Beijing Caishikou Department Store (SH:605599) Haitong Securities·2024-11-14 03:49Investment Rating - The investment rating for the company is "Outperform the Market" [1] 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 was 554 million yuan, a decrease of 6.32% year-on-year [4][5] - In the third quarter of 2024, the company achieved a revenue of 4.356 billion yuan, an increase of 8.7% year-on-year, but the net profit decreased by 14% year-on-year to 154 million yuan [5] - The decline in profit margin is attributed to changes in product structure, with a gross margin of 8.67%, down 1.8 percentage points year-on-year [5][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.345 billion yuan and a net profit of 554 million yuan [4] - The third quarter revenue was 4.356 billion yuan, with a net profit of 154 million yuan [5] - The gross profit margin for the third quarter was 8.67%, reflecting a year-on-year decline of 1.8 percentage points [5] Store Expansion - The company opened 7 new offline stores in the third quarter of 2024, bringing the total number of stores to 100 [6] - Revenue from regions outside North China increased by 186% year-on-year, indicating a successful national brand expansion [6] Profit Forecast - The company is expected to achieve net profits of 663 million yuan, 725 million yuan, and 815 million yuan for the years 2024, 2025, and 2026 respectively [6][9] - The reasonable market value range for the company is estimated to be between 8.6 billion yuan and 10.6 billion yuan, with a target price range of 11.08 to 13.64 yuan per share [6]