王府井：经营压力逐季度上行，培育新业务及新门店拖累业绩

Investment Rating - The investment rating for Wangfujing (600859) is "Accumulate" (maintained) [6] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue of 6.04 billion yuan, down 5.4% year-on-year, and a net profit of 290 million yuan, down 43.4% year-on-year [10][11] - The operating pressure is increasing quarterly, with a significant drop in same-store sales and overall consumer sentiment remaining weak [10][11] - Despite the current challenges, the report maintains a positive outlook for medium-term growth, supported by the company's multi-format development and ongoing transformation efforts [10][11] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 6.04 billion yuan, a year-on-year decrease of 5.4%, and a net profit of 290 million yuan, down 43.4% year-on-year [10][11] - In Q2 2024, revenue was 2.73 billion yuan, down 9.5% year-on-year, with a net profit of 90 million yuan, down 68.6% year-on-year [10][11] - The overall gross margin for H1 2024 was 40.9%, a decrease of 1.0 percentage points year-on-year, with all formats experiencing margin pressure [10][11] Business Environment - The retail sector is facing severe market conditions, with a general decline in consumer spending and confidence [10][11] - The company has seen a significant decline in revenue across various formats, particularly in department stores, while the duty-free segment is still in its early stages but showing growth [10][11] Future Outlook - The company is projected to generate revenues of 11.51 billion yuan, 12.60 billion yuan, and 13.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -5.8%, +9.5%, and +5.2% [10][11] - The net profit forecast for the same period is 560 million yuan, 798 million yuan, and 976 million yuan, with growth rates of -21.1%, +42.6%, and +22.2% [10][11] - The report expresses confidence in the company's medium-term growth potential due to its commitment to multi-format development and transformation [10][11]