Beijing Caishikou Department Store (605599) Soochow Securities·2025-04-30 04:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 20.23 billion yuan in 2024, representing a year-on-year growth of 22.2%, and a net profit of 719 million yuan, which is a 1.7% increase [7] - In Q1 2025, the company reported a revenue of 8.22 billion yuan, up 30.2% year-on-year, and a net profit of 320 million yuan, reflecting a 17.3% increase [7] - The strong growth in investment products is a key driver, with gold investment products seeing significant demand due to rising gold prices and increased consumer interest [7] - The company is focusing on digital transformation, with online sales channels contributing to a 30.88% revenue share in Q1 2025, a 65.32% increase year-on-year [7] Financial Summary - Revenue projections for the company are as follows: 2023A: 16.55 billion yuan, 2024A: 20.23 billion yuan, 2025E: 22.58 billion yuan, 2026E: 25.02 billion yuan, 2027E: 27.64 billion yuan [1] - Net profit forecasts are: 2023A: 706.79 million yuan, 2024A: 719.01 million yuan, 2025E: 781.22 million yuan, 2026E: 837.43 million yuan, 2027E: 889.50 million yuan [1] - The latest closing price corresponds to a P/E ratio of 13 for 2025, indicating a relatively low valuation [7]