Investment Rating - Maintain "Buy" rating despite downward revision of EPS forecasts for 2024/2025/2026 by 14%/15%/15% to 0.51/0.55/0.58 yuan respectively [4] Core Views - Revenue for 1-3Q2024 decreased by 8.27% YoY to 8.499 billion yuan, with net profit attributable to shareholders down 34.13% YoY to 427 million yuan [1] - 3Q2024 revenue fell 14.61% YoY to 2.464 billion yuan, but net profit attributable to shareholders increased 2.53% YoY to 134 million yuan [1] - Comprehensive gross margin for 1-3Q2024 declined by 0.98 percentage points to 40.17%, while period expense ratio rose by 1.93 percentage points to 29.87% [2] - The company terminated its joint venture supermarket business in 2Q2024 and opened the Guiyang Guomao CCPARK shopping center on September 21, 2024 [3] - Total passenger flow across all formats showed slight YoY growth in the first three quarters of 2024 [3] Financial Performance - Operating income forecast for 2024/2025/2026 is 11.161/11.364/11.544 billion yuan, representing growth rates of -8.70%/1.82%/1.58% respectively [5] - Net profit attributable to shareholders is projected at 580/619/655 million yuan for 2024/2025/2026, with growth rates of -18.22%/6.73%/5.82% [5] - ROE (diluted) is expected to be 2.89%/3.02%/3.13% for 2024/2025/2026 [5] - P/E ratio is forecasted at 31/29/27 for 2024/2025/2026 [5] Operational Highlights - The company operates 79 large-scale comprehensive retail stores with a total construction area of 5.233 million square meters as of 3Q2024 [3] - Entertainment and children's experience categories showed relatively fast sales growth [3] - The company continues to improve store ecosystems and enrich diversified supporting projects [3] Valuation Metrics - Current price: 15.72 yuan with a total market capitalization of 17.843 billion yuan [6] - 52-week price range: 11.36-18.16 yuan [6] - 3-month turnover rate: 190.38% [6]

Investment Rating - Maintain "Overweight" rating [1] Core Views - Q3 performance fell short of expectations due to pressure on retail market demand [1] - Revenue for Q1-Q3 2024 was RMB 8.499 billion, down 8.3% YoY, with net profit attributable to shareholders at RMB 427 million, down 34.1% YoY [2] - Q3 revenue was RMB 2.464 billion, down 14.6% YoY, with net profit attributable to shareholders at RMB 134 million, up 2.5% YoY [2] - Gross margin for Q3 was 38.3%, down 1.1 percentage points YoY, while the combined expense ratio for sales, management, and finance was 31.6%, up 2.6 percentage points YoY [2] - The company plans to transfer 100% equity of a commercial property company, which is expected to support Q4 performance [3] - The company's Wanning duty-free project continues to grow, with duty-free revenue reaching RMB 204 million, up 68.6% YoY [3] Business Segments - Department stores, shopping centers, outlets, specialty stores, and duty-free businesses generated revenues of RMB 3.242 billion, RMB 2.254 billion, RMB 1.650 billion, RMB 1.078 billion, and RMB 204 million, respectively, in Q1-Q3 2024 [3] - Department store revenue declined by 15.5% YoY, while outlet and shopping center revenues showed resilience with growth of 4.4% and a slight decline of 1.6%, respectively [3] - The supermarket business has been terminated and exited [3] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 11.572 billion, RMB 11.868 billion, and RMB 12.377 billion, respectively, with YoY growth rates of -5.34%, 2.56%, and 4.29% [1] - Net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 604 million, RMB 625 million, and RMB 748 million, respectively, with YoY growth rates of -14.84%, 3.47%, and 19.67% [1] - EPS for 2024-2026 is estimated to be RMB 0.53, RMB 0.55, and RMB 0.66 per share, respectively [1] Valuation - The company's P/E ratio for 2024-2026 is projected to be 28.18x, 27.24x, and 22.76x, respectively [1] - The current P/B ratio is 0.86x [5] Market Data - The closing price is RMB 15.00, with a 52-week range of RMB 11.52 to RMB 18.44 [5] - The market capitalization is RMB 17.02574 billion, with a circulating A-share market cap of RMB 16.40204 billion [5] Financial Health - The company's total assets are projected to be RMB 40.865 billion, RMB 41.523 billion, and RMB 42.069 billion for 2024-2026, respectively [9] - The debt-to-asset ratio is expected to be 48.43%, 47.66%, and 46.47% for 2024-2026, respectively [10] Cash Flow - Operating cash flow for 2024-2026 is forecasted to be RMB 3.816 billion, RMB 3.072 billion, and RMB 3.699 billion, respectively [10] - Capital expenditures for 2024-2026 are projected to be RMB 4.554 billion, RMB 3.249 billion, and RMB 3.380 billion, respectively [10]

