YYTM(600655) 招商证券·2025-03-27 08:35Investment Rating - The report maintains an "Accumulate" rating for the company [1][6][8] Core Views - The company's revenue for 2024 is projected to be 46.924 billion, a decrease of 19.30% year-on-year, with a net profit attributable to shareholders of 125 million, down 93.81% [1][6] - The fourth quarter revenue was 10.824 billion, reflecting a decline of 41.81%, with a net loss attributable to shareholders of 1.034 billion [1][6] - The jewelry business maintains a leading market position, with continuous expansion of the sales network, while other consumer sectors such as food and department stores show collaborative growth [1][6] - The company is actively adjusting and optimizing its operations in response to the pressure on consumer business [1][6] Financial Data Summary - Total revenue for 2023 was 58.147 billion, with a projected increase to 48.801 billion in 2025, representing a 4% growth [2][8] - The net profit attributable to shareholders is expected to rebound significantly to 1.509 billion in 2025, after a projected loss in 2024 [2][8] - The company's gross margin for 2024 is reported at 13.60%, a slight decrease of 0.52 percentage points [6][8] - The company’s total assets are projected to decrease from 120.692 billion in 2024 to 114.306 billion in 2025 [7][8] Market Position and Business Segments - The jewelry fashion business generated revenue of 29.977 billion in 2024, down 18.38% year-on-year, but the gross margin improved by 0.57 percentage points to 8.25% [6][8] - The company has a total of 4,615 retail outlets as of the end of 2024, with a net decrease of 379 outlets compared to the previous year [6][8] - The report highlights the impact of fluctuating gold prices on jewelry sales and the ongoing challenges in the property development sector due to the downturn in the real estate market [6][8]