购物中心表现相对较好，超市业务持续优化，经营性利润实现良性增长。一季度公司营收实现33.4 亿元，同比小幅下滑1.3%，其中购物中心、百货、超市分别实现营收5.6、5.7、21.7 亿元，分别同比+10%、-7%、-2%。一季度购物中心和百货门店分别维持41 家、59家，超市净关店4 家至112 家，关店均为独立超市；同店维度，一季度购物中心、百货、超市同店营收分别同比+5.3%、-4.8%、-1.7%，利润总额分别同比+120%、-11%、-15%，购物中心利润总额占比提升至18.7%，综合来看购物中心由于新店成长迅速，叠加运营能力提升带来盈利能力不断改善，表现相对更优。超市业务中，客单量同比稳健增长2.6%，而客单价同比下滑4.5%，一季度CPI 仍处于低位或对客单价带来阶段性压制。一季度毛利率为36.95%，同比微幅收窄0.1pct，四项期间费用合计同比减少4%，经营性利润（毛利-营业税金-四费）实现1.7 亿元，同比增长19.4%，归母净利润下滑28.3%，主因去年同期资产处置收益为1.2 亿元带来较高基数。现金流方面，公司经营性净现金流入4.15亿元，同比增加2.4 亿元，收现比1.4，现金流情况稳健。Description of the event
The company released its 2024 quarterly report. In the first quarter, it achieved operating income of 3.34 billion yuan, a year-on-year decrease of 1.3%, and realized net profit to mother of 150 million yuan, a year-on-year decrease of 28.3%, and net profit without return to mother of 130 million yuan, a year-on-year decrease of 26.1%.
Incident comments
Shopping malls performed relatively well, supermarket business continued to be optimized, and operating profits achieved healthy growth. The company's revenue in the first quarter reached 3.34 billion yuan, a slight decrease of 1.3% year-on-year. Among them, shopping malls, department stores, and supermarkets achieved revenue of 5.6 billion yuan, 5.7 billion yuan, and 2.17 billion yuan respectively, +10%, -7%, and -2%, respectively. In the first quarter, shopping centers and department stores maintained 41 and 59 stores, respectively, and closed 4 to 112 stores, all of which were independent supermarkets; at the same store level, the revenue of shopping malls, department stores, and supermarkets in the first quarter was +5.3%, -4.8%, and -1.7%, respectively, and total profit was +120%, -11%, and -15%, respectively. The total profit share of shopping malls increased to 18.7%. Taken together, shopping malls continued to improve their profitability due to the rapid growth of new stores and increased operational capacity. In the supermarket business, the number of customer orders increased steadily by 2.6% year on year, while the customer unit price fell 4.5% year on year. The CPI was still low in the first quarter or brought phased pressure on customer unit prices. The gross margin for the first quarter was 36.95%, slightly narrowing by 0.1 pct year on year. Total expenses for the four periods decreased by 4% year on year, operating profit (gross profit - operating tax - four fees) reached 170 million yuan, up 19.4% year on year, and net profit to mother fell 28.3%, mainly due to asset disposal revenue of 120 million yuan for the same period last year leading to a high base. In terms of cash flow, the company's net operating cash inflow was 415 million yuan, an increase of 240 million yuan over the previous year, with a revenue ratio of 1.4 million. The cash flow situation was steady.
The company continues to promote the transformation and upgrading of various business formats. In the first quarter, the company continued to promote the upgrading and transformation of its shopping business, seizing important holidays such as the Spring Festival, Lantern Festival, and Women's Day to develop various marketing activities through omnichannel and multiple business formats; the supermarket business actively promoted internal changes, accelerated supply chain optimization and adjustment, and strengthened fine operations. The results gradually became apparent. Overall, the retail business achieved sales of 9.88 billion yuan, an increase of 1.1% over the previous year. In addition, the digital industrialization business is developing rapidly, and the technology subsidiary Smart Mathematics has signed new contracts with a number of major customers to continue to vigorously promote technological innovation, obtained 3 patent authorizations for inventions, and submitted 2 new patents pending.
Investment advice: The company actively empowers traditional retail businesses to improve quality and efficiency through digital capabilities, promote the transformation of the three major business formats, and continue to enhance brand influence. In 2024, the supermarket business will integrate the national supply chain, streamline SKUs, and create strategic single products. The shopping 100 business will focus on adjusting and upgrading 19 stores, building 9 benchmark stores for community living centers, and planning to open 3-4 new shopping centers. EPS is expected to be 0.22, 0.25, and 0.29 yuan respectively in 2024-2026, and corresponding PE valuations will be 21.8, 19.2, and 17.0 times, respectively, maintaining a “buy” rating.
Risk warning
1. The improvement in residents' income levels fell short of expectations, and spending intentions continued to be weak; 2. The new retail format disrupted the industry pattern.
