Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company's net profit attributable to shareholders decreased by 46.2% year-on-year, with total revenue for the first three quarters at 52.582 billion yuan, down 15.28% year-on-year [2] - The increase in gold prices has affected the cash flow from franchisees, leading to a slight decline in gross and net profit margins [2] - The company plans to invest 840 million yuan in the Caoxi Road project, which aims to enhance its brand image and operational environment [3] - The company has adjusted its net profit forecasts for 2024-2026 downwards due to demand suppression from rising gold prices, but maintains a "Buy" rating as the stock is considered undervalued [4] Financial Performance Summary - For Q3 2024, the company reported total revenue of 12.623 billion yuan, a decrease of 41.89% year-on-year, and a net profit of 372 million yuan, down 46.2% year-on-year [2] - The overall gross margin for Q3 was 6.52%, a decrease of 0.98 percentage points year-on-year, while the net margin was 3.68%, down 0.57 percentage points year-on-year [2] - The company's revenue forecast for 2024 is 66.434 billion yuan, with a projected net profit of 2.036 billion yuan [4] Investment and Valuation Metrics - The latest closing price gives a P/E ratio of 14.40 for 2024, 13.05 for 2025, and 11.93 for 2026 [1][4] - The company's market capitalization is approximately 29.326 billion yuan, with a circulating A-share market value of about 17.777 billion yuan [6] - The company has a book value per share of 23.57 yuan and a debt-to-asset ratio of 40.08% [7]

Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 performance was under significant pressure, with revenue and net profit declining by 15.3% and 9.6% YoY respectively [1] - Gold price fluctuations and weak consumer demand were the core factors affecting sales [1] - The company's brand heritage and state-owned enterprise reforms are expected to drive recovery, with reasonable valuation supporting the "Buy" rating [1] Financial Performance - Q1-Q3 2024 revenue: 52.582 billion yuan (-15.3% YoY), net profit: 1.776 billion yuan (-9.6% YoY) [1] - Q3 2024 revenue: 12.623 billion yuan (-41.9% YoY), net profit: 372 million yuan (-46.2% YoY) [1] - 2024-2026 net profit forecast revised down to 2.024/2.180/2.388 billion yuan from 2.435/2.693/2.974 billion yuan [1] - Q1-Q3 2024 gross margin: 8.6% (+0.4pct YoY), Q3 gross margin: 6.5% (-1.0pct YoY) [2] - Q1-Q3 2024 net margin: 4.3% (+0.1pct YoY), Q3 net margin: 3.7% (-0.6pct YoY) [2] Industry and Market Conditions - July-September 2024 gold and jewelry retail sales declined by 10.4%/12.0%/7.8% YoY respectively [2] - High gold price volatility and cautious dealer inventory management impacted wholesale shipments [2] Brand and Product Strategy - Launched "Treasure Gold" and "Fengxiang Happy Events" series to rejuvenate the century-old brand [3] - Developed crossover collaborations, such as the "Lao Feng Xiang × Beast Gold Car Fragrance" which won the 2024 Shanghai Gold List Souvenir Award [3] - Expanded international presence with the opening of a Treasure Gold-themed store in Hong Kong in August 2024 [3] Valuation and Forecast - 2024-2026 EPS forecast: 3.87/4.17/4.56 yuan [1] - Current PE ratio: 14.5/13.5/12.3x for 2024-2026 [1] - 2024-2026 revenue forecast: 62.387/69.897/77.112 billion yuan [4] - 2024-2026 gross margin forecast: 8.6%/8.0%/8.0% [4] - 2024-2026 net margin forecast: 4.3%/4.2%/4.1% [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company's overall performance in the third quarter was under pressure, with a revenue of 52.582 billion yuan, a year-on-year decrease of 15.28%, and a net profit attributable to shareholders of 1.776 billion yuan, down 9.6% year-on-year. The third quarter alone saw a revenue of 12.623 billion yuan, down 41.89% year-on-year, and a net profit of 372 million yuan, down 46.2% year-on-year [1][5] - The company is actively promoting comprehensive reform plans, optimizing the tenure system and contractual management of subordinate enterprise managers, and advancing the implementation of the professional manager system [1][5] - The product structure changes have impacted the gross profit margin, which was 6.52% in the third quarter, down 0.98 percentage points year-on-year, primarily due to the increased proportion of low-margin gold trading business [1][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 52.582 billion yuan, a decrease of 15.28% year-on-year, and a net profit of 1.776 billion yuan, down 9.6% year-on-year. The net profit after deducting non-recurring items was 1.698 billion yuan, down 14.2% year-on-year [1][5] - In the third quarter, the company reported a revenue of 12.623 billion yuan, a decline of 41.89% year-on-year, and a net profit of 372 million yuan, down 46.2% year-on-year, with a non-recurring net profit of 239 million yuan, down 65.2% year-on-year [1][5] - The gross profit margin for