Investment Rating - The investment rating for Wangfujing (600859) is "Accumulate" (maintained) [4] Core Views - Consumer confidence remains insufficient, and the company's performance continues to be under pressure in the third quarter [4] - The retail market is undergoing structural adjustments, with traditional product consumption remaining weak, while new lifestyle categories are emerging [6] - The company is actively expanding its diversified duty-free business, with a significant revenue increase of 68.6% in the duty-free segment for the first three quarters [6] - The gross margin has decreased, with a notable drop in non-recurring net profit by 70.5% in the third quarter [6] - The company is expected to achieve revenue of 115.1 billion, 126.0 billion, and 132.5 billion yuan for 2024-2026, with corresponding growth rates of -5.8%, +9.5%, and +5.2% [6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 8.5 billion yuan, a year-on-year decline of 8.3%, and a net profit attributable to shareholders of 430 million yuan, down 34.1% [6] - For the third quarter alone, revenue was 2.46 billion yuan, a year-on-year decline of 14.6%, while net profit attributable to shareholders was 130 million yuan, an increase of 2.5% [6] - The company's gross margin for Q3 2024 was 38.3%, a decrease of 1.1 percentage points year-on-year [6] Business Segments - The outlet and shopping center segments showed resilience, with revenues increasing by 4.4% and decreasing by only 1.6% respectively in the first three quarters [6] - The department store and specialty store segments faced significant pressure, with revenues declining by 15.5% and 5.0% respectively [6] - The duty-free segment's revenue growth of 68.6% highlights the company's strategic focus on this area [6] Future Outlook - The company is expected to maintain a growth trajectory with projected revenues of 115.1 billion, 126.0 billion, and 132.5 billion yuan for 2024-2026, despite anticipated declines in 2024 [6] - The net profit forecast for the same period is 500 million, 730 million, and 830 million yuan, with growth rates of -29.7%, +47.1%, and +13.2% respectively [6]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 16.18 CNY for the next six months, which corresponds to a dynamic price-to-earnings ratio of 30x for 2024 [5][7]. Core Views - The company experienced a decline in overall performance in the first three quarters of 2024, with a revenue of 8.499 billion CNY, down 8.27%, and a net profit of 427 million CNY, down 34.13% [2]. - The market environment has been challenging, leading to a decrease in profitability, with a gross margin of 40.17%, down 4.95 percentage points, and a net margin of 5.17%, down 2.38 percentage points for the first three quarters of 2024 [3]. - Despite the overall decline, the duty-free segment showed strong performance, with a revenue increase of 68.62% to 204 million CNY, attributed to new duty-free operations at Harbin Taiping International Airport and Mudanjiang Hailang International Airport [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 8.499 billion CNY, down 8.27% - Net profit: 427 million CNY, down 34.13% - Non-recurring net profit: 359 million CNY, down 39.12% [2] - In Q3 2024, the company achieved: - Revenue: 2.464 billion CNY, down 14.61% - Net profit: 134 million CNY, up 2.53% - Non-recurring net profit: 39 million CNY, down 70.54% [2] Margin Analysis - The gross margin for the first three quarters of 2024 was 40.17%, down 4.95 percentage points, and the net margin was 5.17%, down 2.38 percentage points [3]. - In Q3 2024, the gross margin decreased to 38.29%, down 13.84 percentage points, while the net margin was 5.08%, down 0.28 percentage points [3]. Segment Performance - Revenue performance by segment for Q3 2024: - Department Store: 3.242 billion CNY, down 15.45% - Shopping Center: 2.254 billion CNY, down 1.58% - Outlets: 1.650 billion CNY, up 4.37% - Specialty Stores: 1.078 billion CNY, down 4.97% - Duty-Free: 204 million CNY, up 68.62% [4]. Future Projections - Revenue growth projections for 2024-2026 are estimated at -3.0%, 7.6%, and 6.5%, respectively, while net profit growth is projected at -13.7%, 28.8%, and 15.4% [5].

