Beijing Caishikou Department Store (SH:605599) Soochow Securities·2024-10-28 03:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company's net profit attributable to shareholders decreased by 13.96% year-on-year, with total revenue for the first three quarters reaching 15.345 billion yuan, a year-on-year increase of 24.06% [2] - The growth in revenue for Q3 was primarily driven by the investment gold bar business, although overall consumer demand remained weak, putting pressure on performance [2] - The increase in the proportion of gold bar products has led to a decline in gross margin, with Q3 gross margin at 8.67%, down 1.79 percentage points year-on-year [2] - The company has been steadily expanding its retail channels, adding 7 new direct-operated stores in Q3, with plans for 5 more stores in Beijing and Hebei by the end of 2024 [2] - The North China region remains the main revenue contributor, while the Northeast region showed significant growth, with a year-on-year increase of 1490.16% [2] - Due to the increased proportion of investment gold bars, profit margins are under pressure, leading to a downward revision of net profit forecasts for 2024-2026 [2] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 16,552 in 2023 to 20,901 in 2024, with a year-on-year growth rate of 26.27% [1][8] - Net profit attributable to shareholders is expected to decrease from 706.79 million yuan in 2023 to 677.51 million yuan in 2024, reflecting a decline of 4.14% [1][8] - The latest diluted EPS is projected to be 0.87 yuan per share in 2024, with a P/E ratio of 12.42 [1][8]