豫园股份：主业转型持续推进，关注出海拓展前景-20250330

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.60 [8][9]. Core Views - The company is undergoing a transformation in its main business, focusing on improving the quality of its consumer industry operations and expanding its cultural and brand presence overseas, particularly in the restaurant and jewelry sectors [1][4]. - The company reported a revenue of RMB 46.92 billion for 2024, a year-on-year decrease of 19.3%, and a net profit attributable to shareholders of RMB 1.3 billion, down 93.8% year-on-year, which aligns with its earnings forecast [1][5]. - The jewelry fashion segment experienced a revenue decline of 18.4% to RMB 29.98 billion, primarily due to rising gold prices, while the property development and sales segment saw a significant drop of 26.0% to RMB 10.04 billion [2][3]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was RMB 46.92 billion, down 19.3% year-on-year, with a net profit of RMB 1.3 billion, reflecting a 93.8% decline [1][5]. - The jewelry fashion segment's revenue decreased by 18.4% to RMB 29.98 billion, influenced by high gold prices, while property development revenue fell by 26.0% to RMB 10.04 billion [2][3]. Business Transformation - The company is focusing on restructuring its business matrix and enhancing the quality of its consumer operations, with a revenue contribution from the consumer industry expected to rise to 73% in 2024 [4]. - The jewelry fashion segment is shifting towards a retail operation model driven by product design and channel optimization [2][4]. Profit Margin and Forecast - The overall gross margin decreased by 0.5 percentage points to 13.6%, primarily due to the impact of property development, while the gross margin for industrial operations increased by 0.6 percentage points to 12.2% [3]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted downwards by 42% and 36% to RMB 1.71 billion and RMB 2.14 billion, respectively [5][14].