ZBJT(000759) 光大证券·2024-08-27 08:26Investment Rating - The report downgrades the company's rating to "Overweight" due to declining profitability and uncertainties in future earnings [4] Core Views - The company's revenue for 1H2024 decreased by 9.54% YoY to 5.711 billion yuan, with a net loss attributable to shareholders of -142 million yuan, compared to -20 million yuan in the same period last year [1] - The company's gross margin for 1H2024 dropped by 3.10 percentage points to 21.79%, while the operating expense ratio decreased by 0.45 percentage points to 23.56% [2] - The company closed 28 stores in 1H2024, bringing the total number of stores to 1,686, and is focusing on restructuring its community supermarket business and logistics resources [3] Financial Performance - The company's revenue for 2Q2024 decreased by 12.49% YoY to 2.45 billion yuan, with a net loss attributable to shareholders of -117 million yuan, compared to -16 million yuan in the same period last year [1] - The company's gross margin for 2Q2024 dropped by 3.57 percentage points to 21.59%, while the operating expense ratio increased by 1.51 percentage points to 26.02% [2] - The company's EPS for 1H2024 was -0.21 yuan, and the forecasted EPS for 2024/2025/2026 is -0.24/-0.11/-0.06 yuan, respectively [4][5] Operational Updates - The company is restructuring its community supermarket business by integrating it into its convenience store operations and optimizing logistics resources, including taking over the Chongqing logistics park [3] - The company's total store area is approximately 1.65 million square meters, with 192 hypermarkets, 1,470 community supermarkets and convenience stores, 7 department stores, and 17 appliance stores [3] Valuation and Market Data - The company's current share price is 2.83 yuan, with a total market capitalization of 1.926 billion yuan and a total share capital of 681 million shares [6] - The company's PB ratio is forecasted to be 0.9/0.9/1.0 for 2024/2025/2026, respectively [5] - The company's ROE (diluted) is forecasted to be -7.57%/-3.64%/-2.18% for 2024/2025/2026, respectively [5]