SBGCL(600827) 光大证券·2024-11-07 00:44Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue decrease of 8.31% year-on-year for the first three quarters of 2024, with a significant net profit increase of 366.88% year-on-year, primarily due to investment income from the issuance of the Huazhong Bailian Consumption REIT [1][3]. - The company’s comprehensive gross margin decreased by 1.15 percentage points year-on-year, while the expense ratio increased by 0.25 percentage points during the same period [1][2]. Summary by Sections Financial Performance - For 1-3Q2024, the company achieved a revenue of 21.617 billion yuan, a decrease of 8.31% year-on-year, and a net profit attributable to shareholders of 1.620 billion yuan, an increase of 366.88% year-on-year. The non-recurring net profit was 158 million yuan, down 45.25% year-on-year [1]. - In Q3 2024, the company reported a revenue of 6.444 billion yuan, a decrease of 10.91% year-on-year, and a net profit of 1.345 billion yuan, compared to 14 million yuan in the same period last year [1]. Cost and Expense Analysis - The comprehensive gross margin for 1-3Q2024 was 25.38%, down 1.15 percentage points year-on-year. In Q3 2024, the gross margin was 24.99%, down 1.44 percentage points year-on-year [1][2]. - The expense ratio for 1-3Q2024 was 23.55%, up 0.25 percentage points year-on-year, with specific rates for sales, management, finance, and R&D expenses being 16.06%, 7.44%, 0.02%, and 0.03% respectively [2]. Investment and Strategic Initiatives - The issuance of the Huazhong Bailian Consumption REIT on August 16, 2024, raised 2.332 yuan per share, totaling a net fundraising of 2.332 billion yuan, significantly contributing to the company's profit [3]. - The company is focusing on strengthening supply chain management and operational synergy, introducing differentiated competitive first stores, and enhancing support for venues, memberships, and promotions [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2024 has been raised by 202% to 0.92 yuan, while the forecasts for 2025 and 2026 have been lowered by 21% each to 0.26 yuan and 0.28 yuan respectively [4].