[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 王府井（600859）公司季报点评 2024 年 11 月 15 日 600859 CH Wangfujing Group Rating: OUTPERFORM Target Price: Rmb18.76 Hongke Li hongke.li@htisec.com Liting Wang liting.wang@htisec.com Rebecca Hu rebecca.jl.hu@htisec.com 免税高增，奥莱、购物中心保持韧性 [Table_Summary] 投资要点： 公司发布 2024 年三季报。2024 年三季度公司实现收入 24.64 亿元，同比下降 14.61%；归母净利润 1.34 亿元，同比增长 2.53%；扣非归母净利润 0.39 亿元， 同比下降 70.54%。摊薄每股收益 0.118 元，加权平均净资产收益率 0.675%。 简评及投资建议。 1. 2024 年三季度收入同比下降 14.61%，综合毛利率降 1.09pct 至 38.29%。2024 年前三季度公司实现收入 85 亿元，同比下降 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company is facing short-term operational pressure, but the duty-free business continues to expand [1][10]. - The company operates 79 large retail stores across seven major economic regions in China, actively expanding its footprint in shopping centers and outlets [10]. - The report projects revenue for 2024-2026 to be 111 billion, 122 billion, and 131 billion respectively, with corresponding year-on-year growth rates of -9.3%, 9.8%, and 7.6% [10]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 2.464 billion yuan, a year-on-year decrease of 14.61%, while the net profit attributable to shareholders was 134 million yuan, an increase of 2.53% [5][6]. - The gross profit margin for Q3 2024 was 38.29%, down 1.09 percentage points from the previous year [6][8]. - For the first three quarters of 2024, total revenue was 8.5 billion yuan, a decrease of 8.27% year-on-year, with a gross profit margin of 40.17% [6][10]. Business Segment Analysis - By business segment in the first three quarters of 2024, department store revenue was 3.242 billion yuan (down 15.45%), shopping center revenue was 2.254 billion yuan (down 1.58%), outlet revenue was 1.650 billion yuan (up 4.37%), specialty store revenue was 1.078 billion yuan (down 4.97%), and duty-free revenue was 204 million yuan (up 68.62%) [7][11]. - Regionally, South China saw revenue of 312 million yuan (up 13.64%), Northeast China 365 million yuan (up 7.91%), East China 455 million yuan (down 2.93%), and Southwest China 1.753 billion yuan (down 14.75%) [7][12]. Expense and Profitability Analysis - The company's expense ratio increased by 2.63 percentage points in Q3 2024, with a sales expense ratio of 16.35% and a management expense ratio of 13.02% [8]. - The net profit attributable to shareholders for Q3 2024 was 134 million yuan, with a significant drop in non-recurring net profit by 70.54% [8][10]. Earnings Forecast and Valuation - The report estimates earnings per share (EPS) for 2024 to be 0.47 yuan, with a projected price-to-earnings (P/E) ratio of 25-30 times for 2025, leading to a reasonable value range of 15.63 to 18.75 yuan per share [10][15]. - The company is expected to maintain a net profit margin of around 4.9% to 6.4% over the next few years, with a return on equity projected to rise from 2.7% in 2024 to 3.9% in 2026 [15][16].

证券代码：600859 证券简称：王府井 编号：临 2024－063 王府井集团股份有限公司 第十一届董事会第十五次会议决议公告 2．通过关于制定《内部控制与风险管理制度》的议案 表决情况：同意 11 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 特此公告。 王府井集团股份有限公司 王府井集团股份有限公司（以下简称"公司"、"本公司"）第十一届董事 会第十五次会议于 2024 年 11 月 1 日以电子邮件和书面送达方式发出通知，2024 年 11 月 11 日在本公司会议室以现场结合视频会议方式举行，应出席董事 11 人，实际出席 11 人，公司监事列席会议。会议符合有关法律法规和《公司章程》 的规定。会议由董事长白凡先生主持。 2024 年 11 月 12 日 二、董事会会议审议情况 1．通过公司高级管理人员 2023 年度薪酬及延期激励发放方案 本议案已经公司董事会薪酬与考核委员会审议通过。 董事尚喜平、周晴、杜建国对本议案回避表决。 表决情况：同意 8 票，反对 0 票，弃权 0 票。 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 ...

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859.SH) [3] Core Views - Wangfujing's performance in Q3 2024 shows resilience in its outlet business, with certain subcategories performing well despite overall revenue decline [1] - The company is actively developing its duty-free business, which began operations in January 2023, contributing to its long-term growth strategy [1] - Adjustments to revenue and profit forecasts for 2024-2026 reflect ongoing challenges in offline consumption, with projected revenues of 113.3 billion, 119.2 billion, and 125.9 billion yuan respectively [1] Summary by Sections Financial Performance - For the first three quarters of 2024, Wangfujing reported revenues of 8.499 billion yuan, a year-on-year decrease of 8.27%, and a net profit of 427 million yuan, down 34.13% [1] - Q3 2024 alone saw revenues of 2.464 billion yuan, a decline of 14.61%, while net profit increased by 2.53% to 134 million yuan [1] - The company's gross margin in Q3 2024 was 38.29%, down 1.09 percentage points year-on-year, attributed to declining revenue and newly opened stores [1] Business Segments - The outlet segment showed a sales increase of 15.08% in Q3 2024, while department stores and shopping centers experienced declines of 19.66% and 4.86% respectively [1] - Digital product sales grew nearly 28%, and categories like outdoor sports and trendy fashion showed strong market performance [1] Cost and Profitability - The overall expense ratio increased by 2.63 percentage points to 31.57% in Q3 2024, with sales and management expenses rising [1] - Non-recurring gains significantly impacted profitability, with non-operating income of 950 million yuan in Q3 2024 compared to a loss of 10,000 yuan in the same period last year [1] Future Projections - The report projects a gradual recovery in revenue and profit, with net profits expected to reach 5.18 billion, 5.73 billion, and 6.38 billion yuan for 2024-2026 [1] - The current stock price corresponds to price-to-earnings ratios of 34.5, 31.2, and 28.0 for the respective years [1]

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， ...