大商股份：东北商业龙头，盈利企稳回升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][8] Core Insights - The company is a leading player in the Northeast commercial sector, primarily focusing on department stores. It has a total of 107 stores, with a significant presence in key urban areas of Liaoning, Heilongjiang, Henan, and Shandong provinces [5][6] - The company's revenue for 2023 increased by 0.75% to 7.331 billion yuan, while the net profit attributable to shareholders decreased by 8.02% to 505 million yuan. However, the non-recurring net profit increased by 18.97% to 457 million yuan [6][7] - The company has a high self-owned property ratio, with 1.73 million square meters of self-owned property accounting for 49% of its total assets. It also offers a high dividend yield of 6% [6][8] Summary by Sections Company Overview - The company, originally established in 1937 and listed in 1993, operates primarily in the retail sector, focusing on department stores, supermarkets, and appliance chains. It has a total of 107 stores with a total building area of 3.53 million square meters [5][6] Financial Performance - Revenue and Profit: In 2023, revenue was 7.331 billion yuan, with a net profit of 505 million yuan. The first quarter of 2024 saw a revenue decline of 7.92% to 2.093 billion yuan, but net profit increased by 22.87% to 263 million yuan [6][7] - Gross Margin: The gross margin improved to 38.76% in 2023 and 43.80% in Q1 2024, reflecting effective cost management strategies [6][7] - Expense Ratios: The company has successfully reduced its sales, management, and financial expense ratios in both 2023 and Q1 2024 [6][7] Revenue Forecast - The company forecasts revenues of 6.973 billion yuan, 7.121 billion yuan, and 7.387 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 596 million yuan, 631 million yuan, and 673 million yuan [6][8][12] Valuation - The company is expected to trade at a PE ratio of 10-12 times for 2024, with a reasonable value range of 19.03 to 22.83 yuan per share [6][8][12]