Workflow
老百姓:2024年三季报点评:保存体力,增质提效

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 24.2 yuan [1]. Core Insights - The company reported a revenue of 16.23 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.2%, while the net profit attributable to shareholders decreased by 12.1% to 630 million yuan [1]. - Retail business remains stable despite a slowdown in revenue growth due to policy and consumption impacts, with retail revenue for the first three quarters reaching 13.31 billion yuan, up 1.7% year-on-year [1]. - The company continues to expand its franchise and distribution business, with franchise stores accounting for 33.9% of total stores as of Q3 2024, up from 32.4% at the end of 2023 [1]. - The gross margin improved by 0.9 percentage points to 32.9% in Q3 2024, driven by the strong promotion of the Torch project [1]. - The company expects net profit attributable to shareholders to be 820 million yuan in 2024, with a projected growth of 12% and 15% in the following years [2]. Financial Summary - Total revenue for 2023 was 22.437 billion yuan, with a projected increase to 22.891 billion yuan in 2024, reflecting a growth rate of 2.0% [2]. - The net profit for 2023 was 929 million yuan, expected to decrease to 820 million yuan in 2024, representing a decline of 11.7% [2]. - The company’s total assets are projected to grow from 21.231 billion yuan in 2023 to 22.894 billion yuan in 2024 [5].