公司研究 | 年报点评 老凤祥 600612.SH 24Q1 利润端表现优异，积极尝试与电商平 买入（维持） 股价（2024年04月30日） 77.23元 台合作 目标价格 93.29元 52周最高价/最低价 89.49/55.15元 总股本/流通A股（万股） 52,312/52,312 A股市值（百万元） 40,400 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司2023年实现营业收入714.4亿，同比增长13.4%，实现归母净利润22.1亿， 报告发布日期 2024年05月01日 同比增长30.2%。24Q1公司的收入和归母净利润分别同比增长4.4%和12%，收入 增长略有放缓（推测由于去年同期基数较高，以及2-3月金价急涨对终端消费的影 响所致），但利润端表现优异。公司拟分红10.2亿，分红率约为46.1%。 1周 1月 3月 12月 绝对表现% -3.03 -9.69 21.74 17.37 ⚫ 线下渠道稳步扩张，2024年筹建东北地区销售公司。截至2023年底，线下共有 相对表现% -5.83 -11.58 10.67 27.91 5,994家门店，净开385家，其中直营净关7家、加盟净开3 ...

股 票 研 究 [Table_industryInfo] 批零贸易业/可选消费品 [ Table_Main[老I Tnaf 凤bol]e 祥_Ti (t 6le 0] 0 612) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩稳健增长，金价提振弹性可期 目标价格： 92.72 上次预测： 88.59 公 ——老凤祥 2023 年&2024Q1业绩点评 当前价格： 77.46 司 刘越男(分析师) 苏颖(分析师) 2024.04.30 更 021-38677706 021-38038344 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 52周内股价区间（元） 55.89-86.19 报 总市值（百万元） 40,521 告 本报告导读： 总股本/流通A股（百万股） 523/317 受益金价上行提振，业绩符合预期；公司积极探索职业经理人制度动能可期，国企改 流通 B股/H股（百万股） 206/0 流通股比例 100% 革推进，业绩弹性可期。 日均成交量（ ...

纺织服饰/饰品 公 司 研 老凤祥（600612.SH） 一季度经营稳健，金价上涨助推盈利能力持续提升 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn luozheng@kysec.cn 日期 2024/4/29 证 书编号：S0790519110001 证书编号：S0790524040008 当前股价(元) 77.46  公司2023年经营业绩稳健增长，2024Q1利润增速相对较快 公 一年最高最低(元) 89.49/55.15 公司发布年报、一季报：2023 年实现营收 714.36 亿元（同比+13.4%，下同）、 司 信 总市值(亿元) 405.21 归母净利润 22.14 亿元（+30.2%）；2024Q1 营收 256.30 亿元（+4.4%），归母净 息 流通市值(亿元) 245.63 利润 8.02 亿元（+12.0%）；此外，公告拟每 10 股派发现金红利 19.50 元。我们 更 总股本(亿股) 5.23 认为，公司品牌积淀深厚，国企改革激发内生动能，践行《三年行动计划》有望 新 报 流 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue growth of 13.4% in 2023, reaching 71.44 billion yuan, with a net profit increase of 30.2% to 2.214 billion yuan, aligning with expectations [1] - The company plans to expand its store network by 300+ in 2024, enhancing its market share and product development efforts [1] - The company is focusing on product innovation and channel expansion, including online sales and membership models, which have seen significant growth [1] Financial Performance Summary - **2023 Financials**: Revenue of 71.44 billion yuan, net profit of 2.214 billion yuan, and a gross margin of 8.3% [1][9] - **2024 Q1 Performance**: Revenue increased by 4.4% to 25.63 billion yuan, with a net profit growth of 12% to 800 million yuan [1] - **Future Projections**: Expected revenue growth of 7.7% in 2024, with net profit projected to increase by 10.9% [1][9] Operational Efficiency - The company maintained healthy inventory turnover days, reducing to 80 days in 2023 and 46 days in Q1 2024 [1] - Accounts receivable turnover days remained stable at 2 days in 2023, with a slight increase to 3 days in Q1 2024 [1] Valuation Metrics - The company is projected to have a P/E ratio of 17 times for 2024, with net profits expected to reach 2.457 billion yuan [1][9] - The report forecasts net profits of 2.457 billion yuan, 2.807 billion yuan, and 3.222 billion yuan for 2024, 2025, and 2026 respectively [1][9]

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 ...

