大商股份盈利水平持续改善，2025年主力门店调改加速

兴业证券2025-06-05

投资要点：大育股份发布2024年报及2025一季报：公司2024年分别实现营收/归母净利润/扣非归母净利润69.49亿元/5.86亿元/5.37亿元，同比分别-5.20%/+16.05%/+17.45%，2025年一季度分别实现营收/归母净利润/扣非归母净利润19.25亿元/2.65亿元/2.50亿元，同比分别-8.04%/+0.70%/+8.21%。百货及超市营收有所下滑，家电业务表现亮眼。1)...

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