ZSCBGCL(SZ:000715) EBSCN·2024-10-20 03:40Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite recent performance challenges [2][3][5]. Core Insights - The company reported a revenue of 566 million yuan for the first three quarters of 2024, a decrease of 7.85% year-on-year, and a net profit attributable to shareholders of 55 million yuan, down 30.89% year-on-year [1][3]. - The gross margin for the first three quarters of 2024 was 56.13%, an increase of 0.84 percentage points compared to the previous year, while the expense ratio rose by 7.50 percentage points to 42.04% [1][3]. - The company is actively enhancing its brand and membership systems to improve customer experience and retention amid competitive pressures and macroeconomic uncertainties [2][3]. Financial Performance Summary - For 1-3Q2024, the company achieved a revenue of 566 million yuan, a year-on-year decrease of 7.85%, and a net profit of 55 million yuan, translating to an EPS of 0.13 yuan, down 30.89% year-on-year [1][3]. - The gross margin for 1-3Q2024 was 56.13%, up 0.84 percentage points year-on-year, while the expense ratio increased to 42.04%, reflecting a rise in sales, management, and financial expenses [1][3]. - The company adjusted its EPS forecasts for 2024, 2025, and 2026 downwards by 7%, 15%, and 22% respectively, now projecting EPS of 0.18, 0.19, and 0.19 yuan [2][3]. Store and Membership Management - As of June 30, 2024, the company operated five stores, including one department store and four supermarkets, with a total area of 25.94 million square meters [2]. - The company is focusing on enhancing membership management through targeted marketing activities and community engagement to boost customer loyalty and conversion rates [2][3].