上 市 公 司 商贸零售 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 22 日 | | --- | --- | | 收盘价（元） | 33.64 | | 一年内最高/最低（元） | 36.20/16.91 | | 市净率 | 2.0 | | 股息率%（分红/股价） | 4.03 | | 流通 A 股市值（百万元） | 6,432 | | 上证指数/深证成指 | 3,299.76/9,870.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 16.96 | | 资产负债率% | 61.38 | | 总股本/流通 A 股（百万） | 441/191 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 2025 年 04 月 22 日 重庆百货 (600729) 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 -3 ...

Core Viewpoint - The company is expected to achieve steady growth in its main business in 2024, driven by store adjustments and cost reduction initiatives that enhance profitability [1] Financial Performance - The company maintains a "buy" rating and updates profit forecasts, projecting net profits of 1.365 billion, 1.432 billion, and 1.509 billion yuan for 2025-2027, with corresponding EPS of 3.10, 3.25, and 3.43 yuan [2] - In 2024, the company reported revenues of 17.139 billion yuan, a year-on-year decrease of 9.75%, while net profit attributable to shareholders was 1.315 billion yuan, a slight increase of 0.46% [2] - The diluted EPS for 2024 was 3 yuan, with a weighted average return on equity of 18.62% and operating cash flow of 2.023 billion yuan, up 35.54% year-on-year [2] - The company plans to distribute a cash dividend of 1.36216 yuan per 10 shares, totaling 600 million yuan, representing a cash dividend ratio of 45.64% [2] Business Strategy and Operations - The company is accelerating store adjustments to improve operational quality, with a 26.4% adjustment rate in department stores and a new non-purchase area of 33,700 square meters [3] - In 2024, the company’s differentiated private label sales in supermarkets grew over 50%, and multiple store adjustments led to double-digit growth in various operational metrics [3] - The company is focusing on strategic brands in the appliance sector, achieving significant sales growth and opening three new stores, generating additional sales of 138 million yuan [3] - In the automotive sector, the company introduced the "Xiaomi" car brand, achieving the highest sales in Chongqing while adjusting its operational structure [3] Cost Reduction and Efficiency Improvement - The company emphasizes a blend of online and offline business, surpassing 25 million members and achieving online sales of 2.415 billion yuan in 2024 [4] - B2B sales reached 2.08 billion yuan, reflecting a year-on-year increase of 20.1% [4] - The company’s community-focused initiatives, such as "Reputable Neighbors," saw sales growth exceeding 30% [4] - The company achieved a combination of increased revenue and reduced costs, with total income from various sources amounting to 236 million yuan, while reducing costs by 240 million yuan through various measures [4]

证券研究报告·公司点评报告·一般零售 重庆百货（600729） 2024 年年报业绩点评：扣非净利润+8.8%略 超业绩快报，推进场店调改优化经营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,991 | 17,139 | 18,355 | 18,433 | 19,208 | | 同比（%） | 3.75 | (9.75) | 7.10 | 0.42 | 4.21 | | 归母净利润（百万元） | 1,309 | 1,315 | 1,409 | 1,501 | 1,581 | | 同比（%） | 48.14 | 0.46 | 7.15 | 6.56 | 5.33 | | EPS-最新摊薄（元/股） | 2.97 | 2.98 | 3.20 | 3.41 | 3.59 | | P/E（现价&最新摊薄） | 11.19 | 11.14 | 10.40 | 9.76 | 9.26 | [Table_Tag] [ ...

事件：公司发布2024 年年度报告。2024 年，公司实现收入171.4 亿元，同比-9.75%；归母净利润13.1 亿 元，同比+0.46%；扣非净利润12.3 亿元，同比+8.76%。公司收入、归母净利润符合业绩快报，扣非净 利润略高于业绩快报给出的12.2 亿元/ +8.2%。公司拟每股分红13.6216 元，分红率45.6%。 超市业务：2024 年营收61.6 亿元，同比-0.31%；毛利率为16.5%，同比-0.8pct。超市进行模式变革，加 快门店调整改造，探索生鲜+折扣、精致生活馆、品质超市三种模式，年内调改焕新10 家门店，调改后 多项经营指标双位数增长。2025 年计划调改36 家门店。 对应2024Q4：公司实现收入41.35 亿元，同比-1.87%；归母净利润3.92 亿元，同比+136%；扣非净利润 3.26 亿元，同比+200%。 分业务板块看：重庆百货的利润主要由零售主业和公司旗下马上消费金融贡献的投资收益构成。①扣非 扣投资收益后，公司零售主业利润约为5.2 亿元，同比+1.15%。②对联营企业投资收益（主要来自马 消）为7.08 亿元，同比+15.1%。 低毛利的汽贸业务收缩 ...

