证券代码：600729 证券简称：重庆百货 公告编号：临 2024-033 重庆百货大楼股份有限公司 关于 2023 年年度股东大会增加临时提案的公告 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、 股东大会有关情况 1. 股东大会的类型和届次： 2023 年年度股东大会 2. 股东大会召开日期：2024 年 5 月 30 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600729 | 重庆百货 | 2024/5/27 | 胡淳同志为重庆百货大楼股份有限公司第八届董事会董事、副董事长人选， 朱颖同志为重庆百货大楼股份有限公司第八届董事会董事人选； 陈兵、冉茂盛同志为重庆百货大楼股份有限公司第八届董事会独立董事人选； 肖熳华同志为重庆百货大楼股份有限公司第八届监事会监事、监事会主席人 选。 二、 增加临时提案的情况说明 公司已于 2024 年 4 月 19 日公告了股东大会召开通知，单独或者合计持有 1 / 54 1. ...

本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 公司财务报表数据预测汇总 [TABLE_FINANCE] 利润表（百万元） 2023A 2024E 2025E 2026E 主要财务指标 2023A 2024E 2025E 2026E 营业总收入 18,985 19,953 20,935 21,987 成长能力（%） 营业成本 14,112 14,577 15,243 16,003 营业收入增长率 3.72 5.10 4.92 5.03 营业税金及附加 147 200 209 220 EBIT 增长率 62.60 64.45 4.87 8.68 销售费用 2,611 2,793 2,931 3,034 净利润增长率 48.84 9.94 10.56 10.38 管理费用 959 1,058 1,151 1,209 盈利能力（%） 研发费用 27 31 42 44 毛利率 25.67 26.95 27.19 27.21 EBIT 796 1,310 1,374 1,493 净利润率 6.93 7.24 7.63 8.02 财务费用 123 179 122 108 总资产收益率 ROA ...

商贸零售 2024 年 04 月 30 日 重庆百货 (600729) | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 26.98 | | 一年内最高/ 最低（元） | 36.47/24.78 | | 市净率 | 1.7 | | 息率（分红/ 股价） | | | 流通 A 股市值（百万元） | 5202 | | 上证指数/深证成指 | 3113.04/9673.76 | -30% -20% -10% 0% 10% 20% 30% 重庆百货 沪深300指数（收益率） 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： 公司发布 2024 年一季度报，业绩符合预期。据公司公告，24Q1 公司实现营业收入 48.50 亿元，同比-4.63%，实现归母净利润 4.35 亿元，同比-15.07%，主要 ...

证券研究报告 | 2024年05月01日 重庆百货（600729.SH） 增持 一季度零售主业稳健发展。公司 2024Q1 实现营收 48.50 亿元/yoy-4.63%， 归母净利润 4.35 亿元/yoy-15.07%，扣非归母净利润 4.46 亿元/yoy-2.74%。 其中金融资产和金融负债产生的公允价值变动损益同比减少 6591 万，主要 受公司参股的登康口腔股价变动影响。另外，公司产生投资收益 1.66 亿 /yoy-7.5%，预计主要受去年同期持股公司马上消费金融利润基数较高导致 投资收益略有下滑。去除相关非经和马消投资收益变动影响，预计公司零售 主业实现利润约 2.8 亿，同比提升 0.31%。 营运水平基本持平，现金流保持稳定。2024Q1 公司存货周转天数 56 天，同 比不变；应收账款周转天数 6 天，同比增长 1 天；经营性现金流净额为 6.79 亿元/yoy+3.10%，整体营运能力和现金流保持稳定。 《重庆百货（600729.SH）-2023 年业绩预告增长 42%-55%，混改 标杆持续释放经营效益》 ——2024-01-17 《重庆百货（600729.SH）-零售主业发展稳定向 ...

[Table_Tag] [Table_Summary] 投资要点 ◼ 门店数量基本稳定，公司现阶段重心在提质增效：2024Q1，公司百货/ 超市/ 电器/ 汽贸业态实现收入为 7.7/ 19.9/ 7.9/ 12.5 亿元，同比-5%/ - 3%/ +5%/ -10%；毛利率为 73%/ 28%/ 19%/ 6%，同比-0.9/ -1.8/ +0.4/ - 2.0pct。本季度末，公司百货/超市/电器/汽贸业态的门店数为 50/ 152/ 41/ 38 家，较年初均持平；其中百货门店没有变化，超市、电器、汽贸业态 毛开店数及关店数均为 1 家。 股价走势 基础数据 2024-04-21 公司点评报告 东吴证券研究所 2 / 3 东吴证券投资评级标准 增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 买入（维持） ◼ 不断提升经营效率，利润率增长：2024Q1，公司毛利率/扣非归母净利 率为 28.2%/ 9.2%，同比+1.07pct/ +0.14pct。公司近年来不断 ...

