CBEST(600729) 东吴证券·2025-01-14 10:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 171.2 billion yuan for 2024, with an adjusted year-on-year decrease of 9.9%. The net profit attributable to the parent company was 13.15 billion yuan, with an adjusted year-on-year increase of 0.5% [7] - In Q4 2024, the company achieved a revenue of 41.1 billion yuan, with an adjusted year-on-year decrease of 2%. The net profit attributable to the parent company was 3.92 billion yuan, reflecting a year-on-year increase of 137.5% [7] - The company has a stable main business with rapid growth in its consumer finance segment, which contributed approximately 700 million yuan in investment income in 2024, a year-on-year increase of 15.1% [7] - The implementation of national subsidies and other consumer incentives is expected to improve the company's performance in Q4 [7] - The company plans to renovate at least 38 stores in 2025, aiming to enhance operational efficiency and customer experience [7] - The profit forecast for the company has been adjusted upwards, with net profit estimates for 2024-2026 revised to 13.15 billion, 13.94 billion, and 14.63 billion yuan respectively [7] Financial Summary - Total revenue for 2022 was 18,304 million yuan, with a year-on-year decrease of 13.4%. In 2023, it increased to 18,985 million yuan, a growth of 3.72%. The forecast for 2024 is 17,116 million yuan, a decrease of 9.84% [1] - The net profit attributable to the parent company for 2022 was 883.38 million yuan, with a year-on-year decrease of 7.16%. In 2023, it rose to 1,314.83 million yuan, an increase of 48.84%. The forecast for 2024 is 1,314.63 million yuan, a slight decrease of 0.02% [1] - The latest diluted EPS for 2023 is 2.98 yuan, with forecasts of 2.98 yuan for 2024, 3.16 yuan for 2025, and 3.32 yuan for 2026 [1] - The P/E ratio based on the latest diluted EPS is 9.67 for 2023, with forecasts of 9.67 for 2024, 9.12 for 2025, and 8.69 for 2026 [1]