CBEST(SH:600729) ZHESHANG SECURITIES·2025-10-31 13:58Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has shown initial success in its adjustments in the department store and supermarket sectors, with significant sales growth in several adjusted stores [7] - The company reported a Q3 2025 revenue of 3.589 billion yuan, a year-on-year decrease of 10.81%, while the net profit attributable to the parent company was 217 million yuan, an increase of 2.82% year-on-year [7] - The company is expected to achieve revenues of 15.12 billion yuan, 15.62 billion yuan, and 16.41 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.437 billion yuan, 1.553 billion yuan, and 1.693 billion yuan [7] Financial Summary - For Q3 2025, the company achieved a gross margin of 26.50%, an increase of 2.13 percentage points year-on-year [7] - The company’s earnings per share (EPS) for 2025 is projected to be 3.26 yuan, with a price-to-earnings (P/E) ratio of 8.34 [3][8] - The company’s operating cash flow for Q3 2025 was 515 million yuan, reflecting an increase of 11.66% year-on-year [7]