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研報掘金丨方正證券:維持重慶百貨“強烈推薦”評級,全年收入表現符合預期
格隆匯 01-14 16:58

方正證券研報指出,重慶百貨(600729.SH)24Q4收入降幅收窄,全年收入表現符合預期。24年公司實現收入171.2億元,同比-10%,主因24年整體消費尤其是線下依然較為疲軟,市場競爭加劇。Q4收入同比-2%降幅顯著收窄。分業態看,百貨完成組織架構調整經營質量逐步提高;超市持續優化供應鏈模式創新成效明顯;電器受益國補政策銷售利潤再創新高;汽貿加快轉型調整經營結構明顯改善。短期公司元旦銷售額4.7億元,同比增長雙位數實現開門紅。全年來看後續消費雖仍面臨不確定性,但25年政策定調大力提振消費,公司作為重慶地區商超百貨龍頭,旗下百貨、超市、電器、汽貿多業態作為線下消費承接點有望顯著受益,其中25年國補已延續有望持續利好家電板塊。馬消有望實現穩健增長。綜上,預計公司25-26年利潤14.2、15.3億元,當前估值為8.7x具備安全邊際,維持公司“強烈推薦”評級。

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