证券代码：600729 证券简称：重庆百货 公告编号：临 2024-070 重庆百货大楼股份有限公司 关于公司股东权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次股东权益变动属于股东关联方之间内部资产重组，不触及对重庆百 货大楼股份有限公司（以下简称"公司"或"重庆百货"）的要约收购。 本次股东权益变动完成后，不会导致公司控股股东及实际控制人发生变 更，公司仍为无控股股东、无实际控制人企业。 本次股东权益变动交易尚未签订协议，最终能否实施并完成交易交割尚 存在不确定性。敬请广大投资者注意投资风险。 116,062,448 股，占公司总股本的 26.35%。公司为无控股股东、无实际控制人企 业。 为落实重庆市委六届四次五次六次全会精神及市委、市政府关于突出主责主 业强化核心功能整合优化改革攻坚的工作部署，渝富资本拟将持有公司 25.32% 股份变更至渝富控股名下；渝富资本将其所持渝富华贸 100%股权变更至渝富控 股。 本次股东权益变动完成后，渝富控股直接持有公司股份 111,540,705 股，占 公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 4.024 billion yuan in Q3 2024, a year-on-year decrease of 12.96%, with a net profit attributable to shareholders of 211 million yuan, down 12.43% year-on-year [5] - The decline in revenue is attributed to a weak consumer environment, high temperatures in Chongqing, and temporary power restrictions [5] - The company expects a narrowing of revenue decline or stabilization in Q4 2024, with projected net profits for 2024-2026 of 1.217 billion yuan, 1.344 billion yuan, and 1.464 billion yuan, respectively [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 24.36%, a decrease of 0.85 percentage points year-on-year [5] - The company opened one new appliance store and closed two automotive trade stores, ending the period with a total of 273 stores [5] - The overall gross margin for the first three quarters of 2024 was 25.94%, an increase of 0.25 percentage points year-on-year [5] Business Segments - Department store revenue in Q3 2024 was 451 million yuan, down 15.09% year-on-year, with a gross margin of 72.93% [5] - Supermarket revenue was 1.713 billion yuan, down 0.75% year-on-year, with a gross margin of 24.56% [5] - Appliance business revenue increased by 4.44% year-on-year to 759 million yuan, with a gross margin of 19.50% [5] - Automotive trade revenue decreased by 33.55% year-on-year to 1.050 billion yuan, with a gross margin of 5.00% [5] Regional Performance - Revenue in the Chongqing region decreased by 12.70% to 3.955 billion yuan, while revenue in the Sichuan region fell by 13.62% to 68.44 million yuan [5][7] Profitability Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 1.217 billion yuan, 1.344 billion yuan, and 1.464 billion yuan, respectively, with year-on-year growth rates of -7.4%, 10.4%, and 8.9% [5][6][11] Valuation - The estimated reasonable market value range for the company is between 11.1 billion yuan and 13 billion yuan, translating to a reasonable value per share of 25.25 to 29.58 yuan [5][8]

各位投资人大家晚上好我是这山的商社的分区林富杰那今天非常高兴就是给大家分享一下我们的重大推荐的标记重新买货 那我们的整个的就是核心的逻辑还是主要的周期的反转金融科技的弹性向上因为过去来讲的话前三季度还是受到一些特别样的一些影响啊铜电的压力是比较大的就包括百货啊超市这边所以整个上半年就是包括前三季度我们可以看到铜电的增长的压力还是比较大的这个是可以看到重庆百货的铜电的经营来讲的话也就出现了一个比较大的一个波动另外一个就是整个的 我们去看公司金融科技这边的话其实它是今年上半年因为高技术的原因也出现了一个小就是整个的这个就是红地的一个下降那三季度来讲的话其实整个增长还是比较快的有90%以上的增速所以在这个位置上面的话我们可以看到主业的一个灰素性的一个重变的预期来讲的话在四季度可以去观察一下重变的变化那我们 去看今年的应该说是相应的国庆期间的增长其实是非常亮丽的因为公司这边作为一个西南区域的零售龙头它其实也是在整个的同步授予克兰亚和克里克兰的回暖在积极加码一些促销活动销售在恢复增长我们可以看到国庆期间的话百货的销售成本增长20%电器增长77%气冒增长28% 当然从性来讲的话也在加码一句换新公司电器它作为一个相应的本地 ...

