东吴证券研报指出，永辉超市拟定增融资40亿元，主要用于支持门店调改。公司拟通过门店升级改造项目的建设，进一步对298家门店进行“胖东来模式”调改；通过物流仓储升级改造项目建设，引进自动分拣线、AGV机器人等先进自动化设备，并配置WMS智能仓储管理系统、TMS物流运输管理系统等先进的数字化、智能化物流仓储配送系统。期待公司加速调改和关闭长尾门店之后，中长期业绩逐步实现修复。考虑公司调改和关店进度快于预期，该行对公司财务模型进行调整，将2025-27年归母净利润预期从-8.7/2.4/14.3亿元，调整至-8.7/4.4/10.9亿元，考虑调改店推进和关闭长尾门店之后公司远期业绩有望展现较好弹性，仍维持“增持”评级。
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