Beijing Caishikou Department Store (SH:605599) Minsheng Securities·2024-08-31 14:30Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company achieved a revenue of 10.989 billion yuan in H1 2024, representing a year-on-year increase of 31.44%. However, the net profit attributable to shareholders decreased by 3.00% to 400 million yuan [2]. - The company continues to focus on a direct sales model, expanding its marketing network with 11 new offline stores opened in H1 2024, bringing the total to 93 stores across various regions [2]. - The gross margin for H1 2024 was 9.07%, down 2.42 percentage points year-on-year, primarily due to changes in product mix and increased sales of precious metal investment products [2]. Financial Performance Summary - Revenue and Profit Forecasts: - Expected revenues for 2024, 2025, and 2026 are projected at 21.555 billion, 24.455 billion, and 27.010 billion yuan, respectively, with growth rates of 30.2%, 13.5%, and 10.4% [3][4]. - Net profit attributable to shareholders is forecasted to be 750 million, 840 million, and 912 million yuan for the same years, with growth rates of 6.2%, 11.9%, and 8.5% [3][4]. - Key Financial Ratios: - The PE ratio is projected to decrease from 12 in 2023 to 9 by 2026, indicating a potentially more attractive valuation over time [4][6]. - The net profit margin for H1 2024 was 3.66%, down 1.29 percentage points year-on-year [2].