhongbai Group to enter Sichuan and Wuhan, respectively. The advantages of covering multiple regions appeared.

Coming soon, Yonghui Supermarket participates in Metro China’s acquisition. It is expected to take advantage of Metro’s B-end market advantage to further strengthen the supply chain’s B-end output strength, and further expand Yonghui’s 合肥夜网 position in the national market.

Efforts to build a B-side supply chain and start a new round of expansion Yonghui Supermarket is an eternal “agricultural reform super” project, relying on the advantages of fresh produce barriers, and has gradually grown into a regional fresh produce retail leader.

The company has been in the C-side supply chain for many years, and the scale effect is prominent. It has advantages in reducing the procurement cost of standard products, improving the ability to negotiate the rent, and diluting the cost of storage and logistics facilities.

With this release, the company plans to build an S2B global consumer goods supply chain service platform, which is an extension of the company’s supply chain in terms of geographical location and business chain local customer positioning, or will form a global supply chain layout.

In the future, if the company successfully acquires Metro China, the 2B and 2C ends will work together to enhance the penetration of the company’s imagination.

In view of the fact that 1232 is still under construction and has little impact on the company’s finances, we temporarily maintain the profit forecast for the time being. It is expected that the company’s net profit attributable to the parent for 2019-2021 will be 27.



480,000 yuan, the corresponding EPS is 0.



49 yuan, continue to maintain the “strong recommendation” rating.

Risk reminder: the scale of fierce competition in the industry expands, the same store growth rate, new store exploration trend