股 票 研 究 证 券 研 究 报 告 ——王府井 2024 年三季报业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | |-----------------------------| | | | 宋小寒 ( 分析师 ) | | 010-83939087 | | songxiaohan026736@gtjas.com | | S0880524080011 | 本报告导读： 需求仍待恢复，期待公司免税业务增量。 投资要点： 股票研究 /[Table_Date] 2024.11.01 Q3 消费需求延续疲软，期待 Q4 回暖 王府井(600859) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Tar ...

证券代码：600859 证券简称：王府井 公告编号：临 2024-062 一、 回购股份的基本情况 王府井集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日及 2024 年 5 月 16 日分别召开第十一届董事会第八次会议及 2023 年年度股东大会，审议 通过了《关于以集中竞价交易方式回购股份方案的议案》。同意公司自股东大会审 议通过之日起 12 个月使用不低于人民币 10,000 万元（含），不高于人民币 20,000 万元（含）的自有资金，通过集中竞价交易方式以不超过人民币 17.50 元/股（含） 的价格回购股份。本次回购的股份将全部用于减少公司注册资本。 上述事项已公告，详见公司分别于 2024 年 4 月 20 日、2024 年 5 月 17 日在《中 国证券报》及上海证券交易所网站 www.sse.com.cn 披露的《关于以集中竞价交易 方式回购股份方案的公告》、《2023 年年度股东大会决议公告》。 二、 回购股份的进展情况 王府井集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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， ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,463,872,719.14, a decrease of 14.61% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥133,662,594.97, representing a year-on-year increase of 2.53%[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥38,642,298.43, down 70.54% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.119, an increase of 3.48% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 8,499,249,665.03, a decrease of 8.25% compared to CNY 9,265,378,023.32 in the same period of 2023[16]. - The total profit for Q3 2024 was CNY 736,539,793.05, down 29.1% from CNY 1,038,617,425.01 in the same period last year[17]. - Operating profit for Q3 2024 was CNY 694,849,255.80, a decline of 30.9% from CNY 1,006,241,441.44 in Q3 2023[17]. - Basic earnings per share for Q3 2024 were CNY 0.377, a decrease from CNY 0.571 in Q3 2023[18]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥1,638,526,238.89, down 39.43% year-on-year[2]. - As of September 30, 2024, the company's cash and cash equivalents decreased to RMB 8.837 billion from RMB 11.119 billion at the end of 2023, a decline of approximately 20.5%[12]. - The company's total current assets decreased to RMB 12.599 billion from RMB 14.134 billion, reflecting a reduction of about 10.9%[12]. - The company's cash and cash equivalents at the end of Q3 2024 were CNY 8,297,269,758.18, down from CNY 10,319,356,460.28 at the end of Q3 2023[20]. - The company experienced a net cash outflow of CNY -1,792,294,610.58 in cash and cash equivalents for the first three quarters of 2024[20]. Investments and Equity - The long-term equity investment increased to RMB 2.030 billion from RMB 1.985 billion, showing a growth of approximately 2.3%[12]. - The company's total equity attributable to shareholders at the end of Q3 2024 was ¥19,852,151,232.84, an increase of 0.63% from the end of the previous year[3]. - The total equity attributable to shareholders increased to CNY 19,852,151,232.84 from CNY 19,727,166,322.87, reflecting a growth of 0.63%[14]. - Investment income increased to CNY 59,192,176.49 in 2024, compared to CNY 19,069,553.20 in 2023, marking a significant growth[16]. Sales and Market Performance - In the first three quarters, the sales of digital products increased by nearly 28%, indicating strong consumer interest in this category[11]. - The sports goods category has become the largest sales segment for the company, with significant growth in outdoor, fashion, and domestic trend sports products[11]. - The entertainment and leisure segment saw over 20% growth, while children's experience sales increased by nearly 15%[11]. - Revenue from sales of goods and services received in the first three quarters of 2024 was CNY 25,158,451,007.81, a decrease of 9.9% compared to CNY 27,900,062,094.70 in the first three quarters of 2023[19]. Liabilities and Financial Position - The total liabilities decreased to CNY 20,202,359,487.60 from CNY 20,682,813,681.41, indicating a reduction of 2.32%[14]. - The total non-current assets amounted to CNY 28,138,471,920.26, an increase from CNY 26,987,226,304.36 in the previous period[14]. - The company's financial expenses decreased to CNY 161,606,572.73 in 2024 from CNY 209,533,554.73 in 2023, a decline of 22.87%[16]. Other Notable Events - The company has repurchased a total of 6.105 million shares, accounting for 0.54% of the total share capital, with a total expenditure of RMB 81.6692 million[11]. - The company has won bids for duty-free projects at Harbin Taiping International Airport and Mudanjiang Hailang International Airport, with contracts signed for these projects[11]. - The company plans to use up to RMB 2 billion of idle funds to purchase structured deposit products, with a total of RMB 796 million in structured deposits as of the report date[11]. - The overall customer traffic across all business formats achieved a slight year-on-year increase during the reporting period[11].