2024 年 11 月 6 日 公司研究 持续调改门店，超市推出"生鲜+折扣"模式 ——重庆百货（600729.SH）2024 年三季报点评 要点 公司 1-3Q2024 营收同比减少 12.00%，归母净利润同比减少 19.24% 公司公布 2024 年三季报：1-3Q2024 实现营业收入 130.04 亿元，同比减少 12.00%，实现归母净利润 9.23 亿元，同比减少 19.24%，实现扣非归母净利润 9.01 亿元，同比减少 12.12%。 单季度拆分来看，3Q2024 实现营业收入 40.24 亿元，同比减少 12.96%，实现 归母净利润 2.11 亿元，同比减少 12.43%，实现扣非归母净利润 1.96 亿元，同 比减少 9.12%。 公司 1-3Q2024 综合毛利率上升 0.17 个百分点，期间费用率上升 0.50 个百分点 1-3Q2024 公司综合毛利率为 25.94%，同比上升 0.17 个百分点。单季度拆分来 看，3Q2024 公司综合毛利率为 24.36%，同比下降 1.12 个百分点。 1-3Q2024 公司期间费用率为 19.56%，同比上升 0.50 个百分点，其中，销 ...

Investment Rating - The investment rating for Chongqing Department Store is "Buy" (maintained) [7] Core Views - Chongqing Department Store is a leading offline retailer in Chongqing, with same-store sales on the rise and new business formats opening up growth opportunities, while immediate consumption contributes marginally to growth [2] - The main business is recovering, with same-store sales improving quarter by quarter, driven by a recovering macroeconomic environment and promotional activities [3] - The company is benefiting from the "old for new" consumption policy, with significant sales growth in appliances and electronics [3] - The financial technology sector is expected to see continued high growth due to a lower base and improving economic conditions [4] - The market is overly concerned about the company's growth potential, but the management's proactive operational strategies and successful trials of new business formats are expected to drive performance [5] Summary by Sections Investment Highlights - The retail main business is recovering, with same-store sales expected to grow in Q4 due to improved consumer sentiment and promotional activities [3] - New business formats, such as discount fresh markets and lifestyle stores, are showing promising sales growth [3] - Immediate consumption is expected to continue its high growth trajectory due to a lower base from the previous year [4] Financial Forecasts and Valuation - Revenue projections for 2024-2026 are estimated at 184.72 billion, 189.62 billion, and 199.31 billion yuan, with corresponding net profits of 12.63 billion, 13.52 billion, and 15.08 billion yuan [10] - The company is currently valued at a low P/E ratio of 8X for 2024, with a target price of 34.39 yuan per share, indicating an upside potential of approximately 50% [10]

证券代码：600729 证券简称：重庆百货 公告编号：临 2024-069 重庆百货大楼股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 8 月 29 日，公司第八届五次董事会、第八届四次监事会审议通过 《关于回购注销部分限制性股票及调整回购价格的议案》, 公司独立董事对本次 回购注销事项发表同意的独立意见。2024 年 8 月 31 日，公司在《上海证券报》 《证券时报》和上海证券交易所网站（www.sse.com.cn）披露了《重庆百货大楼 股份有限公司第八届五次董事会决议公告》（公告编号：临 2024-058）、《重庆百 货大楼股份有限公司第八届四次监事会决议公告》（公告编号：临 2024-059）。 2024 年 9 月 13 日，公司在《上海证券报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）披露了《重庆百货大楼股份有限公司关于回购注销部分限制 性股票及调整回购价格的公告》（公告编号：临 2024-063）等公告。 根 ...