重庆百货（600729.SH） 增持 零售主业持续稳健发展，降本增效优化盈利水平 经营业态业绩分化，电器业态表现稳健。2024Q1 重庆地区收入占比达到 97.85%，具体来看，百货业态实现营收 7.05 亿元/yoy-4.87%，毛利率 71.11%； 超市业态实现营收 19.48 亿元/yoy-2.51%，毛利率 28.08%，去年疫后高基数， 加之今年竞争激烈，致使业绩承压；电器业态实现营收7.90亿元/yoy+4.71%， 毛利率提升至 19.22%，主要受益于公司电器产品销售较好；汽贸业态实现营 收 12.50 亿元/yoy-9.68%，毛利率 6.18%，主要系汽贸行业竞争激烈所致。 营运水平基本持平，现金流保持稳定。2024Q1 公司存货周转天数 56 天，同 比不变；应收账款周转天数 6 天，同比增长 1 天；经营性现金流净额为 6.79 亿元/yoy+3.10%，整体营运能力和现金流保持稳定。 《重庆百货（600729.SH）-2023 年业绩预告增长 42%-55%，混改 标杆持续释放经营效益》 ——2024-01-17 《重庆百货（600729.SH）-零售主业发展稳定向好，经营效率稳 ...

[Table_MainInfo] 公司研究/商业贸易/百货 证券研究报告 重庆百货（600729）公司年报点评 2024 年 04 月 30 日 （A）分业态，2023 年百货业态收入增长 8.81%至 20.15 亿元，毛利率增加 1.74pct 至 65.99%；超市业态收入下降 5.51%至 61.83 亿元,毛利率增加 1.90pct 至 17.36%； 电器业态收入增长 19.52%至 29.27 亿元；毛利率减少 0.06pct 至 19.77%；汽贸业 态收入增长 13.18%至 60.83 亿元，毛利率减少 1.05pct 至 6.25%；其他业态收入 下降 32.81%至 3.58 亿元。 （B）分地区，2023 年重庆收入增长 5.24%至 172.31 亿元，毛利率增加 0.24pct 至 19.34%；四川收入下降 11.52%至 2.92 亿元，毛利率增加 7.94pct 至 51.38%； 贵州收入下降 28.63%至 569 万元；湖北收入下降 7.21%至 3472 万元。 （C）分渠道，2023 年线上、线下销售额各 27.27 亿元、313.31 亿元，销售占比 各 8.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][26][36] Core Views - The company has experienced a decline in revenue and net profit in Q1 2024, with revenue decreasing by 4.63% year-on-year and net profit decreasing by 15.07% [21][26] - The company completed the absorption merger with the trading group, which is expected to enhance its operational capabilities [11][25] - Despite the challenges, the company is optimizing its business strategies across different segments and improving its management structure [26][35] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 4.85 billion yuan, a year-on-year decrease of 4.63%, and a net profit of 435 million yuan, translating to a fully diluted EPS of 0.97 yuan, down 15.07% year-on-year [21][26] - The overall gross margin for Q1 2024 was 28.20%, a decrease of 1.37 percentage points year-on-year [34] Business Segments - The electrical appliance segment performed relatively well, with revenue growth of 4.71% year-on-year and a gross margin increase of 0.45 percentage points [22][34] - The company opened one new supermarket, one electrical appliance store, and one automotive trade outlet while closing one of each type [22] Market Outlook - The report indicates a downward adjustment in profit forecasts for 2024, 2025, and 2026 by 4%, 5%, and 5% respectively, due to revenue pressures and competitive market conditions [26] - The company is focusing on enhancing its online and offline integration and optimizing its store operations [35]

