CBEST(600729)

Search documents
重庆百货2024年半年度业绩快报点评:H1扣非下降13%,期待企稳回升
Guotai Junan Securities· 2024-07-14 23:01
Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 29.50 yuan, down from the previous 37.90 yuan [12][14]. Core Insights - The company's H1 performance was below expectations, leading to a downward revision of the EPS forecast for 2024-2026 to 2.95, 3.27, and 3.54 yuan, reflecting growth rates of 0%, 11%, and 8.1% respectively [10][11]. - The report highlights a significant decline in revenue and net profit, with H1 revenue at approximately 89.8 billion yuan, down 11.6%, and net profit at 7.12 billion yuan, down 21.1% [10][11]. - The company is expected to stabilize and recover in H2, driven by cost reduction measures and operational efficiency improvements [10][14]. Summary by Sections Financial Performance - H1 revenue was approximately 89.8 billion yuan, a decrease of 11.6%, with a net profit of 7.12 billion yuan, down 21.1% [10][11]. - The net profit margin for H1 was approximately 7.92%, a decline of 0.96 percentage points [10]. - The company anticipates a profit of 1.58 billion yuan in H2, representing a 30% increase compared to H1 [10]. Business Strategy - The company is focusing on enhancing operational efficiency and optimizing store and personnel structures [10][14]. - A new action plan for 2024 emphasizes quality improvement, efficiency enhancement, and shareholder returns [10][14]. - The company has opened its first fresh discount store, achieving daily sales of around 100,000 yuan, indicating a positive trend in new business ventures [10][14]. Market Position - The company operates in the retail and consumer goods sector, with a total market capitalization of 8.695 billion yuan [3]. - The stock has a current price of 19.48 yuan, with a price-to-earnings ratio of 6.61 [12][11]. - The report suggests that the company remains a valuable asset due to its low valuation and high dividend yield [10][14].
重庆百货()业绩受多因素扰动,短期有所承压
2024-07-12 03:16AI Processing
Financial Data and Key Indicator Changes - In H1 2024, the company's revenue was 8.98 billion yuan, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was 712 million yuan, down 21.06% year-on-year [5] - In Q2 2024, revenue was 4.13 billion yuan, a year-on-year decline of 18.52%, and net profit attributable to shareholders was 277 million yuan, down 28.93% year-on-year [6] - The main business profit in H1 2024 decreased by 4.52% year-on-year, with significant impacts from investment income and non-operating factors [5][6] Business Line Data and Key Indicator Changes - The company's main business profit in H1 2024 was 374 million yuan after excluding non-recurring gains and losses, reflecting a decline of 4.52% year-on-year [5] - The company has initiated a discount and fresh food new business model, with the first store opening on May 28, 2024, achieving sales five times higher than traditional models on the opening day [6] Market Data and Key Indicator Changes - The retail environment has been under pressure, leading to a decline in performance, prompting the company to launch promotional activities such as home appliance and department store festivals since June [6] Company Strategy and Development Direction and Industry Competition - The company is focusing on optimizing offline stores and enhancing cost control and efficiency, with a clear strategy to transform its supermarket business towards a discount model [6] - The company maintains a strong market position and emphasizes regular cash dividends, highlighting its high dividend value [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance decline in Q2 2024 was primarily due to high base effects from the previous year, particularly from the listing of a subsidiary and increased provisioning in H2 2023 [6] - The company expects performance to improve in the second half of 2024 as the high base effect from investment income dissipates [7] Other Important Information - The company has a clear plan for revenue growth, projecting net profits of 1.375 billion yuan, 1.505 billion yuan, and 1.650 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 6.3, 5.8, and 5.3 [7] Q&A Session All Questions and Answers Question: What are the main factors affecting the company's performance in Q2 2024? - The decline in performance was attributed to high base effects from the previous year, particularly due to the listing of a subsidiary and increased provisioning in H2 2023 [6] Question: How is the company addressing the challenges in the retail environment? - The company has launched several promotional activities and is transforming its supermarket business towards a discount model to adapt to the challenging retail environment [6]
