Investment Rating - The investment rating for Chongqing Department Store is "Buy" (maintained) [7] Core Views - Chongqing Department Store is a leading offline retailer in Chongqing, with same-store sales on the rise and new business formats opening up growth opportunities, while immediate consumption contributes marginally to growth [2] - The main business is recovering, with same-store sales improving quarter by quarter, driven by a recovering macroeconomic environment and promotional activities [3] - The company is benefiting from the "old for new" consumption policy, with significant sales growth in appliances and electronics [3] - The financial technology sector is expected to see continued high growth due to a lower base and improving economic conditions [4] - The market is overly concerned about the company's growth potential, but the management's proactive operational strategies and successful trials of new business formats are expected to drive performance [5] Summary by Sections Investment Highlights - The retail main business is recovering, with same-store sales expected to grow in Q4 due to improved consumer sentiment and promotional activities [3] - New business formats, such as discount fresh markets and lifestyle stores, are showing promising sales growth [3] - Immediate consumption is expected to continue its high growth trajectory due to a lower base from the previous year [4] Financial Forecasts and Valuation - Revenue projections for 2024-2026 are estimated at 184.72 billion, 189.62 billion, and 199.31 billion yuan, with corresponding net profits of 12.63 billion, 13.52 billion, and 15.08 billion yuan [10] - The company is currently valued at a low P/E ratio of 8X for 2024, with a target price of 34.39 yuan per share, indicating an upside potential of approximately 50% [10]

金杜律师事务所 KING&WCOD MALLESONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编：100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Beijing, 100020 P.R. China T +86 10 5878 5588 +86 10 5878 5566 www.kwm.com 记录、资料和证明,并就本次回购注销所涉及的相关事实和法律事项进行了适当 核查。 北京市金杜律师事务所 关于重庆百货大楼股份有限公司 2022年限制性股票激励计划 回购注销部分限制性股票相关事项的法律意见书 致:重庆百货大楼股份有限公司 北京市金杜律师事务所（以下简称本所）受重庆百货大楼股份有限公司（以 下简称公司或重庆百货）委托,根据《中华人民共和国公司法》(以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股权激励管理办法》（以下简称 《管理办法》）等法律、行政法规、部门规章和其他 ...

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-069 重庆百货大楼股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董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。 重要内容提示： 2024 年 8 月 29 日，公司第八届五次董事会、第八届四次监事会审议通过 《关于回购注销部分限制性股票及调整回购价格的议案》, 公司独立董事对本次 回购注销事项发表同意的独立意见。2024 年 8 月 31 日，公司在《上海证券报》 《证券时报》和上海证券交易所网站（www.sse.com.cn）披露了《重庆百货大楼 股份有限公司第八届五次董事会决议公告》（公告编号：临 2024-058）、《重庆百 货大楼股份有限公司第八届四次监事会决议公告》（公告编号：临 2024-059）。 2024 年 9 月 13 日，公司在《上海证券报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）披露了《重庆百货大楼股份有限公司关于回购注销部分限制 性股票及调整回购价格的公告》（公告编号：临 2024-063）等公告。 根 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Department Store (600729) [6][6][6] Core Views - The company reported Q3 2024 results that met expectations, with revenue of 13.004 billion yuan for the first three quarters, a year-on-year decline of 12%, primarily due to high temperatures and power restrictions in Chongqing, along with weak consumer sentiment [6][6] - The company is focusing on improving product offerings and driving growth in the electrical appliance sector through trade-in programs, which have led to a significant increase in customer traffic and sales [6][6] - The report highlights a decrease in gross margin in Q3, but an increase in investment income has contributed to profit improvement [6][6] - The company is actively promoting various sales events and has seen strong performance in its fresh discount stores [6][6] Summary by Sections Market Data - Closing price: 22.02 yuan - One-year high/low: 33.00/16.91 yuan - Price-to-book ratio: 1.4 - Dividend yield: 6.16% - Circulating A-share market value: 4,149 million yuan [3] Financial Summary - Total revenue for 2023: 18,985 million yuan - Expected revenue for 2024: 17,044 million yuan, with a year-on-year decline of 10.2% - Net profit for 2023: 1,315 million yuan, expected to decline to 1,246 million yuan in 2024 [7][9] - Gross margin for 2024: 26.0% [7] Operational Highlights - The company has a diversified business model with 50 department stores, 149 supermarkets, 42 electrical appliance stores, and 32 automotive trade outlets as of Q3 2024 [6] - The company has launched significant promotional activities, achieving