RAINBOW(002419) 长江证券·2024-11-15 01:07Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 9.05 billion yuan for the first three quarters of 2024, a year-on-year decline of 2.2%, and a net profit attributable to shareholders of 120 million yuan, down 47.3% year-on-year. In the third quarter alone, revenue was 2.93 billion yuan, a decrease of 3.0%, with a net loss of 35.51 million yuan compared to a profit of 9.93 million yuan in the same period last year [2][3]. - The sales performance in the third quarter showed relative stability, with effective cost control; however, the profit margin declined, leading to a net loss attributable to shareholders. The shopping center segment showed a sales increase of 2.8%, while department stores and supermarkets experienced declines of 12.8% and 4.1%, respectively. Overall sales decreased by 4.0% year-on-year [3]. - The company is advancing its transformation across various business formats, with a focus on digital empowerment. The total customer traffic across all channels increased by 8.8%, and the number of digital members reached 50 million. The shopping center segment is accelerating brand renewal and introducing trendy products, while the department store segment is adjusting its store formats [4]. Summary by Sections Financial Performance - For the third quarter, the company achieved a gross profit margin of 35.4%, a year-on-year decline of 1.2 percentage points. Total expenses for sales, management, R&D, and finance were 1.07 billion yuan, a decrease of 9% year-on-year, indicating good expense control [3]. - The company operates 41 shopping centers, 59 department stores, and 112 supermarkets, with a net increase of 1 department store and a net closure of 5 supermarkets compared to Q3 2023 [3]. Future Outlook - The company is expected to continue its dual-driven development strategy of industrial digitalization and digital industrialization, aiming for profit elasticity release as business formats mature. EPS is projected to reach 0.15, 0.17, and 0.21 yuan for 2024, 2025, and 2026, respectively [4].