老凤祥（600612.SH）2023年年报及2024年一季报点评 23 年经营目标超额完成，24Q1 归母净利润同比+12% 2024年04月30日 ➢ 事件概述。2023年，实现营收714.36亿元，同比+13.37%；归母净利润为22.14亿元，同 推荐 维持评级 比+30.23%；扣非归母净利润21.56亿元，同比+24.83%。24Q1，营收为256.30亿元，同比+4.36%； 归母净利润为8.02亿元，同比+12.00%；扣非归母净利润为8.35亿元，同比+13.82%。 当前价格： 77.46元 ➢ 营业收入稳健上升，珠宝首饰及批发模式贡献主要营收。分行业看，23年，笔类收入2.24亿 元，同比+3.66%；珠宝首饰收入 581.36 亿元，同比+15.44%；黄金交易收入 12.75 亿元，同比 [Table_Author] +5.53%；工艺品销售收入0.58亿元，同比-37.16%；其他收入0.65亿元，同比-44.30%。分销售 模式看，批发模式收入543.04亿元，同比+14.35%；零售模式收入41.14亿元，同比+29.40%； 黄金交易收入127.50亿元，同比+5.53%。 ➢ ...

证券研究报告·公司点评报告·饰品 老凤祥（600612） 2023 年报&2024 一季报点评：2024Q1 归母 2024 年 04月 30日 净利同比+12%，金价上涨拉动盈利提升 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 谭志千 营业总收入（百万元） 63,010 71,436 82,353 95,835 111,228 执业证书：S0600522120001 tanzhq@dwzq.com.cn 同比（%） 7.36 13.37 15.28 16.37 16.06 归母净利润（百万元） 1,700 2,214 2,601 3,076 3,595 股价走势 同比（%） (9.38) 30.23 17.46 18.25 16.89 老凤祥 沪深300 EPS-最新摊薄（元/股） 3.25 4.23 4.97 5.88 6.87 17% P/E（现价&最新摊薄） 23.83 18.30 15.58 13.17 11.27 ...

证券研究报告 | 2024年04月30日 老凤祥（600612.SH） 买入 一季度业绩延续稳健表现，积极扩张承接行业需求增长 核心观点 公司研究·财报点评 2024年一季度归母净利润增长12%，高基数下整体表现稳健。公司2023年 商贸零售·专业连锁Ⅱ 营收714.36亿元，同比+13.37%，归母净利润22.14亿元，同比+30.23%， 证券分析师：张峻豪 证券分析师：柳旭 扣非净利润21.56亿元，同比+24.83%，与此前业绩快报数据一致。2024年 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn 一季度，公司营收同比+4.36%，归母净利润同比+12.0%，扣非净利润同比 S0980517070001 S0980522120001 +13.82%，在去年一季度高基数下延续稳健增长表现，预计受益黄金珠宝消 基础数据 费需求增长及金价上行。分红方面，公司拟每10股派发红利19.5元（含税）， 投资评级 买入(维持) 合计10.2亿元，占2023年归母净利润的46.07%。 合理估值 收盘价 77.46元 门店2 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in 2023 and Q1 2024 aligns with expectations, with revenue and net profit showing positive growth [5] - The company has initiated its third round of the "Double Hundred Action" to enhance its brand and product offerings [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 714.36 billion yuan, a year-on-year increase of 13.37%, and a net profit of 22.14 billion yuan, translating to a fully diluted EPS of 4.23 yuan, up 30.23% [2] - For Q1 2024, the company reported a revenue of 256.30 billion yuan, a year-on-year growth of 4.36%, and a net profit of 8.02 billion yuan, with a fully diluted EPS of 1.53 yuan, reflecting a 12.00% increase [2] Profitability Metrics - The company's overall gross margin for 2023 was 8.30%, up 0.72 percentage points year-on-year, while Q1 2024 saw a gross margin of 8.37%, an increase of 0.35 percentage points [3] - The period expense ratio decreased to 2.01% in Q1 2024, down 0.29 percentage points year-on-year [3] Business Expansion and Strategy - The company added 385 new stores in 2023, bringing the total to 5,994 stores globally, including 15 overseas [4] - The launch of the upgraded "Rare Product Private Consultation Center" aims to enhance high-end product sales and digital transformation initiatives [4] Earnings Forecast - The report maintains earnings per share (EPS) forecasts of 5.00 yuan for 2024, 5.75 yuan for 2025, and introduces a new forecast of 6.46 yuan for 2026 [5]

