17年利潤18億元(yuan),業績(ji)增長45%,符合預期

　　公司(si)近期(qi)發布(bu)2017年度業(ye)績(ji)快報,公式(shi)實現(xian)營(ying)業(ye)收(shou)入,583.95億(yi)(yi)元,總比(bi)增(zeng)(zeng)長(chang)18.6%;實現(xian)歸(gui)母凈利潤(run)(run)18.02億(yi)(yi)元,同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)45.06%(扣(kou)(kou)非利潤(run)(run)16.93億(yi)(yi),同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)55.79%)。拆分報告(gao)期(qi)來看,2017年下半年實現(xian)營(ying)收(shou)300.78億(yi)(yi)元,同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)21.71%%;實現(xian)歸(gui)母凈利7.46億(yi)(yi),同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)30.42%。2017Q4收(shou)入150.87億(yi)(yi),同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)23.50%;歸(gui)母凈利潤(run)(run)4.09億(yi)(yi)元,同(tong)(tong)比(bi)下滑4.04%,扣(kou)(kou)非利潤(run)(run)3.22億(yi)(yi)元,同(tong)(tong)比(bi)增(zeng)(zeng)長(chang)16.67%,符合預期(qi)。

　　“云超”維持(chi)高(gao)速展(zhan)店(dian)(dian),Q4展(zhan)店(dian)(dian)逾50家

　　公司(si)收(shou)入增(zeng)(zeng)(zeng)長來(lai)(lai)源于同(tong)(tong)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)增(zeng)(zeng)(zeng)速(su)(su)和(he)展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)增(zeng)(zeng)(zeng)量,上半年(nian)整體同(tong)(tong)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)增(zeng)(zeng)(zeng)長0.8%,其(qi)中(zhong)綠標(biao)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)同(tong)(tong)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)增(zeng)(zeng)(zeng)速(su)(su)11.60%增(zeng)(zeng)(zeng)長明(ming)顯。公司(si)下半年(nian)以(yi)(yi)來(lai)(lai)展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)提速(su)(su)明(ming)顯,尤其(qi)以(yi)(yi)綠標(biao)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)作(zuo)為主(zhu)力業(ye)態(tai)(tai)。截止17Q3,公司(si)紅(hong)標(biao)+綠標(biao)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)數量達到526家(jia)(jia),其(qi)中(zhong)Q3展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)33家(jia)(jia),Q1、Q2展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)數量分別為22家(jia)(jia)、13家(jia)(jia)。據公司(si)官網,截止2018年(nian)2月(yue)11日,公司(si)已(yi)開(kai)業(ye)門(men)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)602家(jia)(jia),已(yi)簽約未開(kai)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)數量為170家(jia)(jia)。其(qi)中(zhong)2018年(nian)以(yi)(yi)來(lai)(lai)新(xin)開(kai)門(men)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)18家(jia)(jia),17Q4展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)數量超過50家(jia)(jia)。我(wo)們預(yu)計18年(nian)大店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)仍將(jiang)保(bao)持(chi)高(gao)速(su)(su)展(zhan)店(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)(dian)狀態(tai)(tai)。

　　“云創”成為第二生命線,超預期最主要期待點

　　云創作為公(gong)司(si)創新(xin)孵化器和載體,不斷推出(chu)新(xin)業態;同時,永輝生活(huo)(huo)、超(chao)級物種等(deng)新(xin)興業態模式進(jin)入高(gao)速成長期。公(gong)司(si)Q3超(chao)級物種、生活(huo)(huo)店(dian)分別開(kai)出(chu)4家、51家,截止(zhi)Q3共計擁(yong)有(you)超(chao)級物種9家、生活(huo)(huo)店(dian)102家,預計17年底永輝生活(huo)(huo)店(dian)超(chao)過200家。

　　股權激勵(li)(li)+合伙人制(zhi)+賽馬制(zhi)齊發力,建立良好激勵(li)(li)機制(zhi)

　　公司于17年(nian)12月推出限(xian)制(zhi)性股票激勵計劃,建(jian)立長效(xiao)激勵機制(zhi)。此外,公司還(huan)采(cai)用賽(sai)馬機制(zhi)和(he)(he)和(he)(he)合伙(huo)人計劃調(diao)動內(nei)部工作(zuo)積極性,提升經(jing)營效(xiao)率。

　　風險提示

　　新興業態擴張不(bu)及(ji)預期,實體零售(shou)復蘇不(bu)及(ji)預期。

　　看好生鮮超市龍頭長遠發展,建議(yi)“買入”

　　預計(ji)公(gong)司17/18/19年EPS分別(bie)為0.19/0.26/0.34元(暫未調(diao)整),維持“買入”評級。