公司跟踪报告：提质增效重回报，看好全年业绩弹性

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report emphasizes the company's ability to enhance quality and efficiency, indicating a positive outlook for annual performance elasticity [7]. - The report highlights the sustained high demand in the gold consumption sector during the Spring Festival, with a notable 23.8% year-on-year increase in sales of gold and silver jewelry during the holiday period [8]. - The company achieved nearly 2 tons in sales of new products during the January exhibition, showcasing strong market engagement [8]. Financial Summary - Revenue projections for the company are as follows: 2023E at 56.749 billion, 2024E at 70.906 billion, and 2025E at 79.599 billion, reflecting a year-on-year growth of 20.4%, 24.9%, and 12.3% respectively [4][12]. - Net profit estimates are projected at 9.59 billion for 2023E, 12.28 billion for 2024E, and 14.25 billion for 2025E, with corresponding growth rates of 25.2%, 28.1%, and 16.0% [4][12]. - The report indicates a diluted EPS of 0.57 for 2023E, 0.73 for 2024E, and 0.85 for 2025E [4][12]. - The gross margin is expected to stabilize around 3.9% for 2024E and 2025E, with a slight increase to 4.0% in 2023E [4][12]. - Return on equity is projected to improve from 11.1% in 2022 to 16.3% by 2025E [4][12]. Market Position and Strategy - The company has a strong channel structure, with a well-performing franchise model and significant growth in e-commerce revenue, which increased from 700 million in 2017 to 4.498 billion in 2022, representing a CAGR of 45.07% [10]. - The company is focused on optimizing its product categories, particularly in investment products, which maintain a leading market share [18]. - The report notes a strategic partnership with Zhengzhou Jingtou International Diamond Co., enhancing the company's capabilities in the cultivated diamond market [18]. Shareholder Dynamics - The report mentions that major shareholders have committed to not reducing their stakes in the company for a period of 12 months starting from February 5, 2024, which covers 45.72% of the total shares [20].