Investment Rating - The investment rating for Wangfujing (600859.SH) is upgraded to "Accumulate" [1][9]. Core Views - The 2023 annual report performance is near the midpoint of the forecast range, with a focus on "dividends + buybacks" reflecting a positive attitude from state-owned enterprises. The company achieved revenue of 12.224 billion yuan, a year-on-year increase of 13.19%, and a net profit attributable to shareholders of 709 million yuan, a year-on-year increase of 264.14% [1][4]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax), with a dividend payout ratio of 32% and a dividend yield of 1.60% [1][4]. - New tax-free and taxable projects have negatively impacted the company's performance in 2023, with estimated losses of approximately 450 million yuan affecting short-term operational performance [1][4]. Summary by Relevant Sections Financial Performance - In 2023, the company reported revenue of 12.224 billion yuan, up 13.19%, and a net profit of 709 million yuan, up 264.14%. The non-recurring profit was 635 million yuan, indicating a turnaround from losses [1][4]. - The company’s performance is estimated to have recovered only about 50% compared to 2019 levels, primarily due to gradual consumer recovery and losses from new projects [1][4]. Business Segments - The company's various business segments showed mixed results in 2023, with outlet revenue increasing by 35.09%, while supermarket revenue declined by 18.51% due to reduced scale and intensified competition [1][4]. - The new tax-free project in Hainan generated 187 million yuan in revenue, accounting for 1.53% of total revenue, but is still in the cultivation phase with expected cumulative losses exceeding 200 million yuan [1][5]. Future Outlook - The company has adjusted its earnings forecasts downward due to ongoing pressure in the overall consumption environment and the Hainan tax-free market. The EPS estimates for 2024-2026 have been revised to 0.74, 0.85, and 1.00 yuan, respectively [1][6]. - The company is expected to continue facing challenges from new projects under the new leasing standards, which have resulted in significant upfront costs [1][6].

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" due to the impact of new projects and the overall consumption environment [1][8][11]. Core Views - The company's 2023 revenue reached 12.224 billion yuan, an increase of 13.19%, while net profit attributable to shareholders was 709 million yuan, a significant increase of 264.14% [5][7]. - The new tax-free and taxable projects have negatively impacted the company's performance, with estimated losses of approximately 450 million yuan affecting short-term operations [6][7]. - The report anticipates that the new projects will continue to incur losses in 2024-2025, leading to a downward revision of the earnings per share (EPS) forecast to 0.74/0.85/1.00 yuan for 2024-2026 [1][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 12.224 billion yuan, with a same-store sales growth of 11.19% [5][6]. - The net profit for 2023 was 709 million yuan, reflecting a recovery from previous losses, while the non-recurring profit was 635 million yuan [5][6]. - The company plans to distribute a dividend of 2.00 yuan per 10 shares, with a dividend payout ratio of 32% and a dividend yield of 1.60% [5]. Project Performance - The new tax-free and taxable projects have been a drag on the company's performance, with losses estimated at around 450 million yuan in 2023 [6][7]. - The company opened new stores, including one outlet and two shopping centers, but these new projects are still in the cultivation phase and have significantly impacted profitability [7][8]. Future Outlook - The report projects a gradual recovery in the consumption environment, but the new leasing standards and high rental costs for long-term leases will continue to exert pressure on profitability [1][8]. - The EPS estimates for 2024-2026 have been revised downwards to 0.74, 0.85, and 1.00 yuan, respectively, reflecting the anticipated ongoing losses from new projects [1][8].

证券研究报告 公 2024年05月01日 司 报 告 王府井(600859) │ 行 业： 商贸零售/一般零售 公 投资评级： 增持（维持） 司 当前价格： 13.64元 非均衡式复苏延续，免税业态增速明显 季 目标价格： 18.83元 报 点 事件： 评 基本数据 公司发布 2024 年第一季度报告。24Q1 公司实现收入 33.1 亿元，同比- 总股本/流通股本(百万股) 1,135.05/1,093.47 1.7%；归母净利润为2.0亿元，同比-10.9%，扣非归母净利润为1.9亿元， 流通A股市值(百万元) 14,914.92 同比-13.7%。 每股净资产(元) 17.56 ➢ 非均衡式复苏延续，公司营收同比下滑 资产负债率(%) 50.01 2024年第一季度，消费市场规模有所回升，但业态恢复不均衡延续，服务 一年内最高/最低(元) 24.88/12.32 类消费显著好于商品类消费。从公司经营来看，有税方面，24Q1奥特莱斯 （收入同比增长9.5%）及购物中心（收入同比增长3.5%）业态仍有增长， 股价相对走势 修复速度明显快于百货（收入同比降低 11.3%）、超市（收入同比降低 王府井 沪深30 ...

