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]

Group 1: Market Performance and Pricing Impact - The rapid increase in gold prices has significantly affected consumer demand, with a noticeable decline in retail sales of gold and jewelry since April 2024 [4][5]. - In the first half of 2024, the national gold consumption decreased by 5.61% compared to the same period in 2023, with gold jewelry sales dropping by 26.68% [5][6]. - The company's stock price fell by 44% in the second quarter of 2024, with a current dividend yield of only 3.9%, lower than competitors [6][7]. Group 2: Company Strategy and Growth Drivers - The company focuses on core business and actively expands both domestic and international markets, enhancing market coverage and share [3][4]. - In 2023, the company established a new subsidiary in Hubei to strengthen its competitive position in the region [3]. - The company has launched new sales channels, including live streaming and member shopping, to attract diverse customer groups [3][4]. Group 3: Financial Performance and Dividend Policy - Cumulative dividends from 2018 to 2023 amounted to 4.373 billion CNY, with a dividend payout ratio of 43.78% [5][8]. - The company plans to distribute at least 30% of its net profit as cash dividends annually, including mid-term dividends [5][8]. - The company has a history of 23 cash dividend distributions since its listing, totaling 7.533 billion CNY, which is 40.32% of its cumulative net profit [7][8]. Group 4: Risk Management and Operational Efficiency - The company employs various tools to manage gold procurement risks, including trading tools from the Shanghai Gold Exchange and bank leasing [4][5]. - The company has implemented measures to optimize channel management and dealer cooperation, focusing on themed stores to adapt to new consumer scenarios [3][4]. - The company emphasizes enhancing its core capabilities in brand, quality, technology, standards, and service to drive high-quality development [4][6].

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]

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 老凤祥（600612）公司半年报点评 2024 年 09 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|----------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 50.24 | | 52 周股价波动（元） | 46.71-89.49 | | 总股本 / 流通 A 股（百万股） | 523/317 | | 总市值 / 流通市值（百万元） | 26281/26281 | | 相关研究 | | | [Table_ReportInfo] 《 1Q24 净利增 12% | ，渠道改革持续推进》 | | 2024.05.16 | | | 《 3Q23 净利增 49% ，黄金高景气 | & 强品牌力 | | 驱动毛利高增》 2023.12.27 | | | 《百年珠宝龙头，好机制 & | 强品牌加 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨老凤祥（600612.SH） [Table_Title] 老凤祥 2024 年中报点评：季度毛利正增，经营 持续稳健 | --- | --- | |-------|-------| | | | | | | 分析师及联系人 [Table_Author] 李锦 罗祎 张彦淳 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 老凤祥（600612.SH） cjzqdt11111 相关研究 11-05 [Table_Title 老凤祥 20242]年中报点评：季度毛利正增，经营 持续稳健 [Table_Summary2] 事件描述 公司发布 2024 年中报，报告期实现营收 399.6 亿元，同比下滑 1.0%，归母净利润 14.0 亿元， 同比增长 10.3%；单二季度实现营收 143.3 亿元，同比下滑 9.2%，归母净利润 6.0 亿元，同 比增长 8.1%。 事件评论 公司延续稳健经营，二季度毛利逆势实现正增长。单二季度平均金价同比快速上涨 23%， 导致全行业黄金饰品销量同比下滑 ...

股票简称：老凤祥 股票代码：600612 编号：临 2024-027 老凤祥 B 900905 老凤祥股份有限公司关于 参加 2024 年上海辖区上市公司投资者集体接待日暨中报业 绩说明会的公告 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个别及连带责任。 老凤祥股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日发布《公司 2024 年半年度报告》。为进一步加强与投资者的互动交流，公司将参加由上海 上市公司协会与深圳市全景网络有限公司联合举办的"2024 年上海辖区上市公 司投资者集体接待日暨中报业绩说明会"（以下简称"本次说明会"），现将相 关事项公告如下： 一、说明会类型、时间、地点 本次说明会将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次说明会，活动直播时间为 2024 年 9 月 13 日（周五） 14:00-16:30。 二、参加人员 公司党委书记、董事长杨奕先 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.35 CNY, based on a 15x PE valuation for 2024 [2][4][8]. Core Insights - The company reported a revenue of 39.96 billion CNY for H1 2024, a year-on-year decrease of 0.95%, while the net profit attributable to shareholders was 1.404 billion CNY, reflecting a year-on-year increase of 10.3%. In Q2 2024, revenue and net profit growth rates were -9.2% and 8.07%, respectively, with Q2 profit performance exceeding expectations [1]. - The increase in gold prices has positively impacted the company's gross margin, which rose by 0.7 percentage points year-on-year to 9.2% in H1 2024. Specifically, Q1 and Q2 gross margins increased by 0.3 and 1.6 percentage points year-on-year, respectively, with a notable improvement in Q2 attributed to a surge in gold prices in March [1]. - As of H1 2024, the company has a total of 6,022 marketing outlets, including 15 overseas stores, with a net increase of 28 outlets since the beginning of the year. The company aims to add no less than 300 new specialty stores and distribution points throughout 2024 [1]. - The company is actively implementing reforms to enhance operational vitality, including the execution of a three-year action plan for high-quality development (2023-2025) and the selection of second-round professional managers for 13 subsidiaries [1]. - Despite a challenging market environment in Q2 2024, the company's performance demonstrates operational resilience, and it is expected to meet its 2024 budget targets, projecting a 5% year-on-year revenue growth and a 4% increase in net profit attributable to shareholders [1]. Financial Summary - The company’s revenue for 2023 is projected at 71.436 billion CNY, with a year-on-year growth of 13.4%. For 2024, revenue is expected to reach 74.984 billion CNY, reflecting a 5% growth [3]. - The net profit attributable to shareholders for 2023 is estimated at 2.214 billion CNY, a 30.2% increase year-on-year, with projections of 2.347 billion CNY for 2024, indicating a 6% growth [3]. - The earnings per share (EPS) for 2024 is forecasted to be 4.49 CNY, with subsequent years showing an increase to 4.94 CNY in 2025 and 5.47 CNY in 2026 [2][3][8].

股 票 研 究 [table_Authors] 刘越男(分析师) 苏颖(分析师) 021-38677706 021-38038344 liuyuenan@gtjas.com suying@gtjas.com [当前价格： Table_CurPrice] 51.95 登记编号S0880516030003 S0880522110001 公 司 更 新 报 告 52 周内股价区间（元） 47.10-86.19 总市值（百万元） 27,176 总股本/流通A股（百万股） 523/317 流通 B股/H 股（百万股） 206/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 11,959 每股净资产（元） 22.86 市净率（现价） 2.3 净负债率 -47.81% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 2% -29% -16% 相对指数 4% -21% -7% 受益金价上行提振，Q2 利润超预期 老凤祥(600612) 批零贸易业[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 上次评级: ...