证券研究报告·公司点评报告·一般零售 重庆百货（600729） 2024 年年报业绩点评：扣非净利润+8.8%略 超业绩快报，推进场店调改优化经营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,991 | 17,139 | 18,355 | 18,433 | 19,208 | | 同比（%） | 3.75 | (9.75) | 7.10 | 0.42 | 4.21 | | 归母净利润（百万元） | 1,309 | 1,315 | 1,409 | 1,501 | 1,581 | | 同比（%） | 48.14 | 0.46 | 7.15 | 6.56 | 5.33 | | EPS-最新摊薄（元/股） | 2.97 | 2.98 | 3.20 | 3.41 | 3.59 | | P/E（现价&最新摊薄） | 11.19 | 11.14 | 10.40 | 9.76 | 9.26 | [Table_Tag] [ ...

Core Viewpoint - Chongqing Department Store (600729) demonstrates resilient operational performance and steady development in its 2024 annual report, with a slight decline in revenue but record highs in net profit and gross margin [1] Financial Performance - The company achieved an operating income of 17.139 billion yuan in 2024, showing a slight year-on-year decrease - Net profit attributable to shareholders increased to 1.315 billion yuan, with a gross margin of 26.52%, both setting new records - A cash dividend of 13.6216 yuan per 10 shares (including tax) was proposed, with a payout ratio of 45.64% - Over the past three years, cumulative cash dividends (including buybacks) amounted to approximately 1.3 times the average annual profit during the period, reflecting a robust financial position and stable dividend policy [1] Strategic Initiatives - The company focuses on core business areas, optimizing its business mix and enhancing operational efficiency, which has allowed it to stand out in the competitive retail market - The rise of new retail scenarios such as online shopping, community group buying, and same-city delivery has been met with a customer-centric approach to improve shopping experiences [1] Brand Development - In the department store segment, the company has built its own brands, providing consumers with high-quality, cost-effective, and distinctive product choices, significantly enhancing the shopping experience - The differentiated private label strategy has consolidated supply chain advantages and increased market competitiveness, creating new growth paths amid fierce commercial competition - The supermarket segment has over 500 private label products, with brands like "Zhongbai Youxuan" and "Huishang" seeing sales growth exceeding 50% year-on-year in 2024 [2] Market Positioning - The "Urban Outlet" sample store in the department store segment shows strong trends in customer traffic and sales - The self-owned gold brand "Baoyuantong" has successfully opened stores in major shopping centers, receiving positive market feedback [2] Future Outlook - Recent brokerage reports indicate that the company's private label and membership systems are strengthening barrier effects, particularly as the supermarket business further penetrates communities, which is expected to enhance exposure and customer growth - The stock price closed at 33.25 yuan per share on April 21 [3]

2025 年 4 月 21 日 公司研究 业态持续优化，国补政策拉动电器销售 ——重庆百货（600729.SH）2024 年年报点评 2024 年公司期间费用率为 19.61%，同比上升 0.02 个百分点，其中，销售/管理 /研发/财务费用率分别为 14.74%/4.46%/0.08%/0.32%，同比分别变化+0.99/ -0.59/-0.06/-0.33 个百分点。4Q2024 公司期间费用率为 19.78%，同比下降 1.82 个百分点，其中，销售/管理/研发/财务费用率分别为 15.99%/3.41% /0.07%/0.31%，同比分别变化+1.46/-3.01/ -0.09/-0.18 个百分点。 国补政策效果显著，自有品牌表现良好 截至 2024 年年末，公司共计门店 273 家，其中百货 50 家，超市 148 家，电器 42 家，汽贸 33 家。分业态方面，受国补政策刺激，公司电器业态表现良好，全 年营业收入 33.0 亿元，同比提升 12.85%。公司百货业态强化品牌合作，奥莱 表现良好；超市业态自有品牌规模持续扩张，2024 年销售同比增长超 50%；汽 贸业态加快转型，引入"小米"汽车 ...

