产业运营表现稳健，老庙亚一净开店429家

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.94 CNY, indicating an expected increase of over 20% relative to the market benchmark in the next six months [4][10]. Core Views - The company achieved a revenue of 58.15 billion CNY in 2023, representing a year-on-year growth of 15.83%, while the net profit attributable to shareholders decreased by 45% to 2.02 billion CNY [2][3]. - The decline in net profit is attributed to a significant drop in investment income from the disposal of non-core assets and changes in the sales recognition cycle of property development projects [2]. - The company's gross margin decreased to 14.11%, down 3.76 percentage points year-on-year, primarily due to a substantial decline in the gross margin of property development and sales [2]. - The jewelry business showed stable performance with a net addition of 429 stores, while the restaurant management segment experienced rapid growth, doubling its revenue [2][3]. Financial Performance Summary - Revenue for 2023 was 58.15 billion CNY, with a growth rate of 16% compared to 2022 [3]. - The net profit for 2023 was 2.02 billion CNY, reflecting a decrease of 47% year-on-year [3]. - The company forecasts revenues of 64.55 billion CNY, 70.23 billion CNY, and 76.52 billion CNY for 2024, 2025, and 2026, respectively [3][7]. - The expected net profits for the same years are 2.63 billion CNY, 2.81 billion CNY, and 3.16 billion CNY [3][7]. Segment Performance - The jewelry segment is projected to have a price-to-earnings (P/E) ratio of 13 times, while the restaurant management and other operational segments are expected to have P/E ratios of 6 and 14 times, respectively [2]. - The company’s gross margin for the jewelry fashion segment is expected to improve slightly to 14.3% in 2025 and 14.5% in 2026 [7]. - The restaurant segment, particularly 松鹤楼, has shown a significant increase in average monthly revenue per store by 33% [2]. Market Position - The company has a total market capitalization of approximately 30.96 billion CNY based on the target price [4]. - The total number of stores in the jewelry segment reached 4,994, with a strong focus on new product launches and innovative retail models [2].