[Table_Title] 证券研究报告 老凤祥（600612.SH）2023&24Q1 点评：2023 年 公司研究 超额完成董事会目标，24Q1 高基数下稳健增 [Table_ReportType] 公司点评报告 长、利润略超预期 [老Ta凤bl祥e_（Sto6c0k0A6n1dR2a)] [Table_ReportDate] 2024年4月30日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2023&24Q1 业绩，2023 年实现营收 714.36 亿元，同增 上次评级 买入 13.37%，归母净利润22.14亿元，同增30.23%，扣非归母净利润21.56亿 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 元，同增24.83%，经营活动现金流净额72.12亿元，同增648.02%。24Q1 执业编号：S1500522110002 收入 256.30 亿元，同增 4.36%，归母净利润 8.02 亿元，同增 12%，扣非 联系电话：15000310173 归母净利润8.35亿元，同增13.82%，经营活动现金流净额40.81亿元，同 邮 箱：liujiaren@cinda ...

2023年年度报告 公司代码：600612 公司简称：老凤祥 900905 老凤祥B 老凤祥股份有限公司 2023 年年度报告 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥25,629,817,893.74, representing a year-on-year increase of 4.36%[4] - The net profit attributable to shareholders for Q1 2024 was ¥801,894,481.24, reflecting a growth of 12.00% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥834,662,346.86, an increase of 13.82% year-on-year[4] - The basic earnings per share for Q1 2024 was ¥1.5329, up by 12.00% year-on-year[4] - In Q1 2024, the company reported a net profit of ¥1,053,424,086.34, an increase of 10.2% compared to ¥955,973,107.14 in Q1 2023[23] - The total revenue from operating activities reached ¥27,363,963,176.12, up from ¥22,517,059,761.33 in the same period last year, reflecting a growth of 21.8%[26] - The company's operating profit was ¥1,404,313,409.28, compared to ¥1,269,117,106.26 in Q1 2023, marking an increase of 10.6%[23] - Total comprehensive income attributable to the parent company's owners was ¥803,959,033.58, compared to ¥716,282,051.98 in Q1 2023, an increase of 12.2%[24] Cash Flow - The net cash flow from operating activities decreased by 39.70%, amounting to ¥4,081,339,876.11[4] - Net cash flow from operating activities decreased by 2,687,580,954.35 yuan, a decline of 39.70%, due to higher cash payments for goods and services compared to cash received[12] - The company experienced a net cash inflow from operating activities of ¥4,081,339,876.11, down from ¥6,768,920,830.46 in the previous year, a decrease of 39.8%[26] - The net cash flow from financing activities increased to ¥3,619,528,831.41, up from ¥1,109,417,457.99 in the previous year, representing a significant growth[27] - The cash outflow from financing activities totaled ¥5,184,151,862.09, compared to ¥3,979,055,142.01 in the prior year, showing an increase of about 30.2%[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥32,678,278,648.56, which is a 34.29% increase from the end of the previous year[5] - The company's total assets increased to CNY 32,678,278,648.56 in Q1 2024, compared to CNY 24,333,847,842.95 in Q1 2023, representing a growth of 34.67%[20] - Current liabilities rose to CNY 17,901,233,906.54 in Q1 2024, compared to CNY 10,082,569,320.38 in Q1 2023, indicating a significant increase of 77.66%[20] - The company's total liabilities reached CNY 18,301,587,698.02 in Q1 2024, compared to CNY 10,598,757,357.73 in Q1 2023, marking an increase of 72.00%[21] - The total equity attributable to shareholders increased to CNY 12,377,941,228.91 in Q1 2024, up from CNY 11,573,982,195.33 in Q1 2023, a growth of 6.95%[21] Investments and Expenses - Research and development expenses rose to ¥9,474,405.65, up from ¥7,786,301.28, indicating a 21.7% increase year-over-year[23] - The company has ongoing investments in new technologies and product development, although specific figures were not disclosed in the report[22] - Investment income increased by 21,758,938.07 yuan, a growth rate of 33.97%, mainly due to reduced investment losses from financial liabilities[11] - The company reported investment losses of ¥42,286,252.43, an improvement from losses of ¥64,045,190.50 in the same quarter last year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,137[13] - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 220,171,793 shares, accounting for 42.09% of total shares[13] Future Outlook - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth opportunities[22]

