王府井：前三季度整体业绩下滑，免税表现亮眼

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 16.18 CNY for the next six months, which corresponds to a dynamic price-to-earnings ratio of 30x for 2024 [5][7]. Core Views - The company experienced a decline in overall performance in the first three quarters of 2024, with a revenue of 8.499 billion CNY, down 8.27%, and a net profit of 427 million CNY, down 34.13% [2]. - The market environment has been challenging, leading to a decrease in profitability, with a gross margin of 40.17%, down 4.95 percentage points, and a net margin of 5.17%, down 2.38 percentage points for the first three quarters of 2024 [3]. - Despite the overall decline, the duty-free segment showed strong performance, with a revenue increase of 68.62% to 204 million CNY, attributed to new duty-free operations at Harbin Taiping International Airport and Mudanjiang Hailang International Airport [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 8.499 billion CNY, down 8.27% - Net profit: 427 million CNY, down 34.13% - Non-recurring net profit: 359 million CNY, down 39.12% [2] - In Q3 2024, the company achieved: - Revenue: 2.464 billion CNY, down 14.61% - Net profit: 134 million CNY, up 2.53% - Non-recurring net profit: 39 million CNY, down 70.54% [2] Margin Analysis - The gross margin for the first three quarters of 2024 was 40.17%, down 4.95 percentage points, and the net margin was 5.17%, down 2.38 percentage points [3]. - In Q3 2024, the gross margin decreased to 38.29%, down 13.84 percentage points, while the net margin was 5.08%, down 0.28 percentage points [3]. Segment Performance - Revenue performance by segment for Q3 2024: - Department Store: 3.242 billion CNY, down 15.45% - Shopping Center: 2.254 billion CNY, down 1.58% - Outlets: 1.650 billion CNY, up 4.37% - Specialty Stores: 1.078 billion CNY, down 4.97% - Duty-Free: 204 million CNY, up 68.62% [4]. Future Projections - Revenue growth projections for 2024-2026 are estimated at -3.0%, 7.6%, and 6.5%, respectively, while net profit growth is projected at -13.7%, 28.8%, and 15.4% [5].