金杜律师事务所 KING&WCOD MALLESONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编：100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Beijing, 100020 P.R. China T +86 10 5878 5588 +86 10 5878 5566 www.kwm.com 记录、资料和证明,并就本次回购注销所涉及的相关事实和法律事项进行了适当 核查。 北京市金杜律师事务所 关于重庆百货大楼股份有限公司 2022年限制性股票激励计划 回购注销部分限制性股票相关事项的法律意见书 致:重庆百货大楼股份有限公司 北京市金杜律师事务所（以下简称本所）受重庆百货大楼股份有限公司（以 下简称公司或重庆百货）委托,根据《中华人民共和国公司法》(以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股权激励管理办法》（以下简称 《管理办法》）等法律、行政法规、部门规章和其他 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Department Store (600729) [6][6][6] Core Views - The company reported Q3 2024 results that met expectations, with revenue of 13.004 billion yuan for the first three quarters, a year-on-year decline of 12%, primarily due to high temperatures and power restrictions in Chongqing, along with weak consumer sentiment [6][6] - The company is focusing on improving product offerings and driving growth in the electrical appliance sector through trade-in programs, which have led to a significant increase in customer traffic and sales [6][6] - The report highlights a decrease in gross margin in Q3, but an increase in investment income has contributed to profit improvement [6][6] - The company is actively promoting various sales events and has seen strong performance in its fresh discount stores [6][6] Summary by Sections Market Data - Closing price: 22.02 yuan - One-year high/low: 33.00/16.91 yuan - Price-to-book ratio: 1.4 - Dividend yield: 6.16% - Circulating A-share market value: 4,149 million yuan [3] Financial Summary - Total revenue for 2023: 18,985 million yuan - Expected revenue for 2024: 17,044 million yuan, with a year-on-year decline of 10.2% - Net profit for 2023: 1,315 million yuan, expected to decline to 1,246 million yuan in 2024 [7][9] - Gross margin for 2024: 26.0% [7] Operational Highlights - The company has a diversified business model with 50 department stores, 149 supermarkets, 42 electrical appliance stores, and 32 automotive trade outlets as of Q3 2024 [6] - The company has launched significant promotional activities, achieving over 130 million yuan in sales during the National Day holiday [6][6] - The fresh discount store model has shown promising results, with sales increasing significantly during the holiday period [6][6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's main business has faced operational pressure, with a year-on-year revenue decline of 12.00% in the first three quarters of 2024, totaling 13.004 billion yuan, and a net profit decrease of 19.24% to 0.923 billion yuan [1] - Investment income has shown significant improvement, with a 94.62% year-on-year increase in Q3 2024, contributing 0.147 billion yuan [1] - The company is focusing on dual-driven growth through its main retail business and investment operations, with ongoing reforms since 2018 to enhance operational efficiency [1] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 4.024 billion yuan, down 12.96% year-on-year, and a net profit of 0.211 billion yuan, down 12.43% [1] - The company's gross margin decreased by 0.85 percentage points to 24.36% due to increased promotional activities and a decline in overall revenue [1] - The total operating expenses ratio increased by 1.30 percentage points to 20.68% in Q3 2024 [1] Revenue and Profit Forecast - Projected revenues for 2024-2026 are 16.82 billion yuan, 17.15 billion yuan, and 17.98 billion yuan respectively, with net profits expected to be 1.236 billion yuan, 1.317 billion yuan, and 1.423 billion yuan [2] - The estimated EPS for the same period is 2.81 yuan, 2.99 yuan, and 3.23 yuan, with corresponding P/E ratios of 7.9X, 7.4X, and 6.8X [2] Market Position - The company is recognized as a leading retail player in Southwest China, actively pursuing digital transformation and innovative business models [1]

Investment Rating - The report maintains an "Overweight" rating for Chongqing Department Store (600729) with a target price of CNY 25.56, unchanged from the previous rating [5] Core Views - Q3 performance was impacted by external factors and high temperatures, but the company's subsidiary, Ma Xiao, showed improvement [3] - The company's fresh discount stores are performing well and are expected to drive a new round of growth [3] - The report is optimistic about the continuous optimization of stores and the potential of fresh discount stores to boost growth [3] Financial Performance - Q3 revenue was CNY 4.02 billion, down 13% YoY, with net profit attributable to shareholders at CNY 211 million, down 12.4% YoY [10] - Gross margin for the first three quarters was 25.9%, up 0.25 pct YoY, while net margin was 7.1%, down 0.649 pct YoY [10] - Operating cash flow for the first three quarters was CNY 1.52 billion, down 5% YoY, but Q3 operating cash flow increased by 15% YoY to CNY 461 million [10] Store Optimization and Business Segments - The company added 4 new stores (1 supermarket, 2 appliance stores, and 1 auto trade store) and closed 12 stores (3 supermarkets, 1 appliance store, and 7 auto trade stores) in the first three quarters [10] - As of Q3, the company had a total of 273 stores (50 department stores, 149 supermarkets, 42 appliance stores, and 32 auto trade stores) [10] - The appliance segment benefited from the government's trade-in policy, with sales increasing by over 70% since the policy was implemented [10] Growth Drivers - The company launched its 5th Chongqing Department Store Shopping Festival on October 30, 2024, focusing on "good markets, good products, and good prices" [10] - The company's fresh discount stores have shown strong performance, with daily transaction volume increasing by 49% and transaction frequency by 74% as of the end of September [10] - The first "fresh + discount" super market opened with a sales increase of 580% on the first day, and sales during the National Day holiday increased by 32% [10] Financial Forecast - Revenue for 2024 is expected to be CNY 18.27 billion, down 3.8% YoY, with net profit attributable to shareholders at CNY 1.25 billion, down 4.9% YoY [11] - EPS for 2024-2026 is forecasted to be CNY 2.84, CNY 3.07, and CNY 3.31, with growth rates of -5%, 8%, and 8% respectively [10]