[Table_Title] 重庆百货(600729.SH)2024 年报点评：业绩符 合预期，延续较高比例分红 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 重庆百货(600729.SH) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportDate] 2025 年 4 月 24 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现营收 171.39 亿元/yoy-9.75%，实现归 母净利润 13.15 亿元/yoy+0.46%，扣非归母净利润 12.28 亿元/yoy+8.76%， 经营活动现金流净额 20.23 亿元/yoy+35.54%。2024 年度，公司拟每股派 发现金红利 1.3622 元（含税），现金分红总额 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 重庆百货(600729.SH) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 重庆百货(600729.SH)2024 年报点评：业绩符 合预期，延续较高比例分红 [Table_ReportDate] 2025 年 4 月 24 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现营收 171.39 亿元/yoy-9.75%，实现归 母净利润 13.15 亿元/yoy+0.46%，扣非归母净利润 12.28 亿元/yoy+8.76%， 经营活动现金流净额 20.23 亿元/yoy+35.54%。2024 年度，公司拟每股派 发现金红利 1.3622 元（含税），现金分红总额 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company achieved a revenue of 699 million yuan, a year-on-year increase of 49.78%, with a net profit of 252 million yuan, reflecting a significant growth of 197.20% year-on-year [1] - The strong performance in Q4 is attributed to favorable exchange rates, interest income, and an increase in the proportion of high-margin new products [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 clients increasing their purchase amounts significantly [2] - The "store-in-store" model has been implemented, with over 500 locations in the US and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company has established a strong overseas production capacity, with approximately 90.5% of its revenue coming from the US and 84.0% from exports through Vietnam, minimizing the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, showing a decline compared to the previous year [4] - Profit forecasts for 2025 to 2027 indicate net profits of 780 million, 900 million, and 1.048 billion yuan, respectively, with corresponding P/E ratios of 14.8X, 12.8X, and 11.0X [4] Financial Summary - Total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4% [6] - The company’s net profit attributable to shareholders for 2023 was 407 million yuan, reflecting a year-on-year increase of 21.8% [6] - The gross profit margin for 2023 was 33.6%, with a projected increase to 39.4% in 2024 [6] - The return on equity (ROE) for 2023 was 13.6%, expected to rise to 19.1% in 2024 [6] - The earnings per share (EPS) for 2023 was 2.43 yuan, projected to increase to 4.08 yuan in 2024 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a revenue of 3.235 billion yuan for 2024, representing a year-on-year growth of 8.57%, and a net profit attributable to the parent company of 188 million yuan, a significant recovery from a loss of 25 million yuan in the previous year [1] - The emergence of enterprise-level AI applications presents significant opportunities, with the company positioned to benefit from the growing demand in various sectors such as software and information services, finance, and manufacturing [1] - The gross margin for the company's proprietary software business improved significantly to 37.20% in 2024, an increase of 7.06 percentage points year-on-year, driven by product maturity and AI-related business growth [1] Financial Performance Summary - The company achieved total revenue of 32.35 billion yuan in 2024, with a year-on-year growth rate of 8.57% [3] - The net profit attributable to the parent company for 2024 was 188 million yuan, a remarkable increase of 842.3% compared to the previous year [3] - The gross margin for 2024 was reported at 32.9%, up from 26.8% in 2023, indicating improved profitability [3] - The company expects EPS of 0.25 yuan, 0.30 yuan, and 0.35 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 73.77, 60.30, and 51.89 [3]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [1]. Core Insights - The company reported a significant revenue increase of 165-170% year-on-year for Q1 2025, with the Chinese market growing by 95-100% and the overseas market by 475-480% [1]. - The performance in the domestic market showed offline channel growth of 85-90% and online channel growth of 140-145% [1]. - The overseas market saw remarkable growth, with the Asia-Pacific region increasing by 345-350%, the Americas by 895-900%, and Europe by 600-605% [1]. - The company is expanding its global footprint, with new store openings in the U.S. and a strong online presence in various international markets [3]. - The company is expected to enter a high-growth cycle, with projected net profits of 60.1 billion, 88.7 billion, and 117.3 billion yuan for 2025, 2026, and 2027 respectively [4]. Summary by Sections Financial Performance - For Q1 2025, the company's domestic e-commerce GMV reached 570 million yuan, a year-on-year increase of 236% [2]. - The company’s revenue projections for 2024A, 2025E, 2026E, and 2027E are 13,038 million, 22,079 million, 31,093 million, and 39,522 million yuan respectively, reflecting growth rates of 107%, 69%, 41%, and 27% [7]. - The projected net profit for the same years is 3,125 million, 6,009 million, 8,865 million, and 11,734 million yuan, with growth rates of 189%, 92%, 48%, and 32% [7]. Market Expansion - The company has been actively opening new stores overseas, particularly in the U.S., and plans to continue this expansion [3]. - The company initiated a global structural upgrade to enhance local management and improve operational efficiency [3]. Product Development - The company has launched several new products, including various collectible figures and merchandise, which have been well-received in the market [2].