YYTM(600655)2024-11-04 00:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is under pressure due to fluctuations in gold prices affecting jewelry sales, prompting the company to enhance its product offerings and distribution channels [4][5] - The company reported a revenue of 361.01 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.72%, and a net profit attributable to shareholders of 11.59 billion yuan, down 48.12% year-on-year [4] - The report anticipates a gradual recovery in gold consumption, with adjusted profit forecasts for 2024-2025, projecting net profits of 16.99 billion yuan and 19.91 billion yuan respectively, while increasing the 2026 forecast to 24.09 billion yuan [4][5] Summary by Sections Market Data - Closing price: 5.96 yuan - One-year high/low: 7.18/4.88 yuan - Price-to-book ratio: 0.6 - Dividend yield: 3.19% - Market capitalization: 23,150 million yuan [1] Financial Performance - For Q3 2024, the company achieved a revenue of 85.29 billion yuan, a year-on-year decrease of 29.53%, with a net profit of 0.18 billion yuan, an increase of 5.12% year-on-year [4] - The company’s gross margin for Q1-Q3 2024 was 13.06%, down 0.46 percentage points year-on-year, while the Q3 gross margin was 12.28%, down 1.4 percentage points year-on-year [4] Revenue and Profit Forecasts - Total revenue for 2024 is estimated at 60,969 million yuan, with a year-on-year growth rate of 4.9% [5] - The projected net profit for 2024 is 1,699 million yuan, reflecting a year-on-year decrease of 16.1% [5] - The report outlines a gradual increase in revenue and profit over the next few years, with 2025 and 2026 estimates of 1,991 million yuan and 2,409 million yuan respectively [5]