豫园股份(600655)：珠宝地产持续调整 瘦身健体修炼内功

Performance Summary - In 2024, the company reported a revenue of 46.9 billion RMB, a decrease of 19.3% year-on-year, and a net profit attributable to shareholders of 1.3 billion RMB, down 94% [1] - For Q4 2024, revenue was 10.8 billion RMB, a decline of 41.8%, with a net loss of 1.03 billion RMB, representing a 390% decrease [1] - The Q4 losses were primarily due to investment losses of 180 million RMB and asset impairment losses of 780 million RMB [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.9 RMB per 10 shares, totaling 740 million RMB [2] Revenue Structure - The revenue structure for 2024 is composed of 73% from industrial operations, 6% from commercial management and property leasing, and 21% from property development and sales [2] - The industrial operations segment generated 34 billion RMB, down 18%, with the jewelry fashion business contributing 30 billion RMB, also down 18% [2] - The property development and sales segment saw a revenue of 10 billion RMB, a decrease of 26% [2] Profitability Analysis - The gross margin slightly declined to 13.6%, a decrease of 0.5 percentage points year-on-year, while the net margin was -0.9% [2] - In Q4 2024, the gross margin was 15.4%, unchanged year-on-year, with a net margin of -12.9% [2] Business Adjustments - The jewelry and real estate sectors are undergoing significant adjustments, with the jewelry business facing a 25% decline in domestic gold jewelry consumption in 2024 [3] - The company is focusing on enhancing product differentiation and increasing the sales proportion of piece-based products [3] - The real estate business is implementing a "slimming down" strategy, consolidating commercial management and real estate development [3] Global Expansion Strategy - The company is pursuing cultural and brand globalization, with plans to host cultural events in Thailand and expand the "Laobiao" brand in Southeast Asia [4] - The company aims to enhance its global brand influence through various sectors, including dining and duty-free [4] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to 1.46 billion, 1.76 billion, and 1.99 billion RMB, reflecting significant growth rates [4] - The corresponding price-to-earnings ratios are projected to be 15.0, 12.4, and 11.0 times [4]