Beijing Caishikou Department Store (SH:605599)2024-10-29 03:49Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 15.345 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 24.06%, while the net profit attributable to shareholders decreased by 6.32% to 554 million yuan [4] - The company continues to expand its store network, adding 7 new stores in Q3 2024, with a total of 100 stores by the end of Q3, indicating a strong growth strategy [4] - Consumer sentiment is improving, leading to a resilient sales growth, with retail sales of gold and jewelry reaching 4.32 billion yuan in Q3 2024, up 9.17% year-on-year [4] - The gross margin for Q3 2024 was 8.67%, a decrease of 1.8 percentage points year-on-year, but it showed a quarter-on-quarter increase of 0.87 percentage points, indicating a potential recovery in profitability [4] Financial Summary - Total revenue is projected to reach 20.157 billion yuan in 2024, with a year-on-year growth rate of 21.8% [5] - The net profit attributable to shareholders is expected to be 673 million yuan in 2024, reflecting a decrease of 4.7% compared to the previous year [5] - The gross margin is anticipated to stabilize around 9.2% in 2024, with a gradual recovery expected in subsequent years [5]