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重庆百货:利润符合快报,业态调改升级

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company reported a 2024 H1 revenue of 8.98 billion yuan, a year-on-year decrease of 11.56%, and a net profit attributable to shareholders of 712 million yuan, down 21.06% year-on-year [1] - The company is focusing on dual-driven growth through its main business and investments, with ongoing operational efficiency improvements since 2018 [1] - The retail sector is undergoing adjustments with new business models being explored, including a "supermarket + discount" model [1] Summary by Sections Main Business Performance - In Q2 2024, the company had 274 offline retail stores, with a notable decline in automotive sales and a push for new business formats in supermarkets [1] - The "611 Department Store Festival" generated sales of 1.05 billion yuan, with a 12% increase in customer traffic year-on-year [1] - The supermarket segment achieved sales of 1.173 billion yuan, with 458 items reaching over a million sales [1] - The electrical appliance segment held the "12th Chongqing Appliance Festival," generating sales of 245 million yuan [1] - The automotive segment saw a decrease in store numbers and focused on promotional activities during the International Auto Show [1] Investment Performance - The consumer finance segment reported a net profit of 1.068 billion yuan in H1 2024, contributing 332 million yuan to the company's investment income, a decrease of 20.66% year-on-year [1] - The gross margin in Q2 2024 increased by 0.15 percentage points to 24.84%, while the expense ratio rose due to declining revenues [1] Financial Projections - Revenue projections for 2024-2026 are 17.403 billion yuan, 17.611 billion yuan, and 17.884 billion yuan respectively, with net profits of 1.295 billion yuan, 1.351 billion yuan, and 1.427 billion yuan [2] - The expected EPS for the same period is 2.94 yuan, 3.07 yuan, and 3.24 yuan, with corresponding valuations of 6.1X, 5.8X, and 5.5X [1][2]