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company reported a revenue of 699 million yuan, a year-on-year increase of 49.78%, and a net profit attributable to shareholders of 252 million yuan, reflecting a significant year-on-year growth of 197.20% [1] - The strong performance in Q4 is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and optimization of the product structure [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 customers increasing their purchase amounts [2] - The "store-in-store" model has been implemented, with over 500 stores in the U.S. and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company's overseas production capacity is robust, with approximately 90.5% of revenue coming from the U.S. and 84.0% from exports to Vietnam, which has mitigated the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, a decrease of 46 million yuan year-on-year, but inventory and accounts receivable turnover days have shown stability [4] Financial Summary - The company’s total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4%, and is projected to reach 3.050 billion yuan by 2025, reflecting a growth rate of 19.7% [6] - The net profit attributable to shareholders for 2023 was 407 million yuan, with a year-on-year increase of 21.8%, expected to grow to 781 million yuan by 2025 [6] - The gross profit margin is expected to stabilize around 39.4% by 2027, while the return on equity (ROE) is projected to be 18.4% [6] - The company’s earnings per share (EPS) is forecasted to increase from 4.08 yuan in 2024 to 6.26 yuan in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a revenue of 3.235 billion yuan for 2024, representing a year-on-year growth of 8.57%, and a net profit attributable to the parent company of 188 million yuan, a significant recovery from a loss of 25 million yuan in the previous year [1] - The emergence of enterprise-level AI applications is expected to drive revenue growth and improve profit margins, with the company's gross margin for its proprietary software business reaching 37.20% in 2024, an increase of 7.06 percentage points year-on-year [1] - The company is well-positioned to benefit from the growing demand for AI applications across various industries, including software and information services, finance, and manufacturing [1] Financial Performance Summary - The company achieved total revenue of 32.35 billion yuan in 2024, with a year-on-year growth rate of 8.57% [3] - The net profit attributable to the parent company for 2024 was 188 million yuan, a remarkable increase of 842.3% compared to the previous year [3] - The gross margin for the proprietary software business was 37.20%, up from 30.14% in 2023 [3] - The company expects EPS for 2025, 2026, and 2027 to be 0.25 yuan, 0.30 yuan, and 0.35 yuan respectively, with corresponding P/E ratios of 73.77, 60.30, and 51.89 [1][3] Business Segment Performance - The proprietary software business, which includes industrial digitalization and financial digitalization, generated revenue of 1.774 billion yuan in 2024, a year-on-year increase of 16.17% [1] - The industrial digitalization segment performed particularly well, achieving revenue of 1.024 billion yuan, a growth of 21.27% year-on-year [1] - The financial digitalization segment also showed positive growth, with revenue reaching 750 million yuan, up 9.87% from the previous year [1] Future Outlook - The company is actively exploring new technologies and markets, aiming to capture growth opportunities in the digitalization sector [1] - The forecasted revenue for 2025 is 35.65 billion yuan, with a projected growth rate of 10.2% [3] - The company is expected to maintain a positive trajectory in profitability, with net profit projected to reach 244 million yuan in 2025 [3]