重庆百货:公司公告点评:高基数下业绩承压,1H24扣非主业净利降4.5%
Haitong Securities· 2024-07-12 01:01
Investment Rating - The investment rating for the company is "Outperform the Market" [19]. Core Views - The company reported a revenue of 8.98 billion yuan for the first half of 2024, a year-on-year decrease of 11.56%. The net profit attributable to the parent company was 712 million yuan, down 21.06% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, a decrease of 13.06% [8][9]. - The decline in net profit is primarily attributed to high investment income and non-recurring gains from the previous year. After excluding these factors, the net profit showed a smaller decline of 4.52% [9]. - The company is actively exploring new business models, such as the "Fresh + Discount" supermarket format, which aims to optimize and restructure the supply chain, reduce costs, and enhance service quality [10]. - The profit forecast for 2024-2026 is set at 1.34 billion yuan, 1.50 billion yuan, and 1.64 billion yuan respectively, with expected growth rates of 1.6%, 12.0%, and 9.5% [10]. Financial Summary - The company’s total revenue for 2023 is projected at 18.985 billion yuan, with a net profit of 1.315 billion yuan, reflecting a year-on-year growth of 48.8% [12]. - The earnings per share (EPS) for 2023 is estimated at 2.95 yuan, with a projected increase to 3.67 yuan by 2026 [12]. - The gross margin is expected to remain stable around 25.7% to 26.5% over the forecast period [12]. - The return on equity (ROE) is projected to decrease from 21.1% in 2023 to 18.6% by 2026 [12]. Valuation - The valuation for the retail business is based on a price-to-earnings (P/E) ratio of 12-15 times for the retail segment and 5 times for the financial investment segment, leading to a reasonable market capitalization range of 11.3 billion to 13.3 billion yuan [13]. - The estimated reasonable value per share is between 25.28 yuan and 29.71 yuan [13].
重庆百货:2024上半年业绩有所承压,短期因素扰动影响较大
Guoxin Securities· 2024-07-11 11:30
Investment Rating - The investment rating for the company is "Outperform the Market" [9][30]. Core Views - The company's revenue for the first half of 2024 was CNY 8.98 billion, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was CNY 712 million, down 21.06% year-on-year. The net profit excluding non-recurring items was CNY 704 million, a decline of 13.06% year-on-year [1][3]. - The decline in the company's main business is attributed to the overall weakness in offline retail consumption and short-term non-operating factors, as well as fluctuations in the performance of the associate company, Ma Shang Consumer Finance. Excluding non-recurring gains and the impact of Ma Shang's investment income, the retail main business is expected to achieve a profit of CNY 374 million, a decrease of 4.52% year-on-year [2][30]. - The company is actively exploring innovative developments in new discount formats, with expectations for increased local market penetration and transformation in the second half of the year. The completion of the reverse merger with the major shareholder, Chongqing Commerce, and the smooth transition of management is expected to enhance business integration and operational efficiency in the long term [2][30]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of CNY 4.13 billion, a year-on-year decline of 18.19%, and a net profit of CNY 277 million, down 35.92% year-on-year. The net profit excluding non-recurring items was CNY 258 million, a decrease of 25.64% year-on-year [3]. - The company has adjusted its net profit forecasts for 2024-2026 to CNY 1.268 billion, CNY 1.323 billion, and CNY 1.398 billion, respectively, down from previous estimates of CNY 1.422 billion, CNY 1.501 billion, and CNY 1.572 billion [2][30]. Business Strategy - The company launched its first "Fresh + Discount" model store in May 2024, achieving sales of over CNY 500,000 on the first day and a total of CNY 1.986 million in six days, representing a year-on-year increase of 538% [5]. - The new management team, which has recently transitioned, is expected to bring renewed operational vitality to the company [29].