商贸零售 | 证券研究报告 — 业绩评论 2024年4月29日 600859.SH 王府井 增持 Q1 业绩受新项目爬坡影响，奥莱业态表现优异 原评级：增持 市场价格:人民币 13.55 公司发布 2024 年一季报。24Q1 公司实现营收 33.08 亿元，同比-1.74%；归 板块评级:强于大市 母净利润2.02亿元，同比-10.86%；扣非归母净利润1.93亿元，同比-13.72%。 短期内公司业绩受新项目爬坡影响，中长期有税业务稳健增长，免税业务逐 步放量，维持增持评级。 股价表现 支撑评级的要点 10%  新业态、新门店尚处培育期，短期内对业绩形成压制。24Q1公司实现营 (1%) 收33.08亿元，同比-1.74%；归母净利润2.02亿元，同比-10.86%；扣非 (11%) 归母净利润1.93亿元，同比-13.72%。受市场环境影响，公司Q1营收同 (21%) 比小幅下降，同时由于公司新业态、新门店尚处于培育期，收入增幅尚 (32%) 不足以覆盖相对固定的成本费用支出，加之长租约高租金项目在租赁前 (42%) 期受新租赁准则影响较大，对业绩端产生一定影响。 ya 3M -2 n 3uJ -2 ...

证券代码：600859 股票名称：王府井 编号：临 2024－024 王府井集团股份有限公司 暨关联交易的补充公告 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。 王府井集团股份有限公司（以下简称"公司""本公司"或"王府井"）于 2024 年 4 月 20 日披露了《关于收购北京环汇置业有限公司部分股权及债权暨关 联交易的公告》（临 2024-013）。公司拟以现金 1,618.4007 万元收购控股股东北 京首都旅游集团有限责任公司（以下简称"首旅集团"）持有的北京环汇置业有 限公司（以下简称"环汇置业"或"标的公司"）15%股权，并同时以现金 86,273.55 万元收购首旅集团对标的公司截至评估基准日的相应债权本金及利息 部分，以实现投资运营通州文旅区商业配套综合体项目之目的。在上述股权和债 权收购完成后，公司将持有环汇置业 15%股权，根据环汇置业建设期和运营初期 资金需求，各股东将按所持环汇置业股权比例同时向其提供股东借款。除前述从 首旅集团受让的股东借款本金金额外，公司预计将继续向环汇置业提供 42,373 万 ...

2024年4月26日 公司研究 开展各类主题营销活动，一店一策加强百货门店转型 ——王府井（600859.SH）2024 年一季报点评 要点 买入（维持） 当 前价：13.55元 公司1Q2024营收同比减少1.74%，归母净利润同比减少10.86% 4月26日，公司公布2024年一季报：1Q2024实现营业收入33.08亿元，同比 作者 减少1.74%，实现归母净利润2.02亿元，折合成全面摊薄EPS为0.18元，同 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 比减少10.86%，实现扣非归母净利润1.93亿元，同比减少13.72%。 CAIA FRM 公司1Q2024综合毛利率下降1.58个百分点，期间费用率下降0.47个百分点 执业证书编号：S0930516050001 021-52523866 1Q2024公司综合毛利率为41.22%，同比下降1.58个百分点。 tangjiarui@ebscn.com 1Q2024公司期间费用率为29.06%，同比下降0.47个百分点，其中，销售/管 分析师：田然 理/财务费用率分别为13.34%/15.21%/0.51%，同比分别变化+0.07/ + ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.41 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company is experiencing better performance in new business formats, while offline consumption is still recovering [1]. - The financial performance for Q1 2024 shows a revenue of 3.308 billion CNY, a year-on-year decrease of 1.74%, and a net profit attributable to shareholders of 201 million CNY, down 10.86% year-on-year [1][6]. - The company is expected to maintain earnings per share (EPS) of 0.74 CNY, 0.87 CNY, and 0.93 CNY for the years 2024 to 2026 respectively, with a target price based on a 25x PE ratio [1][6]. Financial Summary - Revenue for 2024 is projected at 12.904 billion CNY, with a net profit of 836 million CNY, reflecting a significant increase from 709 million CNY in 2023 [6][8]. - The gross profit margin for Q1 2024 is reported at 41.2%, with a year-on-year decrease of 1.6 percentage points [1][6]. - The company’s net asset return rate is expected to rise from 1.0% in 2022 to 4.7% in 2025 [6][8]. Business Performance - The company’s new business formats, including outlet and duty-free operations, are showing strong growth, contributing significantly to overall performance [1][6]. - The duty-free segment continues to expand, with revenue growth expected to accelerate as new projects are developed [1][6]. - The company is focusing on enhancing service experiences and meeting diverse consumer needs, which is expected to stabilize and improve overall profitability [1][6].

