Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is reported at 56.79 billion RMB, a year-on-year decrease of 20.5%, primarily due to high gold prices impacting consumer demand for gold jewelry, which saw a consumption decline of 24.69% [2][4] - The first quarter of 2025 shows a revenue of 17.52 billion RMB, down 31.6% year-on-year, with net profit at 613 million RMB, a decrease of 23.6% [1][2] - The company plans to distribute a cash dividend of 1.72 RMB per share, with a payout ratio of 46%, and intends to arrange a mid-year dividend for 2025 [1] Summary by Sections Financial Performance - In 2024, the company's gross margin was 8.9%, an increase of 0.6 percentage points year-on-year, driven by rising gold prices [2] - Revenue breakdown: Jewelry products revenue decreased by 19.3% to 46.91 billion RMB, while gold trading products revenue fell by 26.4% to 9.38 billion RMB [2] - The company reported a net profit of 1.95 billion RMB for 2024, down 11.9% year-on-year [1][6] Operational Strategy - As of March 2025, the company has 5,541 retail outlets, with a net decrease of 156 in 2024 and 297 in Q1 2025, reflecting a strategic channel optimization to enhance overall quality and operational efficiency [3] - The company is focusing on developing themed stores and upgrading traditional outlets to adapt to new consumer scenarios, while also promoting online and offline integration [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been reduced by 27% and 28% to 1.65 billion RMB and 1.85 billion RMB, respectively [4] - The target price for the company is set at 63 RMB, based on a 20x PE ratio for 2025 [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 56.793 billion yuan in 2024, a year-on-year decrease of 20.5%, and a net profit attributable to shareholders of 1.95 billion yuan, down 11.95% year-on-year. The first quarter of 2025 saw a revenue of 17.52 billion yuan, a decline of 31.64%, and a net profit of 613 million yuan, down 23.55% year-on-year, primarily due to the sustained rise in gold prices affecting gold jewelry consumption [7] - The gross margin slightly increased, indicating an improvement in profitability. The gross margin for 2024 was 8.93%, up 0.63 percentage points year-on-year, with specific categories like jewelry, gold, and crafts showing respective increases in gross margin of 0.32, 0.92, and 3.06 percentage points [7] - The company is experiencing pressure on core categories, but there is growth in overseas sales. In 2024, jewelry revenue was 46.908 billion yuan (down 19.31%), while overseas sales revenue reached 5.76 billion yuan, an increase of 12.83% [7] - The company is actively expanding its market presence despite lower-than-expected demand for gold jewelry. As of the end of Q1 2025, the company had a total of 5,541 marketing outlets, including 188 direct stores [7] - The company anticipates a potential turning point in performance in the second half of 2025 due to a low base effect. The brand is characterized by strong cash flow and high barriers to entry, making its current valuation attractive [7] Financial Summary - The total revenue forecast for 2024 is 56.793 billion yuan, with a projected decline of 20.50% year-on-year. The net profit attributable to shareholders is expected to be 1.95 billion yuan, down 11.95% year-on-year [1][8] - The earnings per share (EPS) for 2024 is projected at 3.73 yuan, with a price-to-earnings (P/E) ratio of 13.06 based on the latest diluted shares [1][8] - The company’s net profit for 2025 is revised down to 1.643 billion yuan, reflecting a year-on-year decrease of 15.73%, with a projected P/E ratio of 15.50 [1][8]

股票简称：老凤祥 股票代码：600612 编号：临 2025-018 老凤祥 B 900905 老凤祥股份有限公司 关于公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 老凤祥股份有限公司（以下简称"公司"）现将公司 2025 年第一季度连锁 网点变动情况及主要经营数据披露如下： 一、报告期内连锁网点变动情况及 2025 年度内拟新开连锁网点预计情况 "老凤祥"品牌黄金珠宝首饰为公司的核心主业。截止 2025 年 3 月末，公 司"老凤祥"品牌共计拥有连锁营销网点达到 5,541 家。有关截止 2025 年 3 月 31 日公司连锁营销网点数具体情况如下表： | 黄金珠宝首饰 连锁营销网点 | 期初数 （2024 年底） | 2025 | 年 1 新增数 | 季度 | 年 2025 | 季度 1 减少数 | | 期末数 （2025 | 年 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company is experiencing significant pressure on its performance in 2024, with a projected revenue of 56.8 billion yuan, a year-on-year decline of 20.5%, and a net profit of 1.95 billion yuan, down 11.95% year-on-year [1][3]. - The decline in performance is attributed to a weak market environment and rising gold prices, leading to a 24.7% drop in domestic gold jewelry consumption [1]. - The company is focusing on enhancing its market presence through theme store layouts and upgrading retail store images, despite a net decrease in marketing outlets [2][3]. Financial Performance Summary - For 2024, the company expects a revenue of 56.8 billion yuan, with a year-on-year growth rate of -20.5% [4]. - The net profit for 2024 is projected at 1.95 billion yuan, reflecting a decline of 11.95% compared to the previous year [4]. - The company’s net profit margin for 2024 is estimated at 3.4%, an increase of 0.3 percentage points year-on-year [1]. - The fourth quarter of 2024 is expected to show a revenue of 4.21 billion yuan, down 55.1% year-on-year, with a net profit of 170 million yuan, down 30.4% year-on-year [1]. Market Strategy - The company is actively developing new product lines themed around "heritage, celebration, and rebirth," aiming to capture new consumer growth points in the domestic market [3]. - The company plans to optimize its layout through various types of stores, enhancing brand positioning and consumer engagement [3].