the third quarter was 6.52%, impacted by the higher proportion of low-margin gold trading business [1][5] - The company’s operating cash flow for the first three quarters was 6.547 billion yuan, a decrease of 8.36% year-on-year [1][5] Future Outlook - The investment suggestion indicates that the gold category, with its advantages of value preservation and fashion attributes, is expected to gradually release terminal demand after gold prices stabilize. The company is also pushing for deeper state-owned enterprise reform to enhance operational efficiency [1][5][9] - The net profit forecasts for 2024-2026 have been adjusted to 1.989 billion yuan, 2.181 billion yuan, and 2.395 billion yuan, respectively, with corresponding P/E ratios of 14.8, 13.5, and 12.2 times [1][9]

Financial Performance - The company's operating revenue for Q3 2024 was ¥12,622,782,772.87, a decrease of 41.89% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥372,048,105.36, down 46.20% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥238,699,442.98, a decline of 65.25% compared to the previous year[2]. - Basic and diluted earnings per share for Q3 2024 were both ¥0.7112, reflecting a decrease of 46.20% year-on-year[3]. - The company's net profit attributable to shareholders decreased by 319,505,593.74 CNY, a decline of 46.20% compared to the same period last year[9]. - The operating revenue for the reporting period decreased by 9,099,701,327.05 CNY, a decline of 41.89% year-on-year[9]. - The company reported a revenue of CNY 52,581,666,118.68 for the first three quarters of 2024, down from CNY 62,066,041,294.97 in the same period of 2023, representing a decrease of approximately 15.5%[16]. - Total operating revenue for the first three quarters of 2024 was CNY 56,203,316,515.66, a decrease of 10.5% compared to CNY 62,827,741,558.64 in the same period of 2023[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥24,192,204,243.72, a decrease of 0.58% from the end of the previous year[3]. - The company's current assets totaled CNY 22,806,669,219.33, down from CNY 23,046,413,650.11 in the previous period[14]. - The company's total liabilities and equity amounted to CNY 24,192,204,243.72, consistent with the total assets reported[16]. - Total liabilities decreased to CNY 9,696,656,335.08 from CNY 10,598,757,357.73, reflecting a decline of approximately 8.5%[16]. - The balance of long-term borrowings decreased by 200,000,000.00 CNY, a decline of 100.00%, mainly due to reduced long-term borrowings by a subsidiary[8]. - The balance of non-current liabilities due within one year decreased by 895,308,579.75 CNY, a decline of 85.77%, primarily due to reduced long-term loans[8]. - The company's short-term borrowings decreased to CNY 5,062,576,487.69 from CNY 5,623,680,265.82, a reduction of about 10%[15]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥6,547,144,308.94, down 8.36% compared to the previous year[2]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 6,547,144,308.94, down 8.4% from CNY 7,144,077,822.02 in the same period of 2023[20]. - Cash inflow from financing activities totaled 11,758,850,949.88 CNY, up from 8,597,074,740.90 CNY year-over-year, reflecting increased borrowing[21]. - Cash outflow for debt repayment was 13,215,164,003.50 CNY, significantly higher than 8,893,181,846.06 CNY in the same period last year, indicating a rise in debt obligations[21]. - The net cash flow from financing activities was -3,258,677,434.14 CNY, worsening from -1,815,891,320.66 CNY in the previous year, highlighting increased financial strain[21]. - The company's cash and cash equivalents increased by 3,128,829,629.77 CNY, compared to an increase of 5,292,056,349.72 CNY in the prior period, showing a slowdown in cash growth[21]. - The ending balance of cash and cash equivalents reached 12,438,803,523.90 CNY, up from 10,865,172,580.91 CNY year-over-year, indicating overall liquidity improvement[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,580[11]. - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 42.09% of the shares[11]. - The equity attributable to shareholders increased by 6.55% year-on-year, reaching ¥12,332,142,915.43[3]. - The equity attributable to the owners of the parent company increased to CNY 12,332,142,915.43 from CNY 11,573,982,195.33, marking an increase of about 6.6%[16]. Other Financial Metrics - The company received government subsidies amounting to ¥195,594,227.24 during the reporting period, contributing to its non-recurring gains[4]. - Other income increased by 189,144,792.76 CNY, a growth of 1239.92% compared to the previous period, mainly due to increased government subsidies received[8]. - The company's credit impairment losses increased by 127,839,785.41 CNY, a growth of 834.67% compared to the previous period[8]. - The company executed new accounting standards starting in 2024, which may affect future financial reporting and performance metrics[21].