[Table_Title] 证券研究报告 王府井（600859.SH）24Q1 业绩点评：新项目 公司研究 爬坡影响利润，免税业务同比高增 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年4月27日 [T王ab府le_井Sto（ck6A0n0d8R5a9n.kS] H） [T王ab府le井_S披um露m一ary季] 报：24 年 Q1 公司实现营收 33.08 亿元/同比-1.74%，归母 投资评级 — 2.02亿元/同比-10.86%，扣非1.93亿元/同比-13.72%，毛利率41.22%/-1.58pct， 上次评级 — 净利率6.31%/-0.6pct。 [T刘ab嘉le_仁A u社tho零r]& 美护首席分析师 收入端来看，商品消费恢复较慢，营收同比小幅下降，但免税、奥莱、购物 执业编号：S1500522110002 中心表现优秀： 联系电话：15000310173 邮 箱：liujiaren@cindasc.com 奥莱与购物中心满足体验、高性价比需求，展现较强韧性：1）24Q1奥莱实 现营收 5.88 亿元/+9.45%，毛利率 64.63%/-5 ...

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859) [1] Core Views - Wangfujing's Q1 2024 performance met expectations, with revenue of 3.308 billion yuan, a year-on-year decrease of 1.7%, and net profit attributable to the parent company of 202 million yuan, a year-on-year decrease of 10.9% [3] - The gross profit margin in Q1 was 41.2%, down 1.6 percentage points year-on-year, mainly due to the cultivation period of new projects and the impact of high-rent projects under the new leasing standards [3] - The Wanning duty-free project continues to grow, with revenue from the duty-free business reaching 120 million yuan, a year-on-year increase of 117% [3] - The company plans to repurchase shares worth 100-200 million yuan at a price not exceeding 17.50 yuan per share and will distribute a cash dividend of 227 million yuan, with a cash dividend ratio of 32% [3] - Wangfujing is expected to achieve net profit attributable to the parent company of 854 million yuan, 1.004 billion yuan, and 1.153 billion yuan in 2024-2026, with corresponding PE valuations of 18, 15, and 13 times [3] Financial Forecasts and Valuation - Revenue is expected to grow from 12.224 billion yuan in 2023 to 14.591 billion yuan in 2026, with year-on-year growth rates of 8.21%, 5.51%, and 4.54% respectively [2] - Net profit attributable to the parent company is expected to grow from 709.38 million yuan in 2023 to 1.153 billion yuan in 2026, with year-on-year growth rates of 20.40%, 17.53%, and 14.90% respectively [2] - EPS is expected to increase from 0.62 yuan in 2023 to 1.02 yuan in 2026 [2] - The P/E ratio is expected to decrease from 21.68 times in 2023 to 13.33 times in 2026 [2] Business Segments - In Q1 2024, revenue from department stores/shopping centers/outlets/supermarkets/specialty stores/duty-free businesses was 1.44 billion yuan, 670 million yuan, 590 million yuan, 80 million yuan, 380 million yuan, and 120 million yuan respectively, with year-on-year growth rates of -11%, 3.5%, 9.5%, -31%, -5%, and 117% [3] - The gross profit margins for these segments were 35%, 45%, 65%, 17%, 18%, and 18% respectively [3] Financial Position - The company's total assets are expected to increase from 41.122 billion yuan in 2023 to 44.677 billion yuan in 2026 [8] - The debt-to-asset ratio is expected to decrease from 50.30% in 2023 to 47.14% in 2026 [8] - The net cash flow from operating activities is expected to increase from 3.604 billion yuan in 2023 to 4.256 billion yuan in 2026 [9] Market Data - The closing price of Wangfujing's stock is 13.55 yuan, with a price-to-book ratio of 0.78 [5] - The total market capitalization is 15.379 billion yuan, and the circulating A-share market capitalization is 14.816 billion yuan [5] - The net asset per share is 17.38 yuan, and the total share capital is 1.135 billion shares [6]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,308,281,586.14, representing