Workflow
老凤祥(600612):25H1业绩承压,渠道产品调整进行时

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 69.61 CNY [2][8] Core Views - The company experienced revenue and profit declines in H1 2025 due to high gold prices and a high base from the previous year, with revenue down 16.5% year-on-year to 33.36 billion CNY and net profit down 13.1% to 1.22 billion CNY [2][8] - The company is actively adjusting its product offerings and channels, focusing on quality over quantity, with a net increase of 9 marketing outlets in Q2 2025 [8] - The company launched new products targeting younger consumers and is collaborating with Alibaba to develop co-branded products [8] Financial Summary - For H1 2025, the company reported a gross margin of 8.7%, a decrease of 0.5 percentage points year-on-year, attributed to high gold prices affecting consumer demand [8] - The company’s operating expenses remained stable, with sales, management, and financial expense ratios at 1.3%, 0.6%, and 0.3% respectively [8] - The projected net profits for 2025-2027 are 16.6 billion CNY, 18.3 billion CNY, and 20.2 billion CNY respectively, with corresponding P/E ratios of 17, 15, and 14 [8][9]