重庆百货：点评：零售积极寻求变革，马上消费高基数下承压

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 8.98 billion yuan for H1 2024, 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 decline in revenue is primarily attributed to reduced customer traffic and sales in department stores, as well as risk control measures in the automotive trade segment [1][2]. - The company is actively pursuing retail transformation and has introduced new business models, such as discount stores and a new brand "Supermarket," which has shown promising early results [1][2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 8.98 billion yuan, with a breakdown of 4.85 billion yuan in Q1 and 4.13 billion yuan in Q2, reflecting year-on-year declines of 5.03% and 18.19%, respectively [1]. - The net profit for Q1 and Q2 was 435 million yuan and 277 million yuan, showing year-on-year decreases of 8.22% and 35.92% [1]. - The company’s revenue from different segments in the Chongqing region for H1 2024 was 1.215 billion yuan for department stores, 3.604 billion yuan for supermarkets, 1.657 billion yuan for electronics, and 2.226 billion yuan for automotive trade, with varying year-on-year growth rates [1]. Cost Management - The company has implemented cost control measures, resulting in a year-on-year decrease in sales, management, financial, and R&D expenses by 5.19%, 16.57%, 62.81%, and 40.96%, respectively [2]. - Specific initiatives include negotiating rent reductions and enhancing cash flow management [2]. Future Outlook - The revenue forecasts for 2024, 2025, and 2026 are projected to be 16.687 billion yuan, 17.236 billion yuan, and 17.733 billion yuan, with year-on-year changes of -12%, +3%, and +3% respectively [2]. - The net profit forecasts for the same years are 1.233 billion yuan, 1.292 billion yuan, and 1.353 billion yuan, with year-on-year changes of -6%, +5%, and +5% respectively [2].