消费产业增势显著，国货东方美学引领新潮

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company reported a revenue of 58.15 billion yuan for 2023, a year-on-year increase of 15.83%, while the net profit attributable to shareholders decreased by 45% to 2.02 billion yuan due to reduced investment income from non-core asset disposals [9] - The core jewelry business continues to accelerate, contributing 41.69 billion yuan in revenue, a growth of 11.05% year-on-year, despite a slight decrease in revenue share [9] - The company is strategically focusing on high-potential core industries, enhancing capital efficiency through integration and management [9] - The company emphasizes cultural and technological innovation to cultivate new growth points for domestic products, with significant sales growth in its jewelry and dining segments [9] - The profit forecast has been adjusted, with expected EPS for 2024 and 2025 at 0.66 yuan and 0.78 yuan respectively, indicating a potential upside of over 20% based on current valuations [9] Financial Summary - Total revenue for 2023 was 58.15 billion yuan, with a projected increase to 64.15 billion yuan in 2024 [10] - The net profit attributable to shareholders for 2023 was 2.02 billion yuan, with expectations of recovery to 2.55 billion yuan in 2024 [10] - The gross margin for 2023 was 14.1%, with a forecasted increase to 15.8% in 2024 [10] - The company’s ROE for 2023 was 5.6%, with an expected increase to 6.6% in 2024 [10]