CBEST(SH:600729) EBSCN·2024-11-06 11:08Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 12.00% year-on-year, with a net profit attributable to the parent company down by 19.24% [1][4]. - The company is actively optimizing its offline store strategy and has introduced a "fresh + discount" model in supermarkets [3][4]. - The forecast for net profit for 2024, 2025, and 2026 has been revised down by 16%, 17%, and 17% respectively, reflecting the pressure on revenue and uncertain consumer recovery in Chongqing [4]. Summary by Sections Financial Performance - For 1-3Q2024, the company achieved an operating income of 13.004 billion yuan, a decrease of 12.00% year-on-year, and a net profit of 0.923 billion yuan, down 19.24% year-on-year [1]. - The gross profit margin for 1-3Q2024 was 25.94%, an increase of 0.17 percentage points year-on-year, while the expense ratio rose by 0.50 percentage points [1][2]. Store Optimization - The company opened 4 new stores and closed 12 stores in the first three quarters of 2024, resulting in a total of 273 stores by the end of Q3 2024 [3]. - The company is focusing on enhancing its department store format and has accelerated the development of city outlet and shopping center formats [3]. Profit Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 1.139 billion yuan, 1.191 billion yuan, and 1.254 billion yuan, respectively [4]. - The report indicates that the company is facing intense competition and uncertain consumer recovery, leading to the downward revision of profit expectations [4].