YYTM(SH:600655) Xinda Securities·2024-03-23 16:00Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a cautious outlook due to declining profits and mixed performance across segments [1][2]. Core Insights - The company reported a revenue of 58.15 billion yuan in 2023, an increase of 15.83% year-on-year, but the net profit attributable to shareholders dropped by 45% to 2.02 billion yuan, indicating a significant decline in profitability [1][3]. - The core business of the company is in the consumer sector, which remains stable, contributing 72% of total revenue in 2023, with jewelry and fashion being the main growth drivers [1][2]. - The company has diversified its financing through various funds, which supports its industrial development and operational enhancements [1][2]. Financial Performance Summary - Revenue Growth: The company achieved a total revenue of 58.15 billion yuan in 2023, reflecting a 15.83% increase from 2022 [3]. - Net Profit: The net profit attributable to shareholders was 2.02 billion yuan, a decrease of 45% compared to the previous year [3]. - Gross Margin: The overall gross margin for 2023 was reported at 14.1%, down from 17.7% in 2022 [3]. - Earnings Per Share (EPS): The diluted EPS for 2023 was 0.52 yuan, a decline from 0.94 yuan in 2022 [3]. - Debt Ratio: The company's debt ratio stood at 68.03%, a decrease of 1.1 percentage points year-on-year [1]. Segment Performance - Consumer Sector: Revenue from the consumer sector was 41.7 billion yuan in 2023, growing by 7.9% year-on-year, with the jewelry and fashion segment contributing significantly [1][2]. - Property Development: The property development and sales segment reported revenue of 13.56 billion yuan, an increase of 48.72%, but the gross margin decreased by 12.07 percentage points to 11.29% [2]. - Restaurant Sector: The restaurant segment saw a revenue increase of 120% to 1.42 billion yuan, driven by post-pandemic recovery and expansion of chain restaurants [1][2]. Future Earnings Forecast - The company is projected to have net profits of 1.54 billion yuan, 2.01 billion yuan, and 2.54 billion yuan for the years 2024, 2025, and 2026, respectively, with a notable decline expected in 2024 due to adjustments in property development [2][3].