Beijing Caishikou Department Store (SH:605599) Changjiang Securities·2024-09-12 01:42Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a revenue of 10.99 billion yuan for the first half of 2024, representing a year-on-year growth of 31.4%, while the net profit attributable to the parent company was 400 million yuan, a decline of 3.0% [2][3]. - The second quarter revenue reached 4.67 billion yuan, with a year-on-year increase of 41.3%, but the net profit attributable to the parent company fell by 28.3% [2][3]. - The increase in gold prices has stimulated investment demand, driving rapid growth in gold bar sales, although the gross profit margin has slightly declined [3]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 10.99 billion yuan in the first half of 2024, up 31.4% year-on-year, while the net profit decreased to 400 million yuan, down 3.0% [2][3]. - In Q2 alone, revenue was 4.67 billion yuan, reflecting a 41.3% increase year-on-year, but net profit dropped to 130 million yuan, a decline of 28.3% [2][3]. Sales Channels and Product Categories - The company opened 6 new stores in the first half of the year, bringing the total to 93 stores, with 84 in North China and 9 outside [3]. - Online sales reached 2.3 billion yuan, a 50% increase year-on-year, with the company entering 8 new online platforms and launching 17 online stores [3]. - The average gold price rose by 23% year-on-year, leading to a 72% increase in investment gold product consumption across the industry [3]. Strategic Initiatives - The company continues to expand its channels and product offerings, which has led to increased sales expenses, with Q2 sales expenses rising by 52% year-on-year [3]. - New product lines and collaborations, such as the series with Beihai Park, have contributed to sales growth [3]. - The company maintains a long-term strategy of direct sales and channel expansion, which is expected to enhance brand presence and market share [4]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.93, 1.05, and 1.16 yuan for the years 2024, 2025, and 2026, respectively [4].