over 130 million yuan in sales during the National Day holiday [6][6] - The fresh discount store model has shown promising results, with sales increasing significantly during the holiday period [6][6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's main business has faced operational pressure, with a year-on-year revenue decline of 12.00% in the first three quarters of 2024, totaling 13.004 billion yuan, and a net profit decrease of 19.24% to 0.923 billion yuan [1] - Investment income has shown significant improvement, with a 94.62% year-on-year increase in Q3 2024, contributing 0.147 billion yuan [1] - The company is focusing on dual-driven growth through its main retail business and investment operations, with ongoing reforms since 2018 to enhance operational efficiency [1] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 4.024 billion yuan, down 12.96% year-on-year, and a net profit of 0.211 billion yuan, down 12.43% [1] - The company's gross margin decreased by 0.85 percentage points to 24.36% due to increased promotional activities and a decline in overall revenue [1] - The total operating expenses ratio increased by 1.30 percentage points to 20.68% in Q3 2024 [1] Revenue and Profit Forecast - Projected revenues for 2024-2026 are 16.82 billion yuan, 17.15 billion yuan, and 17.98 billion yuan respectively, with net profits expected to be 1.236 billion yuan, 1.317 billion yuan, and 1.423 billion yuan [2] - The estimated EPS for the same period is 2.81 yuan, 2.99 yuan, and 3.23 yuan, with corresponding P/E ratios of 7.9X, 7.4X, and 6.8X [2] Market Position - The company is recognized as a leading retail player in Southwest China, actively pursuing digital transformation and innovative business models [1]

Investment Rating - The report maintains an "Overweight" rating for Chongqing Department Store (600729) with a target price of CNY 25.56, unchanged from the previous rating [5] Core Views - Q3 performance was impacted by external factors and high temperatures, but the company's subsidiary, Ma Xiao, showed improvement [3] - The company's fresh discount stores are performing well and are expected to drive a new round of growth [3] - The report is optimistic about the continuous optimization of stores and the potential of fresh discount stores to boost growth [3] Financial Performance - Q3 revenue was CNY 4.02 billion, down 13% YoY, with net profit attributable to shareholders at CNY 211 million, down 12.4% YoY [10] - Gross margin for the first three quarters was 25.9%, up 0.25 pct YoY, while net margin was 7.1%, down 0.649 pct YoY [10] - Operating cash flow for the first three quarters was CNY 1.52 billion, down 5% YoY, but Q3 operating cash flow increased by 15% YoY to CNY 461 million [10] Store Optimization and Business Segments - The company added 4 new stores (1 supermarket, 2 appliance stores, and 1 auto trade store) and closed 12 stores (3 supermarkets, 1 appliance store, and 7 auto trade stores) in the first three quarters [10] - As of Q3, the company had a total of 273 stores (50 department stores, 149 supermarkets, 42 appliance stores, and 32 auto trade stores) [10] - The appliance segment benefited from the government's trade-in policy, with sales increasing by over 70% since the policy was implemented [10] Growth Drivers - The company launched its 5th Chongqing Department Store Shopping Festival on October 30, 2024, focusing on "good markets, good products, and good prices" [10] - The company's fresh discount stores have shown strong performance, with daily transaction volume increasing by 49% and transaction frequency by 74% as of the end of September [10] - The first "fresh + discount" super market opened with a sales increase of 580% on the first day, and sales during the National Day holiday increased by 32% [10] Financial Forecast - Revenue for 2024 is expected to be CNY 18.27 billion, down 3.8% YoY, with net profit attributable to shareholders at CNY 1.25 billion, down 4.9% YoY [11] - EPS for 2024-2026 is forecasted to be CNY 2.84, CNY 3.07, and CNY 3.31, with growth rates of -5%, 8%, and 8% respectively [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 12% year-on-year decline in net profit attributable to shareholders for Q3 2024, with expectations for improvement in Q4 due to subsidy policies [1][3] - The company's revenue for the first three quarters of 2024 was 13 billion yuan, down 12% year-on-year, while the net profit attributable to shareholders was 920 million yuan, down 