YYTM(600655) 国泰君安·2025-03-31 12:12Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.65, down from the previous forecast of 6.99 [1][11]. Core Views - The company's 2024 performance was below expectations, with a significant decline in profits primarily due to structural adjustments in the consumer industry and increased asset impairment provisions for certain real estate projects. The company is focusing on streamlining operations and concentrating on the growth potential of its jewelry and fashion segments [2][11]. Financial Summary - In 2024, the company reported revenue of 46,924 million, a year-on-year decrease of 19.3%. The net profit attributable to shareholders was 125 million, down 93.8% year-on-year. The gross profit margin for the year was 13.60%, a decrease of 0.51 percentage points [4][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38, with estimates of 0.48 for 2026 and 0.57 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 17.5 times [18]. Business Segments - The jewelry and fashion business generated revenue of 299.77 million in 2024, down 18.38% year-on-year. The company experienced a net reduction of 379 jewelry stores, focusing on optimizing its store network [11][12]. - The real estate development and sales segment saw a revenue decline of 25.96% year-on-year, reflecting the overall downturn in the real estate industry [11][12]. Market Data - The company's market capitalization is 22,198 million, with a current share price of 5.70, within a 52-week price range of 4.94 to 6.95 [5][11]. - The net asset value per share is 9.13, with a price-to-book (P/B) ratio of 0.6 [6][11]. Future Outlook - The company aims to enhance its focus on the jewelry fashion sector while managing the impacts of macroeconomic conditions and industry changes. The anticipated recovery in the jewelry market is expected to support future growth [11][12].