[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 ...

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: ...

老凤祥（600612.SH）2024 年半年报点评 24Q2 归母净利润同比+8%，盈利能力持续提升 2024 年 08 月 31 日 ➢ 事件概述。8 月 29 日，老凤祥发布 2024 年半年度报告。24H1，实现营收 399.59 亿元，同比-0.95%，实现归母净利润 14.04 亿元，同比+10.28%，实现 扣非归母净利润 14.60 亿元，同比+12.93%。24Q2，实现营收 143.29 亿元， 同比-9.22%，归母净利润为 6.02 亿元，同比+8.07%。扣非归母净利润为 6.25 亿元，同比+11.77%。 ➢ 收入情况。据中国黄金协会统计数据，24H1，全国黄金消费量 523.75 吨， 同比-5.61%。其中黄金首饰 270.02 吨，同比-26.68%；金条及金币 213.64 吨， 同比+46.02%。24 H1，黄金首饰和金条金币两个类别的销量呈现两极分化之势， 溢价较高的黄金首饰消费量明显下滑，而溢价相对较低的金条金币消费量同比快 速提升。24H1，公司实现营收 399.59 亿元，同比-0.95%，主要因下属二级子 公司上海老凤祥有限与下属三级子公司上海老凤祥银楼有限营 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 老凤祥(600612.SH) 投资评级 买入 上次评级 买入 [Table_Author] [Table_OtherReport] 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 老凤祥(600612.SH)24H1 点评：利润表现亮 眼，收入略有承压 [Table_ReportDate] 2024 年 8 月 29 日 [Table_S 事件：公司发布 ummary] 24H1 业绩，实现收入 399.59 亿元，同降 0.95%，归母净 利润 14.04 亿元，同增 10.28%，扣非归母净利润 14.60 亿元，同增 12.93%。 24Q1/Q2 分别实现收入 256.30/143.29 亿元，分别同比+4%/-9%，归 ...

