老凤祥：24Q2利润超预期，老字号经营韧性凸显

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.68 CNY per share, compared to the current price of 50.30 CNY [5]. Core Views - The company reported a strong performance in Q2 2024, with a net profit of 6.02 billion CNY, a year-on-year increase of 8.07%, driven by rising gold prices that boosted gross margins [3]. - The company achieved a total revenue of 399.59 billion CNY in H1 2024, a slight decrease of 0.95% year-on-year, while the net profit increased by 10.28% [3]. - The company is expanding its market presence with new store formats and has opened 28 new stores in the first half of the year, bringing the total to 6022 stores [3]. Financial Summary - In Q2 2024, the company recorded a revenue of 143.29 billion CNY, down 9.22% year-on-year, but the gross margin improved to 10.71%, an increase of 1.57 percentage points [3]. - The jewelry segment saw a revenue decline of 3.95% to 341.96 billion CNY, while the gold trading segment experienced a significant revenue increase of 26% to 54.82 billion CNY [3]. - The company forecasts net profits of 23.8 billion CNY, 27.9 billion CNY, and 31.6 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 7.4%, 17.3%, and 13.3% [3][4].