CCEG(SH:600697) EBSCN·2024-08-23 02:10Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in 1H2024 is in line with previous expectations, with a revenue increase of 0.46% year-on-year and a net profit increase of 16.47% year-on-year [1][4] - The company is exploring innovative marketing strategies and has opened a new chain supermarket in Jilin Province [3] - The company is focusing on fine management and has a strong competitive position in cities like Changchun [4] Summary by Sections Financial Performance - In 1H2024, the company achieved revenue of 3.654 billion yuan, a year-on-year increase of 0.46%, and a net profit of 14 million yuan, translating to a fully diluted EPS of 0.09 yuan, up 16.47% year-on-year [1] - The second quarter of 2024 saw revenue of 1.710 billion yuan, a 0.75% year-on-year increase, but a net profit of 1 million yuan, resulting in a fully diluted EPS of 0.01 yuan, down 69.06% year-on-year [1] Profitability Metrics - The company's overall gross margin in 1H2024 was 37.55%, down 6.00 percentage points year-on-year [2] - The expense ratio for 1H2024 was 30.52%, down 6.16 percentage points year-on-year, with specific changes in sales, management, and financial expense ratios [2] Business Segments - The revenue growth for the shopping center (department store) segment was the highest at 7.09% year-on-year, followed by the chain supermarket segment at 3.44% [3] - The real estate segment experienced a significant decline in revenue, down 93.12% year-on-year, primarily due to a substantial drop in income from a subsidiary [3] Future Outlook - The report maintains EPS forecasts for 2024, 2025, and 2026 at 0.14, 0.15, and 0.16 yuan respectively [4] - The company is actively innovating its marketing activities, including events like car exhibitions and esports competitions [3]