重庆百货:2024半年度业绩预告点评:上半年主业扣非利润-4.5%yoy,高基数下业绩有所下滑
Soochow Securities· 2024-07-11 07:00
Investment Rating - The investment rating for Chongqing Department Store (600729) is "Buy" (maintained) [1][10]. Core Views - The company reported a revenue of 4.13 billion yuan for Q2 2024, a year-on-year decrease of 18.5%, and a net profit attributable to shareholders of 280 million yuan, down 28.9% year-on-year. The non-recurring net profit was 260 million yuan, down 26.5% year-on-year. The contribution from the consumer finance segment is estimated to be around 160 million yuan, a decrease of 31% year-on-year [1][8]. - The report emphasizes the potential for profit margin improvement through supply chain transformation and operational efficiency enhancements. The company's initiatives in retail, such as "six major stores" and "hard discount stores," are expected to open up revenue growth opportunities. Further adjustments in governance and operations may help offset industry demand pressures [2][10]. Financial Summary - For 2024, the company is projected to have total revenue of 16.98 billion yuan, a decrease of 10.59% year-on-year, with a net profit of 1.33 billion yuan, an increase of 1.20% year-on-year. The earnings per share (EPS) is expected to be 2.97 yuan [8][10]. - The financial forecast indicates a decline in net profit estimates for 2024-2026, revised from 1.45 billion yuan, 1.59 billion yuan, and 1.71 billion yuan to 1.33 billion yuan, 1.40 billion yuan, and 1.47 billion yuan respectively [10]. - The company's price-to-earnings (P/E) ratio is projected to be 7, 6, and 6 times for 2024, 2025, and 2026 respectively, indicating a low valuation compared to historical averages [10]. Market Data - The company has a net asset value per share of 16.03 yuan and a debt-to-asset ratio of 62.48% [4]. - The total market capitalization is approximately 8.69 billion yuan, with a circulating A-share market value of about 3.76 billion yuan [18]. Performance Analysis - The report notes that the decline in performance for Q2 2024 is primarily due to a high base from the previous year and fluctuations in non-recurring gains. The consumer finance segment has also seen increased provisioning, impacting overall profitability [9]. - The company's main business non-recurring net profit for Q2 2024 is estimated at 940 million yuan, down 16.4% year-on-year, indicating challenges in maintaining growth amidst a tough consumer environment [1][9].
重庆百货:业绩短期承压,主业积极创新
GF SECURITIES· 2024-07-11 04:31
Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.00 CNY per share based on a 9x PE for the expected net profit in 2024 [2][7]. Core Insights - The company has launched its first "Fresh + Discount" store model, which has significantly boosted sales, achieving over 5 times year-on-year growth on opening day. The second store is set to open by the end of June [2]. - Despite short-term pressure on earnings, the company is actively innovating its business model, which is expected to enhance operational capabilities. The performance of the consumer finance business is anticipated to reflect actual growth in financial reports after the normalization of the base in the second half of 2024 [2][5]. Financial Summary - For the first half of 2024, the company reported revenues of 8.98 billion CNY, a decline of 11.6% year-on-year, and a net profit attributable to shareholders of 710 million CNY, down 21.1% year-on-year. The decline in net profit is primarily attributed to reduced profits from consumer finance and non-recurring losses from the decline in the stock price of a subsidiary [5][6]. - The company’s net profit for the second quarter of 2024 was 280 million CNY, a decrease of 35.9% year-on-year, with revenues of 4.13 billion CNY, down 18.2% year-on-year [5][6]. - The projected net profits for the company from 2024 to 2026 are 1.39 billion CNY, 1.50 billion CNY, and 1.62 billion CNY, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% respectively [2][6].
重庆百货:2024年半年度业绩快报点评:受马消及非经常性损益影响,业绩承压
Minsheng Securities· 2024-07-11 01:30
Investment Rating - The report maintains a "Recommended" rating for Chongqing Department Store (600729.SH) with a target price of 19.48 CNY [14][15]. Core Viewpoints - The company experienced a decline in revenue and net profit in the first half of 2024, with revenue at 8.98 billion CNY, down 11.56% year-on-year, and net profit at 712 million CNY, down 21.06% year-on-year [1]. - The company is undergoing operational transformation with the launch of new "fresh + discount" supermarket formats, which have shown promising initial sales performance [4]. - The company is expected to see a recovery in profits as it continues to enhance operational efficiency and adapt to market changes, with projected net profits of 1.446 billion CNY, 1.598 billion CNY, and 1.764 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 9.9%, 10.5%, and 10.4% [14]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 8.98 billion CNY, with a significant drop in net profit to 712 million CNY, influenced by high base effects from the previous year and non-recurring losses [1][24]. - The company’s revenue is projected to grow from 18.985 billion CNY in 2023 to 21.987 billion CNY by 2026, with a compound annual growth rate of approximately 5% [5]. - The net profit is expected to increase from 1.315 billion CNY in 2023 to 1.764 billion CNY in 2026, indicating a strong recovery trajectory [5][14]. Operational Developments - The company completed a board restructuring in May 2024, which is anticipated to enhance management confidence and operational efficiency [2]. - The launch of the first "fresh + discount" supermarket format has been successful, achieving sales of over 2.188 million CNY within the first six days of operation [4]. Valuation Metrics - The report indicates a low valuation with a projected PE ratio of 6 for 2024, decreasing to 5 by 2026, alongside a PB ratio of 0.7 in 2024 [5][14]. - The company has maintained a high dividend payout ratio, with historical rates of 142.73% to 153.23% from 2020 to 2023, suggesting a commitment to returning value to shareholders [14].