Financial Performance - The company's operating revenue for 2023 reached ¥71,435,641,416.14, an increase of 13.37% compared to ¥63,010,144,202.99 in 2022[13] - Net profit attributable to shareholders for 2023 was ¥2,214,395,285.15, reflecting a growth of 30.23% from ¥1,700,343,002.10 in the previous year[13] - The net profit after deducting non-recurring gains and losses was ¥2,155,735,042.54, up 24.83% from ¥1,727,005,552.93 in 2022[13] - The net cash flow from operating activities surged to ¥7,211,579,960.46, a significant increase of 648.02% compared to ¥964,083,141.66 in 2022[13] - As of the end of 2023, the net assets attributable to shareholders amounted to ¥11,573,982,195.33, representing a 14.28% increase from ¥10,128,063,857.70 at the end of 2022[13] - Total assets at the end of 2023 were ¥24,333,847,842.95, a decrease of 6.43% from ¥26,004,840,307.89 in 2022[13] - Basic earnings per share for 2023 reached CNY 4.2331, a 30.23% increase compared to CNY 3.2504 in 2022[14] - The weighted average return on equity increased to 20.53% in 2023, up by 2.93 percentage points from 17.60% in 2022[14] Revenue and Sales - Total revenue for Q2 2023 was CNY 24.56 billion, while Q3 2023 revenue was CNY 21.72 billion, and Q4 2023 revenue was CNY 9.37 billion[16] - Net profit attributable to shareholders for Q3 2023 was CNY 691.55 million, with a decrease to CNY 249.93 million in Q4 2023[16] - The company’s main business, represented by the "Lao Feng Xiang" brand, accounted for 99.31% of total revenue in 2023[22] - Jewelry sales accounted for ¥58.14 billion, showing a growth of 9.84% year-over-year, with a gross margin of 9.84%, an increase of 15.44% in revenue compared to the previous year[41] - Domestic sales generated ¥70.72 billion, reflecting a 13.21% increase year-over-year, while gross margin improved by 0.68 percentage points to 8.07%[41] - The retail sales of gold and silver jewelry in China increased by 13.3% year-on-year, reaching ¥331 billion in 2023[62] Market Expansion and Strategy - The company expanded its domestic and international market presence, increasing the number of marketing outlets to 5,994, with a net addition of 385 outlets in 2023[31] - The company launched a new high-end product sales center in Shanghai, enhancing its brand presence and digital transformation efforts[31] - The company plans to open at least 300 new retail outlets and distribution points in 2024 to enhance market presence[78] - The company aims to optimize its product structure by increasing the production and sales of non-gold products, focusing on added value rather than just volume[80] - The company plans to deepen its research and analysis of industry trends to optimize its market layout and increase market share[78] Research and Development - Research and development expenses increased by 16.85% to ¥36,574,965.74, up from ¥31,301,743.19 in the previous year[38] - The company launched 1,037 new and revised products during the year, enhancing the precision and professionalism of its themed products[34] - The company applied for 232 patents in 2023, including 4 invention patents, bringing the total number of invention patents to 25 and effective authorized patents to 822[34] Corporate Governance and Compliance - The company held 1 shareholders' meeting and 8 board meetings in 2023, ensuring compliance with corporate governance regulations[86] - The company has not faced any penalties from securities regulatory agencies in the past three years[101] - The company has established a detailed mechanism for the cultivation of craft talents to ensure a steady supply of skilled workers[83] - The company has implemented a comprehensive internal control system to enhance governance and compliance[123] Environmental and Social Responsibility - The company invested RMB 3.996 million in environmental protection efforts during the reporting period[126] - The company has committed to a long-term support mechanism for ethnic minority areas, contributing CNY 7 million since 2019 to assist 24 villages in Yunnan Province[135] - Total donations for social responsibility projects amounted to CNY 410,000, benefiting 1,400 individuals through educational supplies and military support donations[133] Financial Outlook and Projections - The total revenue target for 2024 is set at 75.007 billion yuan, representing a 5.00% increase compared to the actual value achieved in 2023[75] - The total profit target for 2024 is 4.138 billion yuan, reflecting a 4.00% growth from the previous year[75] - The net profit attributable to shareholders is projected to be 2.304 billion yuan, which is a 4.04% increase from 2023[75] Risks and Challenges - The jewelry industry is facing uncertainties due to macroeconomic factors and political fluctuations, which may affect the company's performance in 2024[84] - The company has identified risks related to gold price and exchange rate fluctuations that could impact its operations[84] - The company is focusing on improving inventory management, particularly for gold, platinum, silver, diamonds, and jade, amid price volatility risks[85]