Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 68.04 CNY based on an 18x PE valuation for 2024 [2][3] Core Insights - The company reported a revenue of 52.582 billion CNY for the first three quarters of 2024, a year-on-year decline of 15.3%, and a net profit attributable to shareholders of 1.78 billion CNY, down 9.6%. In Q3 alone, revenue and net profit fell by 41.9% and 46.2% respectively, which was below market expectations [1] - High gold prices have suppressed end-user demand, with SGE gold T+D prices reaching 595.2 CNY per gram by the end of September 2024, marking an increase of 8.3% since early July and 24% since early January. This has led to a noticeable wait-and-see attitude among consumers, resulting in decreased enthusiasm among distributors [1] - The company's gross margin in Q3 2024 decreased by 1 percentage point to 6.5%, attributed to a higher proportion of revenue from gold trading and the company's decision to offer discounts to distributors. Selling and administrative expense ratios increased by 0.3 and 0.6 percentage points year-on-year, likely due to slower revenue growth [1] - The inventory turnover days for the first three quarters were 53 days, a decrease of 3 days year-on-year. The net cash inflow from operating activities in Q3 2024 was 1.43 billion CNY, compared to a net outflow in the same period last year [1] - Looking ahead, the report anticipates that as gold prices stabilize, end-user consumption demand is expected to gradually recover. The company is seen to have long-term competitive advantages due to its "century-old brand heritage and quality distributor resources," and internal operational improvements are expected to further enhance operational potential [1] Financial Forecast and Adjustments - Based on the Q3 report, the earnings forecast has been adjusted, with expected earnings per share for 2024, 2025, and 2026 projected at 3.78 CNY, 4.37 CNY, and 4.88 CNY respectively, down from previous estimates of 4.49 CNY, 4.94 CNY, and 5.47 CNY [2][6]

Investment Rating - The report maintains a "Recommend" rating for the company [3][5] Core Views - The company's Q3 2024 performance was impacted by high gold prices, leading to a decline in terminal consumption and a year-on-year drop in profits [2][3] - The company's revenue for Q1-Q3 2024 was RMB 52.582 billion, down 15.28% YoY, with net profit attributable to the parent company at RMB 1.776 billion, down 9.60% YoY [3] - In Q3 2024, the company's revenue was RMB 12.623 billion, down 41.89% YoY, with net profit attributable to the parent company at RMB 372 million, down 46.20% YoY [3] - The company's gross margin narrowed and expense ratios increased in Q3 2024, leading to a decline in net profit margin [3] - The company's product craftsmanship, channel expansion, and brand potential continue to improve, with a "five-in-one" marketing model and a deep marketing network [3] - The company is expected to achieve revenues of RMB 62.851 billion, RMB 68.073 billion, and RMB 73.315 billion in 2024-2026, with YoY growth rates of -12.0%, +8.3%, and +7.7%, respectively [3] Financial Performance Summary - The company's revenue for 2023 was RMB 71.436 billion, with a growth rate of 13.4%, and is expected to decline by 12.0% in 2024 [4][6] - Net profit attributable to the parent company in 2023 was RMB 2.214 billion, with a growth rate of 30.2%, and is expected to decline by 8.7% in 2024 [4][6] - The company's EPS in 2023 was RMB 4.23, and is expected to be RMB 3.86 in 2024 [4][6] - The company's PE ratio in 2023 was 12, and is expected to be 13 in 2024 [4][6] - The company's PB ratio in 2023 was 2.3, and is expected to be 2.1 in 2024 [4][6] Industry Overview - In Q1-Q3 2024, national gold consumption was 741.73 tons, down 11.18% YoY, with gold jewelry consumption at 400.04 tons, down 27.53% YoY [3] - Gold bar and coin consumption in Q1-Q3 2024 was 282.72 tons, up 27.14% YoY, driven by the rapid development of e-commerce models such as live streaming and instant retail [3] - In Q3 2024, gold prices remained high and volatile, leading to a decline in physical gold consumption, while gold bar and coin consumption continued to grow significantly [3] Product and Channel Strategy - The company's "gold and silver fine workmanship" is exquisite, with product design showcasing "unique craftsmanship" [3] - The company employs a "five-in-one" marketing model, with a deep marketing network layout, focusing on self-operated silver buildings, joint ventures, general distributors, dealers, and specialty stores [3] - The company leverages its "century-old golden brand" to continuously enhance brand potential, with a complete industrial chain from source procurement to design, production, and sales [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company experienced a significant decline in revenue and net profit in Q3 2024, with revenue down 42% to 12.6 billion yuan and net profit down 46% to 370 million yuan due to fluctuations in the consumer environment and high gold prices [1]. - Despite the challenging market conditions, the company is actively expanding its market presence and enhancing its R&D capabilities, opening 28 new stores in the first half of 2024 [2]. - The company’s operational efficiency remains robust, with a significant reduction in accounts receivable and inventory levels, indicating effective cash flow management [2]. - Looking ahead, the company is expected to see an overall decline in performance for 2024, with a projected net profit of 2 billion yuan, down 8.4% year-on-year [3]. Summary by Sections Financial Performance - For Q1 to Q3 2024, the company reported a total revenue of 52.58 billion yuan, a year-on-year decrease of 15.3%, and a net profit of 1.78 billion yuan, down 9.6% [1]. - The gross margin for Q3 2024 decreased by 1 percentage point to 6.5%, while the net profit margin fell by 0.2 percentage points to 2.9% [1]. Market Expansion and R&D - The company has opened 28 new stores, bringing the total to 6022, and is focusing on themed stores and specialized supply meetings to boost sales [2]. - The establishment of the Hainan Creative Center is expected to enhance the company's R&D capabilities and support its international market entry [2]. Cash Flow and Inventory Management - As of Q3 2024, accounts receivable decreased by 55% to 2.94 billion yuan, and inventory decreased by 8% to 6.55 billion yuan, indicating improved cash flow management [2]. - The operating cash flow for the first three quarters of 2024 was 6.55 billion yuan, reflecting an 8.4% decline year-on-year, consistent with revenue and profit trends [2]. Earnings Forecast - The company’s earnings forecast for 2024-2026 has been adjusted to 2.028 billion yuan, 2.269 billion yuan, and 2.431 billion yuan respectively, with a projected P/E ratio of 15 times for 2024 [3][4].