股票简称：老凤祥 股票代码：600612 编号：临 2024-005 老凤祥 B 900905 2024 年 4 月 26 日 附：尹晔同志简历 尹晔：男，1973 年 4 月出生，本科。曾任上海市共青团黄浦区委青工部部 长、统战部部长、办公室主任，上海市黄浦区人民政府外滩街道办事处党办负 责人，上海市黄浦区南京东路街道办事处经济科科长、司法所所长。2014 年 10 月至 2016 年 11 月，担任上海市黄浦区南京东路街道办事处副主任，2016 年 12 月至 2021 年 9 月，担任上海市黄浦区南京东路街道党工委副书记（其间：2018 年 8 月至 2021 年 8 月，担任云南省普洱市景谷傣族彝族自治县县委常委、副县 长（市委组织部援外挂职））。2021 年 10 月至 2023 年 11 月担任公司党委副书记、 纪委书记、工会主席。2023 年 12 月起至今任公司工会主席。2022 年 6 月起至今 担任公司第十、十一届监事会副主席。 尹晔同志现任公司工会主席、监事会副主席，任职资格符合相关法律、法 规规定，不存在《公司法》《公司章程》中规定的不得担任公司监事的情形，不 存在上海证券交易所认定不 ...

股票简称：老凤祥 股票代码：600612 编号：临 2024-006 老凤祥 B 900905 三、投资者参加方式 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个别及连带责任。 老凤祥股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日发布公司 2023 年度报告。为进一步加强与广大投资者的沟通交流，公司将参加"2024 年 上海辖区上市公司年报集体业绩说明会"活动，现将有关事项公告如下： 一、说明会类型、时间、地点 本次 2023 年报集体业绩说明会活动将采取网络的方式举行，投资者可以登 录"上证路演中心"网站（https://roadshow.sseinfo.com）或关注微信公众号上证 路演中心参与活动，活动时间为 2024 年 5 月 10 日（周五）15:00 至 16:00。 二、参加人员 公司党委书记、董事长杨奕先生；公司副董事长、总经理黄骅先生；独立董 事马民良先生；财务总监凌晓静女士；董事会秘书邱建敏先生（如有特殊情况， 参会人员将可能调整）将通过网络文字互动在线交流形式与投资者就公司治理、 发展战略 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is a leading brand in the jewelry sector with a strong historical presence since 1848, benefiting from effective brand management and a focus on innovation [5][12]. - The company has demonstrated stable growth in revenue and net profit, with a projected revenue of 714 billion yuan in 2023, reflecting a year-on-year increase of 13.37% [12][6]. - The company has a robust channel management strategy, leveraging its strong brand to attract quality distributors and expand its market presence [12][13]. Summary by Sections 1. Brand Power and Channel Management - The company has a long-standing brand history and leads in national aesthetic trends, continuously enhancing its brand image through significant advertising investments and transitioning to specialty stores [12][13]. - The company has established a comprehensive supply chain and product category reserve, with production bases in Dongguan and Hainan, enhancing its innovation and product upgrade capabilities [12][31]. 2. Mechanism and Incentives - The company has undergone multiple rounds of equity reform to create effective incentives and a market-oriented assessment system, resulting in a higher per capita revenue compared to peers [12][13]. - The company has implemented a professional manager system across its subsidiaries, aiming for full coverage by the end of 2023 [12][13]. 3. Financial Projections and Valuation - The company forecasts revenues of 714 billion, 839 billion, and 980 billion yuan for 2023, 2024, and 2025 respectively, with net profits of 22.14 billion, 25.72 billion, and 28.89 billion yuan [6][12]. - The company is valued at 16-20 times PE for 2024, corresponding to a market capitalization range of 411-514 billion yuan, with a reasonable value range of 78.65-98.32 yuan per share [12][6].