Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [12]. Core Insights - The company achieved a revenue of 58.147 billion yuan in 2023, representing a year-on-year growth of 15.83%, while the net profit attributable to shareholders decreased by 45.00% to 2.024 billion yuan [1][2]. - The gross margin for 2023 was 14.11%, down by 3.76 percentage points, but the company effectively controlled expenses, with a total expense ratio of 13.54%, a decrease of 2.73 percentage points [2]. - The jewelry fashion segment, the core business of the company, generated revenue of 36.727 billion yuan, an increase of 11.05% year-on-year, despite a slight decline in gross margin [3]. Financial Performance Summary - Revenue (in million yuan): - 2022: 50,200 - 2023: 58,147 - 2024E: 64,630 - 2025E: 70,362 - 2026E: 75,453 - Year-on-year growth rates for revenue: - 2022: -3.4% - 2023: 15.8% - 2024E: 11.1% - 2025E: 8.9% - 2026E: 7.2% [1][8]. - Net profit (in million yuan): - 2022: 3,680 - 2023: 2,024 - 2024E: 2,410 - 2025E: 2,792 - 2026E: 3,208 - Year-on-year growth rates for net profit: - 2022: -2.4% - 2023: -45.0% - 2024E: 19.1% - 2025E: 15.8% - 2026E: 14.9% [1][8]. Business Segment Performance - The company’s various business segments showed strong performance in 2023: - Industrial operations: 41.694 billion yuan, +7.94% YoY - Commercial operations and property services: 2.895 billion yuan, +17.79% YoY - Property development and sales: 13.558 billion yuan, +48.72% YoY [3]. - The company expanded its jewelry fashion segment significantly, with a total of 4,994 retail outlets by the end of 2023, adding 429 new outlets during the year [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.24 yuan, down from the previous target of 8.91 yuan [1][2]. Core Insights - The report highlights that the jewelry business continues to show steady growth, driven by the expansion of new model stores and a favorable gold price environment. The company’s performance in 2023 was below expectations, primarily due to changes in the sales recognition cycle of property development projects and industry fluctuations [1][2][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 58.147 billion yuan, representing a year-on-year increase of 15.83%. However, the net profit attributable to shareholders was 2.024 billion yuan, a decrease of 45.00% year-on-year. The adjusted net profit was 0.451 billion yuan, down 378.96% year-on-year [1][2][5]. - The company’s gross profit margin for 2023 was 3.48%, reflecting a decline compared to the previous year [1][2]. Business Expansion - The jewelry business has seen a net increase of 429 stores by the end of 2023, with a total of 5,016 stores, including 1,115 direct-operated stores and 4,418 franchised stores. The expansion of new model stores is expected to drive growth in the jewelry segment [1][2][4]. Earnings Forecast - The forecast for EPS in 2024, 2025, and 2026 is 0.59 yuan, 0.67 yuan, and 0.74 yuan respectively. The company is valued at a PE ratio of 12.3 times for 2024 [1][2][6]. Market Comparison - The average PE ratio for comparable companies in the jewelry sector is 12.76 times, while the real estate sector averages 13.05 times. Other commercial companies average 21.47 times [4][5][6].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2024-048 | | --- | --- | --- | | 债券代码：163038 | 债券简称：19豫园01 | | | 债券代码：163172 | 债券简称：20豫园01 | | | 债券代码：185456 | 债券简称：22豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份解除质押的公告 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法律责任。 重要内容提示: 1 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）控股股东上 海复星高科技（集团）有限公司（以下简称"复星高科技"）下属上海复星 产业投资有限公司（以下简称"复星产投"）持有本公司股份数量为 53,189,929 股，占公司总股本比例为 1.37%。本次办理股票解押后，复星产 投累计质押数量为 0 股。 公司控股股东复星高科技及其一致行动人合计持有本公司股份数量为 2,409,720,644 股，占公司总股本比例为 61.85%。本次部分股票解除质押后， 复星高科技及其 ...

上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）于 2024 年 2 月 7 日召开第十一届董事会第二十二次会议审议通过了《关于以集中竞价交易方 式回购公司 A 股股份的议案》。本次回购股份价格为不超过人民币 9.00 元/股， 本次回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）。回购期限为自公司董事会审议通过本次回购股份方案之日起 12 个 月内。详细情况请参见上海证券交易所网站披露的《上海豫园旅游商城（集团） 股份有限公司关于以集中竞价交易方式回购公司 A 股股份方案的公告》（公告编 号：临 2024-023）。 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2024-049 | | --- | --- | --- | | 债券代码：163038 | 债券简称：19豫园01 | | | 债券代码：163172 | 债券简称：20豫园01 | | | 债券代码：185456 | 债券简称：22豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于以集中竞价交易方式首次回购公司 A 股股份 的公告 本公司董事会及全体董事保证 ...

