YYTM(SH:600655) Shenwan Hongyuan Securities·2025-04-30 11:20Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported its Q1 2025 results, which met expectations, with total revenue of 8.782 billion yuan, a year-on-year decrease of 49%, and a net profit attributable to shareholders of 0.52 billion yuan, down 71.24% year-on-year [6] - The decline in performance is attributed to weak macroeconomic recovery, structural adjustments in the consumer sector, and fluctuations in gold prices affecting core business revenues and profitability [6] - The company is focusing on optimizing its business structure and enhancing operational resilience, with a notable increase in retail business contributing to improved product mix and gross margin [6] - The company is also expanding its cultural outreach and international presence, with initiatives such as opening an overseas store in London and progressing with cultural projects in Thailand [6] Financial Data and Profit Forecast - Total revenue is projected to be 50.434 billion yuan in 2025, with a year-on-year growth rate of 7.5% [5] - The net profit attributable to shareholders is forecasted to be 1.497 billion yuan in 2025, reflecting a significant year-on-year increase of 1,095.5% [5] - The company’s gross margin is expected to be 14.0% in 2025, with a gradual increase in return on equity (ROE) projected to reach 4.0% [5] - The report adjusts the net profit forecasts for 2025-2027 to 1.497 billion yuan, 1.921 billion yuan, and 2.222 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 11, and 10 [6]