YYTM(SH:600655) KAIYUAN SECURITIES·2024-03-22 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's jewelry fashion business has shown steady growth, with significant sales performance in the "Ancient Charm Gold" product line, achieving sales of 8.9 billion yuan (up 71% year-on-year) [6] - The company reported a revenue of 58.147 billion yuan for 2023, a year-on-year increase of 15.83%, while the net profit attributable to shareholders decreased by 45% to 2.024 billion yuan, primarily due to reduced investment income from the disposal of non-core assets [5][6] - The company plans to distribute a cash dividend of 1.90 yuan for every 10 shares [5] - The forecast for net profit attributable to shareholders for 2024-2026 is 2.875 billion yuan (-14.05%), 3.184 billion yuan (-13.12%), and 3.463 billion yuan, respectively, with corresponding EPS of 0.74, 0.82, and 0.89 yuan [5] Financial Performance Summary - In 2023, the jewelry fashion business generated revenue of 36.727 billion yuan, reflecting an 11.1% year-on-year growth, with a gross margin of 7.86%, a decrease of 0.56 percentage points [6] - The company added 429 new stores for its "Lao Miao" and "Ya Yi" jewelry brands, bringing the total to 4,994 stores [6] - The company has established the "Oriental Aesthetics Research Institute" to optimize resource allocation across its business segments, with notable growth in the restaurant segment, which saw a revenue increase of 119.8% to 1.421 billion yuan [7] Financial Forecasts - Revenue projections for 2024-2026 are 65.005 billion yuan, 71.909 billion yuan, and 78.902 billion yuan, respectively, with year-on-year growth rates of 11.8%, 10.6%, and 9.7% [8] - The company's net profit is expected to recover in 2024 with a forecast of 2.875 billion yuan, followed by 3.184 billion yuan in 2025 and 3.463 billion yuan in 2026, indicating a positive growth trajectory [8]