第十一届监事会第十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 股票简称：老凤祥 股票代码：600612 编号：临 2024-029 老凤祥 B 900905 老凤祥股份有限公司 表决情况：4 票同意、0 票反对、0 票弃权通过了该议案。 详细内容请参考同日登载在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上的《老凤祥股份有限公司关于子公司上海老凤祥有限公司进行固 定资产项目投资的公告》，公告编号 2024-030。 特此公告。 老凤祥股份有限公司 2024 年 10 月 30 日 备查文件 老凤祥股份有限公司（以下简称"公司"）第十一届监事会于 2024 年 10 月 29 日召开了第十三次会议。出席会议的监事应到 4 名，实到 4 名。会议由监事 会副主席陈漪主持，本次会议符合《公司法》及《公司章程》的规定。与会监事 审议并一致通过以下议案： 一、《公司 2024 年第三季度报告》 表决情况：4 票同意、0 票反对、0 票弃权通过了该议案。 详细内容请参考同日登载在上海证 ...

老凤祥 B 900905 股票简称：老凤祥 股票代码：600612 编号：临 2024-028 老凤祥股份有限公司 二、《关于子公司上海老凤祥有限公司进行固定资产项目投资的议案》 表决情况：9 票同意、0 票反对、0 票弃权通过了该议案。 详细内容请参考同日登载在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上的《老凤祥股份有限公司关于子公司上海老凤祥有限公司进行固 定资产项目投资的公告》，公告编号 2024-030。 特此公告。 老凤祥股份有限公司 第十一届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 老凤祥股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日向全体董事 发出会议通知，并在 2024 年 10 月 29 日如期召开了第十一届董事会第十三次会 议。出席会议的董事应到 9 名，实到 9 名（其中独立董事应到 3 名，实到 3 名）。 会议由杨奕董事长主持，公司监事及高管列席会议。本次会议的召开及程序符合 《公司法》及《公司章程》的规定。与会董事 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The performance of the gold jewelry industry is closely tied to gold prices, with long-term trends showing a positive correlation, although short-term fluctuations can significantly impact performance [2][38] - The company has a strong brand presence and recognition, which contributes to its resilience during market fluctuations [2][27] - The company has maintained a stable dividend policy, providing consistent returns to shareholders [2][36] Summary by Sections 1. Gold Price Trends - The gold price experienced a rapid increase from March to mid-April 2024, leading to consumer hesitation and a decline in jewelry sales growth from May to July [2][10] - In contrast, the gold price in 2023 showed a slower increase, positively impacting consumer demand and sales growth [10] 2. Industry Characteristics - The gold jewelry industry has high brand barriers and a stable market structure, with brand strength being a key factor in store expansion and market presence [2][15] - The business model primarily relies on a franchise system, minimizing inventory risk and allowing for quicker capital turnover [15] 3. Company Performance Review - The company has achieved an impressive cumulative stock return of approximately 862% over the past 15 years, driven by strong brand recognition and effective franchise partnerships [2][18] - Revenue growth has been significantly influenced by both gold price increases and aggressive store expansion strategies [22][24] 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 2.34 billion, 2.62 billion, and 2.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12, 11, and 10 [1][38] - The current P/E ratio is at a historically low level, suggesting potential for valuation recovery [2][20] 5. Market Position - The company has a strong market position, with a significant number of franchise stores and a well-established brand, which enhances its competitive edge [2][30][32] - The company’s ability to manage franchise relationships effectively contributes to its stable revenue growth [30]