19.2% year-on-year [1][2] - The retail business remains under pressure, but the investment income from the consumer finance segment showed significant growth [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 4.02 billion yuan, a decrease of 13% year-on-year, and a net profit of 211 million yuan, down 12.43% year-on-year [1][2] - The adjusted net profit excluding the consumer finance segment was 640 million yuan, reflecting a 56% decline year-on-year [2] Business Segments - The consumer finance segment reported an investment income of approximately 150 million yuan, a 95% increase year-on-year, while the retail segment faced challenges due to weak overall consumer demand [2][3] Profitability Metrics - The company's gross margin and net profit margin for Q3 2024 were 24.4% and 5.2%, respectively, with the net profit margin benefiting from increased investment income [2] Future Outlook - The company anticipates that upcoming consumer stimulus policies will help restore its retail business, particularly benefiting from the government's subsidy program for replacing old appliances [3] - The earnings forecast for 2024-2026 has been adjusted, with net profit expectations revised to 1.23 billion, 1.33 billion, and 1.44 billion yuan, respectively [3]

Investment Rating - The report maintains a "Recommended" rating for Chongqing Department Store (600729.SH) with a current price of 22.06 CNY [4]. Core Views - The company's performance continues to be under pressure, with a revenue decline of 12.0% year-on-year for the first three quarters of 2024, totaling 13 billion CNY, and a net profit of 9.2 billion CNY, down 19.2% year-on-year [2]. - The retail environment remains challenging, particularly in the department store and automotive trade sectors, which experienced significant sales declines [2]. - The company is undergoing operational transformations with the opening of new fresh discount stores, which are expected to contribute positively to future performance [2]. - The forecast for net profit for 2024-2026 is 12.00 CNY, 12.61 CNY, and 13.28 CNY respectively, with corresponding year-on-year changes of -8.8%, +5.2%, and +5.3% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 130.0 billion CNY, a net profit of 9.2 billion CNY, and an operating cash flow of 15.2 billion CNY, reflecting a year-on-year decline in revenue and net profit [2]. - The gross margin for the first three quarters was 25.94%, with a slight increase compared to the previous year, while the gross margin for Q3 was 24.36%, showing a year-on-year decrease [2]. - The company’s sales and management expense ratios for Q3 were 15.24% and 5.02%, respectively, indicating an increase in operational costs [2]. Business Segments - The sales performance across different business segments showed significant declines, particularly in the department store and automotive sectors, with Q3 sales down 15.6% and 33.6% year-on-year, respectively [2]. - The company has opened five new fresh discount stores, which have shown promising sales growth, indicating a shift towards new retail formats [2]. Future Outlook - The report anticipates that the company's performance will improve as operational efficiencies are enhanced post-reform and as new retail formats gain traction [2]. - The projected earnings per share for the next three years are 2.72 CNY, 2.86 CNY, and 3.01 CNY, with a price-to-earnings ratio of 8 for 2024 [5][6].

Financial Performance - Revenue for Q3 2024 decreased by 12.96% YoY to RMB 4,023,975,217.98[3] - Net profit attributable to shareholders decreased by 19.24% YoY to RMB 923,048,025.49 for the first nine months of 2024[3] - Basic earnings per share for Q3 2024 decreased by 12.73% YoY to RMB 0.48[3] - Weighted average return on equity (ROE) decreased by 5.34 percentage points YoY to 13.27% for the first nine months of 2024[3] - Operating cash flow for the first nine months of 2024 decreased by 4.96% YoY to RMB 1,523,418,139.71[3] - Total operating revenue for the first three quarters of 2024 was RMB 13,003,838,490.17, a decrease from RMB 14,777,272,690.31 in the same period of 2023[17] - Operating costs for the first three quarters of 2024 were RMB 12,307,280,708.80, down from RMB 13,889,697,890.04 in 2023[17] - Sales expenses for the first three quarters of 2024 were RMB 1,866,063,858.10, compared to RMB 1,976,873,774.16 in 2023[17] - Management expenses for the first three quarters of 2024 were RMB 623,770,608.11, a decrease from RMB 717,093,775.79 in 2023[17] - R&D