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] - The basic earnings per share for Q3 2024 was ¥0.7112, reflecting a decrease of 46.20% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 52,581,666,118.68, a decrease of 15.1% compared to CNY 62,066,041,294.97 in the same period of 2023[17] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 1,775,857,661.63, down 9.6% from CNY 1,964,467,157.75 in Q3 2023[20] - Operating profit for Q3 2024 was CNY 3,043,749,740.38, a decrease of 13.4% compared to CNY 3,515,169,206.20 in Q3 2023[19] - Total comprehensive income for Q3 2024 was CNY 2,286,958,974.86, compared to CNY 2,615,338,353.44 in Q3 2023, reflecting a decrease of 12.5%[20] - Basic earnings per share for Q3 2024 were CNY 3.3948, down from CNY 3.7553 in Q3 2023[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥24,192,204,243.72, a slight decrease of 0.58% from the end of the previous year[3] - Current assets totaled CNY 22,806,669,219.33 as of September 30, 2024, down from CNY 23,046,413,650.11 at the end of 2023, reflecting a decrease of 1.04%[15] - The company's total assets stood at CNY 24,192,204,243.72, slightly down from CNY 24,333,847,842.95[16] - Total liabilities decreased to CNY 9,696,656,335.08 from CNY 10,598,757,357.73, a decline of 8.5%[17] - The company's long-term borrowings decreased by 100.00%, with a reduction of 200,000,000.00 CNY compared to the beginning of the period[9] - Short-term borrowings decreased to CNY 5,062,576,487.69 from CNY 5,623,680,265.82, a reduction of 10%[16] 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[3] - The net cash flow from operating activities for the first nine months of 2024 was CNY 6,547,144,308.94, down 8.3% from CNY 7,144,077,822.02 in the same period of 2023[22] - The company's cash flow from investing activities decreased by 175.86%, with a reduction of 99,723,823.91 CNY compared to the same period last year[10] - The company's cash flow from financing activities decreased by 79.45%, amounting to a reduction of 1,442,786,113.48 CNY compared to the same period last year[10] - The net cash flow from investing activities was -$156.43 million, compared to -$56.71 million in the previous period, indicating a significant increase in cash outflow for investments[23] - Cash inflow from financing activities totaled $11.76 billion, up from $8.60 billion year-over-year, reflecting increased borrowing[23] - Cash outflow for debt repayment was $13.22 billion, compared to $8.89 billion in the previous period, showing a substantial rise in debt servicing costs[23] - The net cash flow from financing activities was -$3.26 billion, worsening from -$1.82 billion year-over-year, indicating higher financial strain[23] - The ending cash and cash equivalents balance increased to $12.44 billion, up from $10.87 billion in the previous period, demonstrating improved liquidity[23] - The total cash and cash equivalents increased by $3.13 billion during the period, compared to an increase of $5.29 billion in the prior year[23] Other Financial Metrics - Cash and cash equivalents increased by ¥3,121,639,629.77, representing a growth of 33.50%[7] - Accounts receivable increased by ¥2,623,419,057.72, a significant rise of 832.14%[7] - Inventory decreased by ¥5,775,142,003.73, a decline of 46.85%[7] - Other income for the current period increased by 1239.92%, amounting to an increase of 189,144,792.76 CNY, primarily due to increased government subsidies received by a subsidiary[9] - The company's credit impairment losses increased by 834.67%, amounting to an increase of 127,839,785.41 CNY compared to the same period last year[9] - The company's other comprehensive income increased by 31.01%, with an increase of 1,243,550.13 CNY compared to the beginning of the period[9] - The company's asset disposal income increased by 1100.85%, amounting to an increase of 7,359,569.91 CNY, primarily due to increased relocation income from a subsidiary[9] - Research and development expenses for Q3 2024 were CNY 25,989,667.51, slightly down from CNY 26,570,530.78 in Q3 2023[19] - Total operating costs for Q3 2024 were CNY 49,529,761,421.46, a decrease of 15.3% from CNY 58,502,267,341.38 in Q3 2023[19] - The company reported a decrease in sales expenses to CNY 683,297,811.91 in Q3 2024 from CNY 759,624,509.39 in Q3 2023, a reduction of 10.0%[19] - Other comprehensive income after tax for Q3 2024 was CNY 4,622,657.37, compared to a loss of CNY 10,233,397.49 in Q3 2023[20] Accounting and Reporting - The company did not adopt new accounting standards for the current reporting period, maintaining consistency in financial reporting[24]

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 ...