Beijing Caishikou Department Store (605599) 东吴证券·2024-10-28 02:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In Q3 2024, the company's net profit attributable to shareholders decreased by 13.96% year-on-year, while total revenue for the first three quarters reached 15.345 billion yuan, up 24.06% year-on-year [2] - The growth in revenue for Q3 was primarily driven by the increase in investment gold bar sales, although overall consumer demand remained weak, putting pressure on performance [2] - The company's gross margin decreased to 8.67%, down 1.79 percentage points year-on-year, while the net profit margin was 3.57%, down 0.91 percentage points year-on-year [2] - The company opened 7 new direct stores in Q3 2024, with plans to add 5 more stores in Beijing and Hebei by H1 2025 [2] - The North China region remains the main revenue contributor, while the Northeast region showed significant growth of 1490.16% year-on-year [2] - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down from 740 million, 840 million, and 940 million yuan to 680 million, 740 million, and 840 million yuan respectively [2] Financial Performance Summary - Total revenue (in million yuan) is projected to be 20,901 in 2024, 23,540 in 2025, and 26,160 in 2026, with year-on-year growth rates of 26.27%, 12.63%, and 11.13% respectively [1][8] - The net profit attributable to shareholders (in million yuan) is expected to be 677.51 in 2024, 743.03 in 2025, and 836.27 in 2026, with year-on-year growth rates of -4.14%, 9.67%, and 12.55% respectively [1][8] - The latest diluted EPS is projected to be 0.87 in 2024, 0.96 in 2025, and 1.08 in 2026 [1][8] - The P/E ratio based on the latest closing price is 12 for 2024, 11.33 for 2025, and 10.06 for 2026 [1][8]