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研報掘金丨華鑫證券:重慶百貨業態調改穩步推進,維持“買入”評級
格隆匯 07-14 14:53

華鑫證券研報指出,重慶百貨業務結構持續優化,降本增效淨利逆勢提升。2025H1營收下滑主要系行業競爭加劇,汽貿傳統燃油車業務面臨嚴峻挑戰,公司加速向新能源汽車轉型。超市業態,公司穩步推進三大店型“生鮮+折扣”超級市集、品質超市、精緻生活館調改;同時拓展便利店模式,計劃未來3年力爭實現500家門店擴張,打造第二增長點。2025年超市計劃調改36家,截至6月累計完成24家(含2024年10家),調改後門店銷售及客流呈兩位數增長,坪效、人效核心經營指標均顯著提升。汽貿業態,公司加快新能源品牌網點佈局,推進“一店多品”新經營模式,目前汽貿一店多品場店佔總場店比例已超60%。隨着調改調優成果轉化,預計公司業績有進一步增長空間。公司固本拓新,超市業態調改成效顯著,汽貿轉型加速推進,在經營節奏調整下,線下客流重新回暖,同時公司推動組織優化升級,持續降本增效,預計利潤延續穩健增長。維持“買入”投資評級。

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