expenses for the first three quarters of 2024 were RMB 11,179,641.70, down from RMB 19,841,896.68 in 2023[17] - Net profit attributable to the parent company for the first three quarters of 2024 was RMB 6,236,115,410.22, up from RMB 5,909,316,773.56 in 2023[16] - Net profit attributable to parent company shareholders was RMB 923,048,025.49, a decrease of 19.2% compared to RMB 1,142,904,145.25 in the same period last year[18] - Operating profit was RMB 1,005,413,714.21, down 20.1% from RMB 1,257,873,146.93 in the previous year[18] - Basic earnings per share were RMB 2.11, a decrease of 19.2% from RMB 2.61 in the same period last year[19] - Revenue from sales of goods and services was RMB 20,239,305,173.22, a decrease of 14.4% compared to RMB 23,639,375,540.34 in the same period last year[20] Assets and Liabilities - Total assets increased by 1.14% YoY to RMB 19,344,992,990.39[4] - Equity attributable to shareholders increased by 5.20% YoY to RMB 7,102,252,819.13[4] - Total assets as of Q3 2024 were RMB 19,344,992,990.39, slightly higher than RMB 19,126,159,093.75 at the end of 2023[15] - Total liabilities as of Q3 2024 were RMB 12,135,549,860.52, a decrease from RMB 12,263,835,685.73 at the end of 2023[16] - Fixed assets as of Q3 2024 were RMB 3,279,304,487.64, a decrease from RMB 3,448,775,883.47 at the end of 2023[15] - Short-term borrowings as of Q3 2024 were RMB 2,307,801,248.24, an increase from RMB 2,108,307,887.83 at the end of 2023[15] - Monetary funds as of September 30, 2024, amount to 4,802,906,202.06 RMB, an increase from 4,100,865,693.03 RMB at the end of 2023[14] - Accounts receivable as of September 30, 2024, amount to 305,529,968.26 RMB, up from 260,682,603.10 RMB at the end of 2023[14] - Inventory as of September 30, 2024, stands at 1,771,958,086.35 RMB, down from 2,129,293,324.81 RMB at the end of 2023[14] - Long-term equity investments as of September 30, 2024, total 3,940,213,598.65 RMB, up from 3,563,700,592.22 RMB at the end of 2023[14] - Total current assets as of September 30, 2024, amount to 7,655,593,758.61 RMB, slightly up from 7,498,183,662.23 RMB at the end of 2023[14] Cash Flow - Cash flow from operating activities was RMB 1,523,418,139.71, a decrease of 4.9% compared to RMB 1,602,893,854.12 in the previous year[20] - Cash flow from investing activities was negative RMB 490,391,058.94, an improvement from negative RMB 1,276,026,605.41 in the same period last year[21] - Cash flow from financing activities was negative RMB 880,128,713.00, compared to negative RMB 16,490,626.71 in the previous year[21] - Total cash and cash equivalents at the end of the period were RMB 1,622,127,693.19, an increase of 1.4% from RMB 1,598,956,990.91 at the end of the previous year[22] - Cash paid for goods and services was RMB 16,546,135,470.62, a decrease of 14.6% from RMB 19,380,261,977.31 in the previous year[20] - Cash paid to employees was RMB 1,018,191,099.66, a decrease of 15.5% compared to RMB 1,204,566,195.21 in the same period last year[21] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 16,945[10] - Chongqing Yufu Capital Operation Group Co., Ltd. holds 111,540,705 shares, representing 25.32% of total shares[10] - Tianjin Binhai New Area Wumei Jinrong Trading Co., Ltd. holds 111,540,705 shares, representing 25.32% of total shares[10] - Shenzhen Jiajing Smart Retail Co., Ltd. holds 24,786,823 shares, representing 5.63% of total shares[10] - Hong Kong Securities Clearing Company Ltd. holds 12,876,659 shares, representing 2.92% of total shares[10] Operational Challenges - The company faced operational pressure due to record high temperatures and power restrictions in Chongqing during July-September 2024[7] Non-Recurring Items - Non-recurring gains and losses for Q3 2024 amounted to RMB 15,305,174.24[8] Corporate Actions - The company completed the absorption of Chongqing Commercial Group, leading to adjustments in financial data for previous periods[5][6]

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-068 重庆百货大楼股份有限公司 2024 年 1-3 季度经营数据公告 本公司董事会及全体董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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第 四号——零售和《关于做好主板上市公司 2024 年第三季度报告披露工作的重要 提醒》要求，重庆百货大楼股份有限公司（以下简称"公司"）将 2024 年 1-3 季度主要经营数据披露如下： 一、2024 年 1-3 季度门店变动情况 注 1：同一物理体内存在多业态的，按其属性归口计入各业态。 地区 经营 业态 年初数 新增 关闭 本期余额 数量 建筑 面积 数量 变动时间 建筑面 积 数量 变动时间 建筑面 积 数量 建筑 面积 重庆 地区 百货业态注 1 42 99.04 42 99.04 超市业态 146 68.69 1 2024.02.02 0.45 3 2024.05.23 2024.05.27 2024.05.29 1.20 144 67.94 电器业态 41 ...