CBEST(600729)2024-11-03 01:42Investment 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]