证券简称：豫园股份 证券代码：600655 | | 豫园股份执行总裁兼 CFO 钱顺江 | | --- | --- | | | 豫园股份执行总裁、董事会秘书 邹超 | | | 豫园股份副总裁、首席新闻发言人、东方生活研究院院长 胡俊杰 | | | 豫园股份 IR 团队 | | 投资者关系活 | 钱顺江总发言： | | | 一、核心财务数字： | | 动主要内容介 |  2023 年实现营业收入 581.47 亿元，同比增长 16.02%； | | |  实现归属于上市公司股东的净利润 20.24 亿元，同比下滑 | | 绍 | 45.00%； | | | 二、分版块看，聚焦产业运营显现成果 | | |  2023 年消费产业稳健发展，实现营业收入 416.94 亿元，同比 | | | 增长 7.94%，占全年营收比例 71.70%。 | | | 三、现金流充沛 | | |  公司 2023 年末货币资金 91.71 亿元，货币资金充沛。 | | | 经营性现金流大幅改善，由负转正，净经营性现金流入 47.47  | | | 亿元。 | | |  公司通过加强运营管理及进一步优化资产组合，有息负债持 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.94 CNY, indicating an expected increase of over 20% relative to the market benchmark in the next six months [4][10]. Core Views - The company achieved a revenue of 58.15 billion CNY in 2023, representing a year-on-year growth of 15.83%, while the net profit attributable to shareholders decreased by 45% to 2.02 billion CNY [2][3]. - The decline in net profit is attributed to a significant drop in investment income from the disposal of non-core assets and changes in the sales recognition cycle of property development projects [2]. - The company's gross margin decreased to 14.11%, down 3.76 percentage points year-on-year, primarily due to a substantial decline in the gross margin of property development and sales [2]. - The jewelry business showed stable performance with a net addition of 429 stores, while the restaurant management segment experienced rapid growth, doubling its revenue [2][3]. Financial Performance Summary - Revenue for 2023 was 58.15 billion CNY, with a growth rate of 16% compared to 2022 [3]. - The net profit for 2023 was 2.02 billion CNY, reflecting a decrease of 47% year-on-year [3]. - The company forecasts revenues of 64.55 billion CNY, 70.23 billion CNY, and 76.52 billion CNY for 2024, 2025, and 2026, respectively [3][7]. - The expected net profits for the same years are 2.63 billion CNY, 2.81 billion CNY, and 3.16 billion CNY [3][7]. Segment Performance - The jewelry segment is projected to have a price-to-earnings (P/E) ratio of 13 times, while the restaurant management and other operational segments are expected to have P/E ratios of 6 and 14 times, respectively [2]. - The company’s gross margin for the jewelry fashion segment is expected to improve slightly to 14.3% in 2025 and 14.5% in 2026 [7]. - The restaurant segment, particularly 松鹤楼, has shown a significant increase in average monthly revenue per store by 33% [2]. Market Position - The company has a total market capitalization of approximately 30.96 billion CNY based on the target price [4]. - The total number of stores in the jewelry segment reached 4,994, with a strong focus on new product launches and innovative retail models [2].

