CBEST(SH:600729) ZHESHANG SECURITIES·2025-09-02 13:07Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is implementing a "1+6+N" adjustment strategy in its department stores, with visible results from the ongoing renovations in various store formats [2] - The supermarket segment has seen a 15% increase in customer traffic and a 14.7% increase in POS sales after renovations, with a 23.4% increase in net gross profit [2] - The electrical appliance segment is upgrading its direct sales stores and has launched several new experience centers [2] - The automotive trade segment has adjusted nine stores to enhance the sales proportion of new energy vehicles [2] - The company's gross margin improved significantly to 28.43%, up 1.78 percentage points year-on-year, and down 5.33% in total operating costs [2] Financial Summary - In H1 2025, the company achieved operating revenue of 8.042 billion yuan, a year-on-year decrease of 10.45%, while net profit attributable to shareholders was 774 million yuan, an increase of 8.74% [8] - The company expects to achieve operating revenues of 17.493 billion yuan, 18.069 billion yuan, and 18.990 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.380 billion yuan, 1.481 billion yuan, and 1.590 billion yuan [9] - The projected P/E ratios for the next three years are 9.36, 8.72, and 8.12 respectively [9]