股票简称：老凤祥 股票代码：600612 编号：临 2024-025 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十二次会议决议公告 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 8 月 19 日向全体董事 发出会议通知，并在 2024 年 8 月 29 日如期召开了第十一届董事会第十二次会议。 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。与会董事审议并一致通过以下决议： 一、《公司 2024 年半年度报告》 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 2024 年半年度报告》。 特此公告。 老凤祥股份有限公司 2024 年 8 月 30 日 备查文件 公司第十一届董事会第十 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥39.96 billion, a decrease of 0.95% compared to ¥40.34 billion in the same period last year[15]. - Net profit attributable to shareholders was approximately ¥1.40 billion, representing a year-on-year increase of 10.28% from ¥1.27 billion[15]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.46 billion, up 12.93% from ¥1.29 billion in the previous year[15]. - The net cash flow from operating activities decreased by 44.16% to approximately ¥5.11 billion, down from ¥9.16 billion in the same period last year[15]. - Basic earnings per share for the first half of 2024 were ¥2.6835, a 10.28% increase from ¥2.4333 in the same period last year[16]. - The weighted average return on equity decreased by 0.54 percentage points to 11.43% compared to 11.97% in the previous year[16]. - Operating costs decreased by 1.76% to approximately ¥36.28 billion from ¥36.93 billion year-on-year[34]. - The company reported a significant increase in accounts receivable, which rose to CNY 1.55 billion from CNY 315.26 million, representing a growth of approximately 392.5%[80]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥25.75 billion, an increase of 5.80% from ¥24.33 billion at the end of the previous year[15]. - The net assets attributable to shareholders increased by 3.33% to approximately ¥11.96 billion, compared to ¥11.57 billion at the end of the previous year[15]. - The company increased its short-term borrowings by 34.89% to approximately ¥7.59 billion, compared to ¥5.62 billion at the end of the previous period[36]. - Total liabilities reached CNY 11.69 billion, compared to CNY 10.60 billion, indicating an increase of about 10.3%[82]. - The company's total equity attributable to shareholders rose to CNY 11.96 billion, up from CNY 11.57 billion, reflecting a growth of approximately 3.4%[82]. Market and Business Operations - In the first half of 2024, the company's main business revenue from the "Laofengxiang" brand accounted for 99.52% of total revenue, and profit contribution was 89.32%[20]. - The retail sales of gold jewelry in China decreased by 26.68% year-on-year, while the sales of gold bars and coins increased by 46.02%[20]. - The total number of marketing outlets reached 6,022, with a net increase of 28 outlets compared to the end of the previous year[22][28]. - The company organized multiple supply meetings and launched themed stores to expand its market presence, particularly in the Yangtze River Delta region[28]. - The company is focusing on expanding its product categories and has developed a comprehensive range of jewelry and art products[24]. Strategic Initiatives - The company is implementing a three-year action plan (2023-2025) to promote high-quality development and has optimized the management structure of its subsidiaries[27]. - The company is advancing its digital transformation strategy to enhance high-quality development, focusing on integrating finance and operations[30]. - The company plans to continue its expansion in the jewelry, arts and crafts, and educational products sectors as part of its three-year action plan[30]. Environmental and Social Responsibility - The company provided financial support of 230,000 RMB per year to each of the two villages in Chongming Port, and 100,000 RMB per year to each of the 11 villages in Yunnan's Pu'er Lancang County as part of its poverty alleviation efforts[61]. - The company has not experienced any significant environmental incidents during the reporting period, emphasizing its commitment to environmental protection and compliance with relevant laws[60]. Risks and Challenges - The jewelry industry is facing uncertainties due to macroeconomic fluctuations and a slowdown in consumption growth, impacting the company's performance[51]. - The company is exposed to risks from gold price and exchange rate fluctuations, which could affect consumer behavior and operational performance[51]. - Inventory management risks are present due to the volatility in prices of gold, platinum, silver, diamonds, and other raw materials[51]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,600[72]. - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, held 220,171,793 shares, representing 42.09%[73]. - The company did not report any changes in share capital structure during the reporting period[71]. Accounting and Financial Reporting - The company adheres to the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[110]. - The accounting period for the company runs from January 1 to December 31[109]. - The company's functional currency for accounting and financial reporting is Renminbi (RMB)[110]. - The company applies the same accounting policies for subsidiaries, ensuring consistency in financial reporting[116]. Revenue Recognition - The company recognizes revenue based on the completion of performance obligations, either over time or at a point in time, depending on specific criteria met[178]. - For wholesale sales, revenue is recognized when goods are delivered and payment is received or a payment claim is obtained[180]. - Retail sales revenue is recognized upon delivery of goods to customers and receipt of payment[180]. Financial Instruments and Assets - The company will classify financial assets based on the business model and cash flow characteristics, including those measured at amortized cost and those measured at fair value[124]. - Financial liabilities will generally be classified at amortized cost unless they meet specific criteria for fair value measurement[125]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[129].

老凤祥股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日向全体董事 发出会议通知，并在 2024 年 8 月 1 日如期召开了第十一届董事会第十一次（临 时）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。会议审议以下议案： 一、《关于聘任公司职业经理人的议案》 股票简称：老凤祥 股票代码：600612 编号：临 2024-024 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十一次（临时）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个别及连带责任。 附：公司职业经理人简历 1.黄骅：男，1969 年 5 月出生，本科，会计师，高级经济师。2007 年 4 月至 2016 年 4 月担任公司副总经理，2008 年 8 月至 2020 年 6 月兼任公司财务总监， 2016 年 4 月 26 日起至今任公司总经理，兼任控股子公司上海老凤祥有限公司董 ...

900905 |老凤祥 B 证券代码：600612 证券简称：老凤祥 公告编号：2024-023 老凤祥股份有限公司 2023 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 1.95 元，B 股每股现金红利 0.274077 美元 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/8 | － | 2024/7/9 | 2024/7/9 | 相关日期 | Ａ股 | 2024/7/8 | － | 2024/7/9 | 2024/7/9 | | --- | --- | --- | --- | --- | | 股份类别 Ｂ股 | 股权登记日 2024/7/11 | 最后交易日 2024/7/8 | 除权（息）日 | 现金红利发放日 2024/7/23 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案 ...