上 市 公 司 商贸零售 2024年03月24日 豫园股份 (600655) 公 司 研 究 ——消费产业增势显著，国货东方美学引领新潮 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 公司公布2023年报，业绩符合预期。据公司公告1）2023年公司实现营业收入581.47 亿元，同比增长15.83%，实现归母净利润20.24亿元，同比下降45.00%，主因公司处置 非核心资产项目产生的投资收益同比减少，归母扣非净利润为-4.51 亿元，同比下降 证 市场数据： 2024年03月22日 378.96%，主因本年度物业开发项目销售结转周期变化，及行业变动带来经营性损益占比 券 下降。2）23Q4营业收入185.99亿元，同比+16.39%，归母净利润为-2.11亿元，同比 收盘价（元） 7.13 -107.28%，扣非归母净利润为-2.98亿元，同比-50.85%。 研 一年内最高/最低（元） 8.42/5.84 究 市净率 0.7 ⚫ 消费产业稳步发展，珠宝核心业务持续加速。据公司公告及官方公众号，2023 年公司进 报 息率（分红/股价） - 一步聚焦主业，消费产业稳步发展 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a cautious outlook due to declining profits and mixed performance across segments [1][2]. Core Insights - The company reported a revenue of 58.15 billion yuan in 2023, an increase of 15.83% year-on-year, but the net profit attributable to shareholders dropped by 45% to 2.02 billion yuan, indicating a significant decline in profitability [1][3]. - The core business of the company is in the consumer sector, which remains stable, contributing 72% of total revenue in 2023, with jewelry and fashion being the main growth drivers [1][2]. - The company has diversified its financing through various funds, which supports its industrial development and operational enhancements [1][2]. Financial Performance Summary - **Revenue Growth**: The company achieved a total revenue of 58.15 billion yuan in 2023, reflecting a 15.83% increase from 2022 [3]. - **Net Profit**: The net profit attributable to shareholders was 2.02 billion yuan, a decrease of 45% compared to the previous year [3]. - **Gross Margin**: The overall gross margin for 2023 was reported at 14.1%, down from 17.7% in 2022 [3]. - **Earnings Per Share (EPS)**: The diluted EPS for 2023 was 0.52 yuan, a decline from 0.94 yuan in 2022 [3]. - **Debt Ratio**: The company's debt ratio stood at 68.03%, a decrease of 1.1 percentage points year-on-year [1]. Segment Performance - **Consumer Sector**: Revenue from the consumer sector was 41.7 billion yuan in 2023, growing by 7.9% year-on-year, with the jewelry and fashion segment contributing significantly [1][2]. - **Property Development**: The property development and sales segment reported revenue of 13.56 billion yuan, an increase of 48.72%, but the gross margin decreased by 12.07 percentage points to 11.29% [2]. - **Restaurant Sector**: The restaurant segment saw a revenue increase of 120% to 1.42 billion yuan, driven by post-pandemic recovery and expansion of chain restaurants [1][2]. Future Earnings Forecast - The company is projected to have net profits of 1.54 billion yuan, 2.01 billion yuan, and 2.54 billion yuan for the years 2024, 2025, and 2026, respectively, with a notable decline expected in 2024 due to adjustments in property development [2][3].

商贸零售/一般零售 公 司 研 豫园股份（600655.SH） 珠宝时尚业务稳健增长，古韵金销售表现亮眼 究 2024年03月23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 2024/3/22 当前股价(元) 6.21  事件：公司2023年营收同比+15.83%，归母净利润同比-45.00% 公 一年最高最低(元) 8.42/5.84 公司发布年报：2023年实现营收581.47亿元（同比+15.83%）、归母净利润20.24 司 亿元（同比-45.00%），利润下滑主要系公司处置非核心资产项目产生的投资收益 信 总市值(亿元) 241.95 息 流通市值(亿元) 241.21 同比减少所致；拟每10股派发现金红利1.90元。考虑物业开发与销售业务影响， 更 总股本(亿股) 38.96 我们下调公司 2024-2025 年盈利预测并新增 2026 年盈利预测，预计 2024-2026 新 报 流通股本( ...

2024年3月21日 公司研究 老庙亚一净增门店 429 家，餐饮业务发展迅速 ——豫园股份（600655.SH）2023 年年报点评 要点 买入（维持） 当 前价：6.64元 公司2023年营收同比增长15.83%，归母净利润同比减少45.00% 3月21日，公司公布2023年年报：2023年实现营业收入581.47亿元，同比 作者 增长15.83%，实现归母净利润20.24亿元，折合成全面摊薄EPS为0.52元， 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 同比减少45.00%，实现扣非归母净利润-4.51亿元，上年同期为1.62亿元，转 CAIA FRM 盈为亏。单季度拆分来看，4Q2023实现营业收入185.99亿元，同比增长16.39%， 执业证书编号：S0930516050001 实现归母净利润-2.11亿元，（上年同期为28.99亿元，转盈为亏），折合成全 021-52523866 面摊薄EPS为-0.05元， 实现扣非归母净利润-2.98亿元，上年同期为-1.98亿 tangjiarui@ebscn.com 元，亏损额度同比扩大。 分析师：田然 公司2023年综合毛利率下降3.6 ...