Beijing Caishikou Department Store (605599) Soochow Securities·2025-04-30 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [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 attributable to shareholders of 719 million yuan, up 1.7% year-on-year. In Q1 2025, the company reported a revenue of 8.22 billion yuan, a growth of 30.2%, and a net profit of 320 million yuan, increasing by 17.3% year-on-year, indicating resilience in a challenging industry environment [7][8] - The performance of product categories varied, with strong growth in investment products. Revenue from gold jewelry, investment products, cultural products, and diamond jewelry was 5.47 billion, 12.91 billion, 1.56 billion, and 140 million yuan respectively, with year-on-year changes of -11.1%, +45.3%, +40.9%, and -34.3% [7] - The retail and e-commerce channels significantly contributed to overall revenue growth, with gold jewelry retail revenue increasing by 30.5% year-on-year [7] - The gross margin slightly decreased, while the net profit margin remained stable, with a gross margin of 8.9% in 2024 and 8.3% in Q1 2025 [7] - The company is advancing its digital transformation, with online channel revenue increasing to 30.88%, a year-on-year growth of 65.32% [7] - The profit forecast has been adjusted upwards, with net profit estimates for 2025 and 2026 raised to 781 million and 837 million yuan respectively, and a new estimate for 2027 at 890 million yuan. The latest closing price corresponds to a P/E ratio of 13 for 2025, indicating a low valuation [7][8]