a decrease of 1.74% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 201,839,334.73, down 10.86% year-on-year[4]. - Basic earnings per share were CNY 0.178, reflecting an 11.00% decline compared to the previous year[4]. - Operating profit for Q1 2024 was ¥316,540,092.52, compared to ¥347,789,041.80 in Q1 2023, indicating a decline of 9.0%[18]. - Net profit for Q1 2024 was ¥327,520,556.68, down from ¥359,376,176.09 in Q1 2023, representing a decrease of 8.8%[18]. - Net profit for Q1 2024 was approximately $208.68 million, a decrease of 10.3% compared to $232.59 million in Q1 2023[19]. - The total comprehensive income attributable to the parent company for Q1 2024 was approximately $201.84 million, down from $226.43 million in Q1 2023, a decline of 10.8%[19]. Cash Flow - The net cash flow from operating activities decreased significantly by 56.28%, amounting to CNY 553,835,281.39[4]. - Cash flow from operating activities for Q1 2024 was $553.84 million, significantly lower than $1.27 billion in Q1 2023, indicating a decrease of 56.4%[20]. - Cash flow from investing activities generated a net inflow of $146.73 million in Q1 2024, compared to $158.76 million in Q1 2023, a decrease of 7.6%[21]. - The company reported a net cash outflow from financing activities of approximately $460.69 million in Q1 2024, compared to a net outflow of $381.73 million in Q1 2023[21]. - The company received $50 million in borrowings during Q1 2024, down from $80 million in Q1 2023, indicating a decrease of 37.5%[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 41,305,311,040.38, a slight increase of 0.45% from the end of the previous year[4]. - Total assets as of Q1 2024 amounted to ¥41,305,311,040.38, an increase from ¥41,121,633,967.35 in the previous year[17]. - Total liabilities for Q1 2024 were ¥20,655,734,847.01, slightly down from ¥20,682,813,681.41 in Q1 2023[17]. - Current liabilities decreased to ¥8,348,338,533.95 in Q1 2024 from ¥8,888,705,162.93 in Q1 2023, a reduction of 6.1%[16]. - The company reported a decrease in accounts payable to ¥2,584,244,093.94 in Q1 2024 from ¥2,882,649,761.49 in Q1 2023, a decline of 10.4%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 93,888[8]. - The largest shareholder, Beijing Capital Tourism Group, held 32.84% of the shares, totaling 372,776,396 shares[8]. Business Operations - The company experienced a significant reduction in cash flow from operating activities primarily due to decreased sales revenue[7]. - In Q1 2024, the company's overall operating revenue slightly decreased compared to the same period last year due to uneven recovery trends across various industries and consumption categories[11]. - The company's revenue from duty-free operations at Wangfujing International Duty-Free Port increased by 81% year-on-year, with customer traffic growing by 33%[11]. - The company is actively expanding its marketing efforts with new campaigns and collaborations, including a theme marketing event across 78 stores in 36 cities[11]. - The company is implementing a transformation strategy for its department stores to improve performance, with some stores already showing improved results[11]. Accounting Standards - The company has adopted new accounting standards effective January 1, 2024, which are not expected to have a significant impact on its financial condition or operating results[12].