Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a 30% year-on-year increase in net profit attributable to shareholders for 2023, with total revenue reaching 71.436 billion yuan, a 13.37% increase year-on-year. The net profit attributable to shareholders was 2.214 billion yuan, reflecting a 30.23% increase year-on-year, although the annual performance was slightly below expectations [3] - In the fourth quarter of 2023, the company experienced a revenue of 9.370 billion yuan, a decrease of 1.08% year-on-year, and a net profit of 250 million yuan, down 27.41% year-on-year, indicating pressure on Q4 performance [3] - The company plans to accelerate store openings in the second half of the year, with a total of 5,994 marketing outlets globally by the end of 2023, an increase of 385 outlets from the end of 2022, with 363 of those added in the second half of the year [3] - The company continues to innovate in gold jewelry product design and production, benefiting from a recovering domestic consumption market and a booming gold jewelry industry [3] - Short-term prospects are positive due to the recovery of domestic gold jewelry consumption and rising gold prices, while medium to long-term growth is expected from product innovation and the implementation of a three-year action plan under state-owned enterprise reform [3] Financial Forecasts - The company’s net profit forecasts for 2023-2025 are adjusted to 2.214 billion, 2.621 billion, and 2.989 billion yuan respectively, with corresponding EPS of 4.23, 5.01, and 5.71 yuan per share [3] - The PE ratios based on the closing price on March 5, 2024, are projected to be 17, 14, and 13 times for 2023, 2024, and 2025 respectively [3]

[Table_Page] 公告点评|饰品 证券研究报告 [老Table_凤Title] 祥（600612.SH） [公Tab司le_I评nves级t] 买入 当前价格 74.00元 深化“双百”行动综合改革，23 年归母净 合理价值 84.63元 前次评级 买入 利润同增 30% 报告日期 2024-03-07 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现]  事件：公司发布2023年度业绩快报公告，2023年公司实现营收714.4 49% 亿元，同比增长 13.4%，较 19 年同期增长 43.9%；实现归母净利润 34% 22.1 亿元，同比增长 30.2%，较 19 年同期增长 57.3%；实现扣非归 20% 母净利润21.6亿元，同比增长24.8%，较19年同期增长64.0%。 6%  经测算2023Q4单季度实现营收93.7亿元，同比降低1.1%，较19年 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -8% 同期增长24.9%；实现归母净利润2.5亿元，同比降低27.4%，较19 -23% 年同期增长3.2 ...

公司报告 | 公司点评 老凤祥（600612） 证券研究报告 2024年03月06日 投资评级 23 年实现归母净利 22 亿同增 30%，金价支撑下金饰 行业 纺织服饰/饰品 消费趋势有望延续 6个月评级 买入（维持评级） 3月4日，公司发布2023年度业绩快报。2023年，公司实现营业收入714.36 当前价格 74元 亿元同增13%，归母净利22.14亿元同增30%，扣非归母净利21.56亿元同 目标价格 元 增25%。单看四季度，公司实现营业收入93.70亿元同减1%，归母净利润 2.50亿元同减27%，扣非归母净利1.76亿元同减50%，其中老凤祥典当公 基本数据 司起诉相关方返还当金 1 亿元，对方公司或进入破产清算程序，故对 23 A股总股本(百万股) 317.11 年Q4业绩产生不利影响。 流通A股股本(百万股) 317.11 A股总市值(百万元) 23,466.11 从23年全年来看，公司深化“双百”行动综合改革，全力推动三年行动计 流通A股市值(百万元) 23,466.11 划，持续推进渠道下沉、做精做细市场，不断提升市场覆盖面和占有率， 取得23年佳绩主要受益于： 每股净资产(元) 21 ...

[Table_Title] 证券研究报告 老凤祥（600612.SH）点评：2023 年平稳收官， 公司研究 2024Q1 有望继续获益于金价 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月7日 [老Ta凤bl祥e_ St(o6c0k0A6n1dR2a)n k] [T事ab件le：_S公um司ma发ry布] 2023 年度业绩快报，全年实现营收 714.36 亿元，同增 投资评级 买入 13.37%；营业利润39.68亿元，同增31.51%；归母净利润22.14亿元，同 增30.23%；扣非归母净利润21.56亿元，同增24.83%。 上次评级 买入 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 执业编号：S1500522110002 点评： 联系电话：15000310173 2023 年平稳收官，获益金价上涨，利润率提升。2023 年公司营业利润率 邮 箱：liujiaren@cindasc.com 5.55%，同比2022年提升0.77PCT，比2021年提升0.04PCT。2023年归 母净利率3.10%，同比提升0.40PCT，比 ...