重庆百货(600729) - 2024 Q2 - 季度业绩
2024-07-10 08:43
Financial Performance - In the first half of 2024, the company achieved total operating revenue of 8.98 billion yuan, a year-on-year decrease of 11.56%[6] - The net profit attributable to shareholders of the listed company was 711.62 million yuan, down 21.06% year-on-year[6] - Basic earnings per share were 1.63 yuan, reflecting a decline of 20.87% compared to the previous year[6] - Non-recurring gains and losses for the period amounted to 7.60 million yuan, a significant decrease of 91.71% year-on-year[7] - The net profit, excluding non-recurring gains and losses and investment income from immediate consumption, was 374 million yuan, down 4.52% year-on-year[16] Assets and Equity - The company's total assets at the end of the reporting period were 19.49 billion yuan, an increase of 4.58% from the beginning of the period[5] - The equity attributable to shareholders of the listed company rose to 6.87 billion yuan, marking a 10.21% increase[5] Return on Equity - The company reported a weighted average return on equity of 10.15%, down 6.12 percentage points from the previous year[4] Cost Management - The company is focusing on cost reduction and efficiency improvement, with a decrease in labor and rental costs[16] Consolidation - The company has included the assets and liabilities of the Chongqing Commerce Group in its consolidated financial statements following a merger[6]
重庆百货:重庆百货大楼股份有限公司关于召开2024年第三次临时股东大会的通知
2024-07-05 10:21
(一) 股东大会类型和届次 2024 年第三次临时股东大会 召开的日期时间:2024 年 7 月 24 日 11 点 00 分 召开地点:重庆市渝中区青年路 18 号 16 楼会议室 证券代码:600729 证券简称:重庆百货 公告编号:临 2024-053 重庆百货大楼股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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: 一、 召开会议的基本情况 股东大会召开日期:2024年7月24日 本次股东大会采用的网络投票系统:上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人:董事会 (三) 投票方式:本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统:上海证券交易所股东大会网络投票系统 网络投票起止时间:自 2024 年 7 月 24 日 至 2024 年 7 月 24 日 采用上海证券交易所网络投票系统,通过交易系统投票平台的投票时间为股 ...
重庆百货:重庆百货大楼股份有限公司第八届三次董事会决议公告
2024-07-05 10:21
证券代码:600729 证券简称:重庆百货 公告编号:临 2024-051 重庆百货大楼股份有限公司 第八届三次董事会决议公告 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。 一、董事会会议召开情况 重庆百货大楼股份有限公司(以下简称"公司")于 2024 年 6 月 28 日以电子 邮件方式向全体董事发出召开第八届三次董事会会议通知和会议材料。本次会议 于 2024 年 7 月 5 日以通讯方式召开,公司 12 名董事全部发表意见,符合《公司 法》和《重庆百货大楼股份有限公司章程》的有关规定。会议由董事长张文中先 生提议召开。 二、董事会会议审议情况 公司决定按协议转让方式将新亚公司持有的重庆市九龙坡区谢陈路 3 号、3 号附一号(现九龙坡区龙腾大道 163 号)非住宅(含其附属固定设施设备及房屋 附属的 7,080.3 平方米土地)出售给重庆瑞盈实业有限公司,转让价格 4,672.67 万元。 (一)审议通过《关于成立商社万里汽车销售服务有限公司(暂定名)的议 案》 为加快新能源汽车网点布局,公司同意下属全资子公司重庆商社 ...