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the company's performance and strategic initiatives [1]. Core Insights - The company achieved a turnaround in net profit, reporting a net profit of 0.83 billion yuan in 2024, a year-on-year increase of 122.35%, indicating a significant recovery from previous losses [2][4]. - Revenue for 2024 was reported at 2.82 billion yuan, a decline of 9.73% year-on-year, with a notable drop in Q4 revenue of 16.15% compared to the previous year [1][2]. - The cloud computing segment showed growth, with revenue increasing by 10.09% to 0.256 billion yuan, while the network security segment saw a decline of 11.49% [2]. - The company is focusing on AI and cloud computing integration, launching the Tianwen Intelligent Computing Cloud Platform, which combines hardware, software, and services [2][4]. Financial Performance Summary - In 2024, the company reported total revenue of 2.82 billion yuan, down from 3.12 billion yuan in 2023, reflecting a year-on-year decrease of 9.73% [4]. - The net profit for 2024 was 0.83 billion yuan, a significant recovery from a loss of 0.371 billion yuan in 2023, marking a year-on-year growth of 122.35% [4]. - The gross margin improved slightly to 61.0% in 2024 from 60.2% in 2023, indicating better cost management [4]. - The company’s EPS (Earnings Per Share) is projected to grow from 0.07 yuan in 2024 to 0.35 yuan by 2027, reflecting a positive growth trajectory [4]. Strategic Developments - The company has made significant investments in R&D, with a focus on enhancing efficiency and integrating AI with security solutions [2]. - The launch of the DeepSeek security intelligent computing unit aims to provide comprehensive solutions for various industries, including government, energy, and healthcare [2]. - The company is also advancing in hyper-converged infrastructure, achieving upgrades in both domestic production and block storage performance [2]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 0.15 yuan, 0.25 yuan, and 0.35 yuan respectively, with corresponding P/E ratios of 48.95, 29.66, and 21.21 [2][4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the company's performance and strategic initiatives [1]. Core Insights - The company achieved a turnaround in net profit, reporting a net profit of 0.83 billion yuan in 2024, a year-on-year increase of 122.35%, indicating a significant recovery from previous losses [2][4]. - Revenue for 2024 was 2.82 billion yuan, a decrease of 9.73% year-on-year, with a notable decline in Q4 revenue of 16.15% year-on-year [1][2]. - The cloud computing segment showed growth, with revenue increasing by 10.09% to 0.256 billion yuan, while the network security segment saw a decline of 11.49% [2]. - The company is focusing on AI and cloud computing integration, launching the Tianwen Intelligent Computing Cloud Platform, which combines hardware, software, and services [2]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.15, 0.25, and 0.35 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48.95, 29.66, and 21.21 [2][4]. Financial Summary - In 2024, the total revenue was 2,820 million yuan, with a projected increase to 3,057 million yuan in 2025, reflecting a growth rate of 8.4% [4]. - The net profit for 2024 was 83 million yuan, with projections of 177 million yuan in 2025, indicating a growth rate of 113% [4]. - The gross margin for 2024 was 61%, with a slight increase expected in subsequent years [4]. - Research and development expenses decreased by 16.42% in 2024, reflecting the company's focus on efficiency [2].

Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%. The net profit attributable to shareholders was 207 million yuan, up 164.11% year-on-year, and the basic earnings per share were 0.46 yuan, reflecting a growth of 163.89% [1][3]. - The company is focusing on enhancing its high-end analytical instrument capabilities through a "4+X" strategy, which aims to establish itself as a leading domestic manufacturer in this sector [1][3]. - The company has made substantial improvements in its gross margin, which increased to 44.43%, up 3.17 percentage points year-on-year, due to effective cost control and efficiency enhancements [3][5]. Financial Performance Summary - In 2024, the company reported total revenue of 3.614 billion yuan, with a year-on-year growth rate of 13.6%. The net profit attributable to the parent company was 207 million yuan, marking a significant recovery from a loss in 2023 [5]. - The company’s gross margin improved to 44.4% in 2024, compared to 41.1% in 2023, indicating better cost management and operational efficiency [5][6]. - The forecast for 2025 anticipates revenue of 4.134 billion yuan, with a growth rate of 14.4%, and a net profit of 352 million yuan, reflecting a growth rate of 70.2% [5][6]. Business Segment Performance - The company’s revenue from its main business segments in 2024 included 2.56 billion yuan from instruments, 519 million yuan from related software and consumables, and 426 million yuan from environmental equipment and engineering services, showing respective year-on-year growth rates of 15.36%, 18.54%, and 7.14% [3]. - The gross margins for these segments were 48.5%, 37.99%, and 27.28%, respectively, indicating improvements across the board [3]. Strategic Initiatives - The company is actively expanding its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, which are crucial for domestic market needs [3][4]. - The establishment of several business units targeting clinical research and diagnostics, such as clinical mass spectrometry and nucleic acid analysis, demonstrates the company's commitment to diversifying its application scenarios [4].