CBEST(600729) Soochow Securities·2024-09-01 12:46Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a 2024 H1 revenue of 8.98 billion yuan, a year-on-year decrease of 11.6%, with a net profit attributable to shareholders of 712 million yuan, down 21.1% year-on-year [2] - The decline in revenue and the leverage effect of expenses led to a slight decrease in net profit margin [2] - The automotive trade business is under pressure, significantly impacting overall performance [2] - The company is focusing on strengthening its core capabilities and enhancing its competitive advantages [2] Financial Performance Summary - For 2024 H1, the company achieved a revenue of 8.98 billion yuan, with a net profit of 712 million yuan, and a non-recurring net profit of 705 million yuan [2] - The revenue for Q2 2024 was 4.13 billion yuan, a year-on-year decrease of 18.5%, with a net profit of 277 million yuan, down 28.9% year-on-year [2] - The gross margin for Q2 was 24.8%, with a net profit margin of 6.7% [2] - The automotive trade segment saw a revenue decline of 28.7% in H1 2024 [2] Business Segment Analysis - The company’s business is divided into retail and consumer finance segments, with the latter experiencing a larger decline [2] - The retail segment's non-recurring net profit was 370 million yuan, down 5% year-on-year [2] - The consumer finance segment contributed 332 million yuan in investment income, down 21% year-on-year [2] Strategic Initiatives - The company is implementing a "Joint Business Plan" to deepen strategic brand cooperation, achieving over 2.5 billion yuan in sales from this initiative [2] - Efforts to enhance supply chain efficiency and increase direct procurement are ongoing [2] - The company is expanding differentiated products and has increased the number of stores for its unique offerings [2] - Cost control measures have been effective in managing labor and rental expenses [2]