证券代码：600859 证券简称：王府井 编号：临 2024－060 王府井集团股份有限公司 关于固定资产处置的公告 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。 重要内容提示： 王府井集团股份有限公司（以下简称"公司"）拟启动对王府井集团股 份有限公司北京西单商场（以下简称"西单商场"）位于北京市西城区西单北大 街120号部分房屋建筑物及附属物的拆除重建工作，并对楼体拆除后无使用价值 的固定资产进行报废处置。 预计本次处置固定资产净损失不超过9,472万元，将减少公司当年度净 利润，具体会计处理及影响数以会计师年度审计确认后的结果为准。 一、固定资产处置概述 本次预计处置的固定资产原值为41,608万元，截至2024年8月末净值为 9,472万元。预计本次处置固定资产将减少公司当年度净利润不超过9,472万元， 具体影响金额以处置完成后会计师年度审计结果为准。 本次资产处置严格按照相关国资管理规定及公司资产处置流程执行，符合 《企业会计准则》及公司资产管理制度的相关规定，符合公司实际情况。本次 资产处置后，能够更加真实、客 ...

证券代码：600859 证券简称：王府井 编号：临 2024－059 王府井集团股份有限公司 关于公开挂牌出让子公司股权的公告 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。 本次交易已经公司第十一届董事会第十四次会议审议通过，无需提交股 东大会审议 重要内容提示： 王府井集团股份有限公司拟通过北京产权交易所公开挂牌转让北京王府 井百货商业物业管理有限公司 100%股权 本次交易将以公开挂牌方式进行，尚未确定交易对象，暂时无法确定是 否构成关联交易 本次交易尚需履行国资评估备案手续 本次交易的交易对象、交易价格和交易时间尚未确定，交易成功与否尚 存在不确定性。公司将根据本次交易的进展情况，按照有关规定及时履行信息 披露义务，敬请广大投资者注意投资风险。 一、交易概述 根据王府井集团股份有限公司（以下简称"公司"）战略发展需要，为优化 资产结构，提升资产质量，公司拟通过北京产权交易所（以下简称"北交所"） 公开挂牌转让旗下全资子公司北京王府井百货商业物业管理有限公司（以下简 称"商业物业公司"）100%股权，首次挂牌价格不低于经 ...

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。 证券代码：600859 证券简称：王府井 编号：临 2024－061 王府井集团股份有限公司 第十一届监事会第十二次会议决议公告 监事会认为：公司按照《企业会计准则》及有关规定对相关固定资产进行处 置，符合公司资产的实际情况和相关政策规定，能够使公司关于资产价值的会计 信息更加公允、合理。董事会对该事项的决策程序合法合规。同意公司对该部分 固定资产进行报废处置。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 王府井集团股份有限公司 一、监事会会议召开情况 王府井集团股份有限公司（以下简称"公司"、"本公司"）第十一届监事会 第十二次会议于 2024 年 10 月 19 日以电子邮件和书面送达方式发出通知，2024 年 10 月 29 日在本公司会议室以现场方式举行，应到监事 3 人，实到 3 人。会议 符合有关法律、法规、部门规章和《公司章程》的规定。会议由监事会主席张艳 钊先生主持。 二、监事会会议审议情况 1.通过 2024 年第三季度报告 监事会认为：公 ...