YYTM(SH:600655) Great Wall Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [12]. Core Insights - The company achieved a revenue of 58.147 billion yuan in 2023, representing a year-on-year growth of 15.83%, while the net profit attributable to shareholders decreased by 45.00% to 2.024 billion yuan [1][2]. - The gross margin for 2023 was 14.11%, down by 3.76 percentage points, but the company effectively controlled expenses, with a total expense ratio of 13.54%, a decrease of 2.73 percentage points [2]. - The jewelry fashion segment, the core business of the company, generated revenue of 36.727 billion yuan, an increase of 11.05% year-on-year, despite a slight decline in gross margin [3]. Financial Performance Summary - Revenue (in million yuan): - 2022: 50,200 - 2023: 58,147 - 2024E: 64,630 - 2025E: 70,362 - 2026E: 75,453 - Year-on-year growth rates for revenue: - 2022: -3.4% - 2023: 15.8% - 2024E: 11.1% - 2025E: 8.9% - 2026E: 7.2% [1][8]. - Net profit (in million yuan): - 2022: 3,680 - 2023: 2,024 - 2024E: 2,410 - 2025E: 2,792 - 2026E: 3,208 - Year-on-year growth rates for net profit: - 2022: -2.4% - 2023: -45.0% - 2024E: 19.1% - 2025E: 15.8% - 2026E: 14.9% [1][8]. Business Segment Performance - The company’s various business segments showed strong performance in 2023: - Industrial operations: 41.694 billion yuan, +7.94% YoY - Commercial operations and property services: 2.895 billion yuan, +17.79% YoY - Property development and sales: 13.558 billion yuan, +48.72% YoY [3]. - The company expanded its jewelry fashion segment significantly, with a total of 4,994 retail outlets by the end of 2023, adding 429 new outlets during the year [3].