YYTM(600655) KAIYUAN SECURITIES·2024-10-30 03:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The jewelry fashion business has faced sales pressure, prompting the company to focus on internal improvements to address challenges [1] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 8.7% year-on-year to 36.101 billion yuan and net profit down 48.1% to 1.159 billion yuan [2][3] - The company anticipates a gradual recovery in its jewelry business as gold prices stabilize, supported by a dual strategy of "industrial operation + industrial investment" [2][3] Financial Performance Summary - For the first three quarters of 2024, the jewelry fashion business generated revenue of 30.204 billion yuan, a decrease of 10.2% year-on-year, with a gross margin of 7.07%, down 0.63 percentage points [3] - The company closed 20 stores under the "Laobiao" and "Yayi" brands, ending the period with a total of 4,974 stores [3] - The company’s revenue from various segments in 2024 includes: - Restaurant management and services: 0.927 billion yuan (-15.2%) - Food and department store: 0.816 billion yuan (-24.0%) - Cosmetics: 0.203 billion yuan (-40.2%) - Fashion watch: 0.537 billion yuan (-3.8%) - Resort segment: 0.757 billion yuan (+11.1%) [4] Earnings Forecast - The company maintains its previous profit forecast, projecting net profits of 1.706 billion yuan, 2.015 billion yuan, and 2.425 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.44, 0.52, and 0.62 yuan [2][5] - The current stock price corresponds to P/E ratios of 13.8, 11.7, and 9.7 for the years 2024, 2025, and 2026 respectively [2][5]