分析师:汪立亭 联系人:毛弘毅 | --- | --- | |-----------------------------------------------------------------|------------------| | 股票数据 | | | 04 [ Table_StockInfo 月 29 日收盘价（元） ] | 26.98 | | 52 周股价波动（元） | 24.78-36.47 | | 总股本 / 流通 A 股（百万股） | 448/193 | | 总市值 / 流通市值（百万元） | 12092/5202 | | 相关研究 | | | [Table_ReportInfo] 《重庆百货：混改即将收官，步入盈利成长期》 | | | 2024.02.02 | | | 《 3Q23 主业净利增 68% | ，延续稳健增长》 | | 2023.12.27 | | | 《 1H23 收入增 3% 净利增 57% | ，主业、马消 | | 双优增长》 2023.09.16 | | 请务必阅读正文之后的信息披露和法律声明 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥4,850,120,851.84, a decrease of 4.63% compared to ¥5,107,264,506.75 in the same period last year[11] - Net profit attributable to shareholders for Q1 2024 was ¥434,831,225.99, down 15.07% from ¥473,770,597.00 in the previous year[11] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥445,710,343.89, a decrease of 2.74% compared to ¥462,388,982.23 last year[11] - Basic earnings per share for Q1 2024 was ¥0.99, a decline of 15.38% from ¥1.17 in the previous year[13] - The weighted average return on equity decreased to 6.24% from 8.62% year-on-year[13] - The total profit for the period was 489,206,643.01, a decrease of 15.6% compared to 579,784,073.78 in the previous period[49] - The net profit attributable to shareholders was 434,831,225.99, down 15.1% from 512,012,465.75 in the prior period[49] - The basic earnings per share decreased to 0.99 from 1.17, reflecting a decline of 15.4%[49] - The company reported an operating profit of RMB 487,443,091.30 for Q1 2024, compared to RMB 576,811,054.01 in Q1 2023, representing a decrease of 15.5%[40] - The total comprehensive income for the period was 437,474,727.99, compared to 518,490,264.08 in the previous period, a decline of 15.6%[49] Assets and Liabilities - Total assets as of the end of the reporting period were ¥19,457,236,775.14, an increase of 1.66% from ¥19,139,060,732.13 at the end of the previous year[13] - The company's total assets as of March 31, 2024, were RMB 19,457,236,775.14, up from RMB 19,139,060,732.13 at the end of 2023[37] - The company's total liabilities as of March 31, 2024, were RMB 12,157,248,606.12, a slight decrease from RMB 12,280,053,069.23 at the end of 2023[37] - Current liabilities totaled 9,005,959,156.38, slightly down from 9,017,539,110.33, indicating a decrease of 0.13%[49] - Non-current assets amounted to 11,516,613,340.66, a decrease from 11,640,877,069.90, reflecting a decline of 1.07%[49] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,031, with the top 10 shareholders holding a combined 50.92% of shares[20] - Chongqing Yufu Capital holds 111,540,705 shares, representing 24.89% of the total shares[20] - The top 10 shareholders include several investment funds, with the largest being the Chongqing Yufu Capital, which is a state-owned entity[20] - The company has no actual controller following the merger, maintaining its status as a company without a controlling shareholder[22] - The company has not reported any changes in the top 10 shareholders due to margin trading activities[22] Cash Flow - The net cash flow from operating activities increased by 3.10% to ¥679,124,652.82 from ¥615,899,044.19 in the same period last year[11] - The cash flow from financing activities resulted in a net outflow of -177.11 million RMB, with total cash inflow from financing activities at 923.71 million RMB[30] - The ending cash and cash equivalents balance is 1,358.71 million RMB, down from 1,861.60 million RMB at the beginning of the period[30] - The company's cash and cash equivalents decreased by 110.52 million RMB during the reporting period[30] - Cash received from sales and services in Q1 2024 was RMB 7,763,165,059.16, compared to RMB 8,536,425,839.52 in Q1 2023, indicating a decline of 9.0%[42] Investment Activities - The cash outflow from investment activities totaled approximately 1,036.96 million RMB, with a net cash flow from investment activities of -612.53 million RMB[30] - Cash flow from investment activities in Q1 2024 totaled RMB 424,433,886.49, an increase from RMB 295,365,556.40 in Q1 2023[42] Merger and Corporate Changes - The company completed the absorption merger with the Commerce Group on January 31, 2024, which will impact future financial reporting and consolidation[15] - The company issued a total of 250,658,813 shares during the merger with Chongqing Shanshe Group, resulting in the cancellation of 208,997,007 shares held by the group[22] - The company reported non-recurring losses of ¥10,879,117.90 for the current period, compared to a gain of ¥11,381,614.77 in the previous year[16] - Research and development expenses for Q1 2024 were RMB 4,904,023.07, down 37.5% from RMB 7,882,818.23 in Q1 2023[40] - The company's deferred tax assets were recorded at 207,454,227.76, down from 216,064,536.13, a decrease of 3.7%[49]