纺织服饰/饰品 公 司 研 老凤祥（600612.SH） 2023 年经营业绩增长稳健，全力推动高质量发展 究 2024年03月05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（联系人） huangzepeng@kysec.cn luozheng@kysec.cn 证 书编号：S0790519110001 证书编号：S0790122040015 日期 2024/3/5 当前股价(元) 71.53  公司发布业绩快报，2023年营收同比+13.4%、归母净利润同比+30.2% 公 一年最高最低(元) 74.57/49.20 公司发布业绩快报：2023 年预计实现营收 714.36 亿元（+13.4%）、归母净利润 司 信 总市值(亿元) 374.19 22.14 亿元（+30.2%）、扣非归母净利润 21.56 亿元（+24.8%）；单 2023Q4 营收 息 流通市值(亿元) 226.83 93.70亿元（-1.1%）、归母净利润2.50亿元（-27.4%）。参考业绩快报，我们下调 更 总股本(亿股) 5.23 公司2023-2025年盈利预测，预计2023-2025年归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6]. Core Views - The company reported a 2023 performance with operating revenue of 71.436 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 2.214 billion yuan, up 30.23% year-on-year [3][4]. - The fourth quarter showed a revenue of 9.37 billion yuan, down 1.08% year-on-year, and a net profit of 250 million yuan, down 27.41% year-on-year, primarily impacted by provisions for bad debt related to a subsidiary's lawsuit [3][4]. - The company has expanded its network by adding 385 new outlets in 2023, bringing the total to 5,994 marketing outlets globally by the end of the year [3][4]. - Future prospects include channel expansion through franchising, enhancing product R&D capabilities, and internal governance reforms to improve operational efficiency [6]. Financial Performance Summary - For 2023, the company achieved a net profit of 2.214 billion yuan, with revised profit forecasts for 2023-2025 being 2.214 billion, 2.632 billion, and 2.993 billion yuan respectively, with corresponding P/E ratios of 17.4, 14.6, and 12.9 times [3][6]. - The overall performance is supported by a recovery in national consumer markets and a significant increase in gold consumption, which rose by 8.78% year-on-year to 1,089.69 tons in 2023 [4].

上 市 公 司 纺织服饰 2024 年03月 05 日 老凤祥 (600612) 公 司 研 究 ——23 年业绩符合预期，24 年有望受益黄金高景气与品 / 公 司 牌力提升 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  公司公布 2023 年业绩快报，业绩符合预期。据公司公告，1）2023 年老凤祥实现营收 证 714.36亿元，同比增长13.37%，归母净利润22.14亿元，同比增长30.23%，扣非归母 券 净利润 21.56 亿元，同比增长 24.83%。2）据我们测算，老凤祥 23Q4 实现营收 93.70 研 市场数据： 2024年03月04日 亿元，同比减少1.08%，归母净利润2.50亿元，同比下滑27.41%，扣非归母净利润1.76 究 收盘价（元） 73.54 报 一年内最高/最低（元） 74.57/50.23 亿元，同比减少49.94%。 告 市净率 3.4  下半年拓店提速，门店主题形象换新，产品设计升级提升品牌力。据中国黄金协会统计数 息率（分红/股价） - 流通A股市值（百万元） 23320 据，23年全国黄金消费量1089.69吨，同比增长8.78%。 ...

证券研究报告·公司点评报告·饰品 老凤祥（600612） 2023 年 业 绩 快 报 点 评 ： 归 母 净 利 同 比 2024年 03月 05日 +30.23%，黄金消费需求强 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 2021A 2022A 2023E 2024E 2025E 证券分析师 谭志千 执业证书：S0600522120001 营业总收入（百万元） 58,691 63,010 71,436 82,100 93,654 tanzhq@dwzq.com.cn 同比 13.47% 7.36% 13.37% 14.93% 14.07% 归母净利润（百万元） 1,876 1,700 2,214 2,650 3,069 股价走势 同比 18.30% -9.38% 30.23% 19.69% 15.79% 老凤祥 沪深300 EPS-最新摊薄（元/股） 3.59 3.25 4.23 5.07 5.87 47% P/E（现价&最新摊薄） 20.50 22.62 17.37 14.52 12.54 ...

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] [评Tab级le_：Inv est] 增持 0 612) 上次评级： 增持 Q4 业绩波动，探索职业经理人制度动能可期 目标价格： 88.59 上次预测： 88.59 公 ——老凤祥 2023 年度业绩快报点评 当前价格： 73.54 司 刘越男(分析师) 苏颖(分析师) 2024.03.05 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） 50.56-73.85 报 总市值（百万元） 38,470 告 本报告导读： 总股本/流通A股（百万股） 523/317 流通 B股/H股（百万股） 206/0 2023Q4 业绩略低于预期，主要由于上海意邦置业有限公司计提应收账款坏账准备影 流通股比例 100% 响；公司积极探索职业经理人 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.214 billion yuan in 2023, representing a year-on-year growth of 30.23% [2][3] - The company plans to continue expanding its retail network, having added 385 new jewelry stores in 2023, bringing the total to 5,994 stores [3] - The company has upgraded its retail store themes to enhance market presence and customer engagement [3] Financial Performance - The company anticipates a total revenue of 71.436 billion yuan for 2023, reflecting a year-on-year increase of 13.37% [2] - The expected net profit margin for 2023 is 3.1%, with a return on equity (ROE) of 19.12%, an increase of 2.93 percentage points from the previous year [2][5] - Quarterly analysis indicates a projected revenue of 9.370 billion yuan for Q4 2023, a slight decline of 1.08% year-on-year, with a net profit of 250 million yuan, down 27.41% [2][3] Market Dynamics - The jewelry retail sector has shown resilience, with a 13.3% year-on-year growth in retail sales for gold and silver jewelry in 2023, marking it as the highest growth segment among retail categories [3] - The overall gold consumption in China reached 1,089.69 tons in 2023, up 8.78% from the previous year, with significant growth in gold jewelry and bullion [3] Future Projections - The company has revised its earnings per share (EPS) forecasts for 2023, 2024, and 2025 down by 6% to 4.23 yuan, 5.00 yuan, and 5.75 yuan respectively [4] - Revenue is projected to grow to 80.119 billion yuan in 2024 and 88.467 billion yuan in 2025, with corresponding growth rates of 12.16% and 10.42% [5]