证券代码：600612 证券简称：老凤祥 900905 老凤祥 B 老凤祥股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------------|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.68 CNY per share, compared to the current price of 50.30 CNY [5]. Core Views - The company reported a strong performance in Q2 2024, with a net profit of 6.02 billion CNY, a year-on-year increase of 8.07%, driven by rising gold prices that boosted gross margins [3]. - The company achieved a total revenue of 399.59 billion CNY in H1 2024, a slight decrease of 0.95% year-on-year, while the net profit increased by 10.28% [3]. - The company is expanding its market presence with new store formats and has opened 28 new stores in the first half of the year, bringing the total to 6022 stores [3]. Financial Summary - In Q2 2024, the company recorded a revenue of 143.29 billion CNY, down 9.22% year-on-year, but the gross margin improved to 10.71%, an increase of 1.57 percentage points [3]. - The jewelry segment saw a revenue decline of 3.95% to 341.96 billion CNY, while the gold trading segment experienced a significant revenue increase of 26% to 54.82 billion CNY [3]. - The company forecasts net profits of 23.8 billion CNY, 27.9 billion CNY, and 31.6 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 7.4%, 17.3%, and 13.3% [3][4].

Investment Rating - Strong Buy (Maintained) with a target price of 63.70 CNY, compared to the current price of 50.24 CNY [1] Core Views - The company achieved revenue/attributable net profit/non-GAAP attributable net profit of 39.96/1.40/1.46 billion CNY in H1 2024, with year-on-year changes of -1.0%/+10.3%/+12.9% respectively [1] - In Q2 2024, the company achieved revenue/attributable net profit/non-GAAP attributable net profit of 14.33/0.60/0.62 billion CNY, with year-on-year changes of -9.2%/+8.1%/+11.8% respectively [1] - The company's gross margin increased to 9.2% in H1 2024, up by 0.7 percentage points year-on-year, driven by rising gold prices [1] - The company's net profit margin reached 3.5% in H1 2024, up by 0.4 percentage points year-on-year [1] - The company's marketing network expanded to 6,022 stores (including 15 overseas stores) by Q2 2024, a net increase of 28 stores compared to the end of 2023 [1] Financial Performance - Revenue from domestic/overseas markets in H1 2024 was 39.53/0.278 billion CNY, with year-on-year changes of -1.1%/+4.8% respectively [1] - Revenue from jewelry/gold trading/pen/art product sales in H1 2024 was 34.196/5.482/0.107/0.015 billion CNY, with year-on-year changes of -4.0%/+26.0%/+9.9%/-78.4% respectively [1] - The company's sales/management/financial expense ratios in H1 2024 were 1.3%/0.7%/0.2%, with year-on-year changes of -0.1/+0.1/-0.04 percentage points respectively [1] Strategic Initiatives - The company is actively promoting brand upgrades with themes such as "Chinese culture, Chinese style, and Chinese charm" [1] - The company has launched new themed stores, including "Fengxiang Xishi" in the Yangtze River Delta region and a flagship store in Hubei Province [1] - The company is implementing a comprehensive reform plan, including the selection of professional managers for 13 subsidiaries, to optimize management and drive high-quality development [1] Financial Forecasts - The company's revenue is expected to reach 75.692/82.886/88.945 billion CNY in 2024E/2025E/2026E, with year-on-year growth rates of 6.0%/9.5%/7.3% respectively [2] - The company's attributable net profit is expected to reach 2.380/2.703/2.991 billion CNY in 2024E/2025E/2026E, with year-on-year growth rates of 7.5%/13.6%/10.7% respectively [2] - The company's EPS is expected to be 4.55/5.17/5.72 CNY in 2024E/2025E/2026E, with P/E ratios of 11/10/9X respectively [2] Valuation - The company's P/B ratios are expected to be 2.0/1.8/1.6X in 2024E/2025E/2026E respectively [2] - The company's EV/EBITDA ratios are expected to be 8/7/6X in 2024E/2025E/2026E respectively [7]