Core Viewpoint - The company reported a stable overall performance in 2024, with a net profit of 1.315 billion yuan, reflecting a slight increase of 0.46% year-on-year, despite a decrease in total revenue by 9.75% to 17.139 billion yuan [10][12][14]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 1,314,640,206.21 yuan for 2024, with a net profit of 1,182,529,653.14 yuan for the parent company [4][81]. - The total revenue for 2024 was 171.39 billion yuan, down 9.75% from the previous year [10][14]. - The earnings per share for 2024 were reported at 3.00 yuan, an increase of 0.33% year-on-year [14]. Group 2: Profit Distribution Plan - The company plans to distribute a cash dividend of 1.36216 yuan per share (including tax), totaling 600 million yuan, which represents 45.64% of the net profit [6][8][81]. - The distribution will be based on a total share capital of 440,475,577 shares after excluding 72,000 shares to be repurchased [5][82]. - The profit distribution plan is subject to approval at the upcoming shareholders' meeting [84]. Group 3: Business Operations - The company operates in various sectors including department stores, supermarkets, electronics, and automotive trade, with a total of 273 stores across multiple regions [10][12]. - The company’s supermarket business generated 6.164 billion yuan in revenue, while the electronics segment saw a 12.85% increase in revenue to 3.303 billion yuan [10][12]. - The retail environment remains challenging, with a 4.6% decline in retail sales for major department stores nationwide [11]. Group 4: Asset Impairment and Management - The company recognized an asset impairment loss of 287.4474 million yuan for 2024, reflecting a cautious approach to asset management [15][56]. - The total impairment provision at the end of 2024 was 564.3822 million yuan, down from 599.1191 million yuan at the beginning of the year [56][70]. - The company conducted a comprehensive review of its assets, including inventory and fixed assets, to ensure accurate financial reporting [56][72].

截至报告期末，公司经营网点按业态口径计算有273个，百货业态50个，超市业态148个，电器业态42 个，汽贸业态33个。随着公司网点的对外拓展，规模优势不断显现，市场影响力不断提升。公司网点规 模不断扩大，市场辐射能力、规模效应将进一步体现。 4月18日晚间，重庆百货（600729）披露2024年业绩报告，公司实现营业收入171.39亿元，同比减少 9.75%；归母净利润13.15亿元，同比增长0.46%；扣非后净利润12.28亿元，同比增长8.76%；基本每股 收益3.00元。报告期内，经营活动产生的现金流量净额20.23亿元，同比增长35.54%。 报告显示，2024年，市场竞争加剧，零售企业经营发展承压。面对复杂多变的市场环境，公司在挑战中 抓转型、求突破，以"增长、效率"为主线，持续"两个系统性"建设，提升商品力，打造新场景，推动业 态融合，聚焦降本增效，公司全年业绩总体保持稳定。 分行业看，百货受行业竞争加剧，同质化严重，收入略有下降。超市进行模式变革，加快门店调整改 造，整体收入同比基本持平。电器受国补政策拉动，收入同比实现较好增长。汽贸行业传统燃油车价格 战持续，汽贸采取"有利润的营收"策略，收 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2025-014 重庆百货大楼股份有限公司 第八届七次监事会会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")提前以书面和电子邮件方 式向全体监事发出召开第八届七次监事会会议通知和会议材料。本次会议于2025 年 4 月 17 日上午 8:30 以现场结合通讯方式召开，公司 5 名监事全部出席会议， 其中监事张潞闽、洪毓吟因异地采取通讯方式出席会议，会议由公司监事会主席 肖熳华女士提议召开并主持，符合《中华人民共和国公司法》和《重庆百货大楼 股份有限公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于对公司资产计提减值准备的议案》 经公司对 2024 年末存在可能发生减值迹象的资产，包括存货、固定资产、 长期待摊费用等进行全面清查和资产减值测试后，公司结合重庆华康《咨询报告》， 计提 2024 年度各项资产减值损失。 监事会认为：基于中介机构的专业测试和经理层的谨慎判断，本次 ...