Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for 2024 reached 56.79 billion yuan, a year-on-year decline of 20.5%, with a net profit attributable to shareholders of 1.95 billion yuan, down 11.9% year-on-year [2][4]. - In Q1 2025, the revenue was 17.52 billion yuan, a year-on-year decrease of 31.6%, and the net profit attributable to shareholders was 610 million yuan, down 23.6% year-on-year [2][4]. - The company is undergoing a strategic upgrade to address the challenges posed by the current market environment, focusing on multi-channel expansion, product innovation, and brand enhancement [10]. Summary by Sections Financial Performance - The company's total revenue for 2024 was 56.79 billion yuan, with a gross profit margin of 9%, and a total gross profit of 5.07 billion yuan, which is a 15% decline year-on-year [10]. - The company reported a net profit of 2.54 billion yuan for 2024, with earnings per share (EPS) of 3.73 yuan [13]. Market Conditions - The gold price saw a significant increase in 2024, which negatively impacted the demand for gold jewelry, leading to a 43% decline in the company's gold sales volume to 83 tons [10]. - The overall industry consumption of gold jewelry and gold bars decreased by 25% and increased by 25%, respectively [10]. Strategic Initiatives - The company plans to actively develop its online business, having launched a flagship store on Tmall in January 2025, and aims to create fashionable new products that resonate with younger consumers [10]. - The company is also focusing on enhancing its brand image and expanding its thematic stores to attract a younger demographic [10]. Future Outlook - The company expects to see improvements in its performance in the medium to long term, with projected EPS of 3.06, 3.41, and 3.73 yuan for 2025, 2026, and 2027, respectively [10].

长江证券研究所零售研究小组 黄金珠宝行业2024年报及2025年一 季报综述： 行业阶段承压，结构性亮点突出 2025-05-14 %% %% %% %% research.95579.com 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 SAC执业证书编号：S0490514080004 SAC执业证书编号：S0490520080019 SFC执业证书编号：BUV258 分析师 李锦 分析师 罗祎 联系人 张彦淳 %% %% %% %% research.95579.com 行业景气度：金价大幅上涨，仍压制金饰需求 2025Q1金价持续较快上行，黄金饰品需求仍有所承压。从价上看， 2024Q1-2025Q1金价环比涨幅分别为4%、13%、3%、8%、9%； 从量上看，2024Q4-2025Q1黄金饰品消费量分别同比下滑15%、 27%，金币金条销消费类分别同比增长17%、30%，反映出金价较 快上涨对黄金饰品需求持续形成压制，但刺激投资型需求。 限额以上商品零售额、珠宝零售额季度yoy 5.8% 6.9% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% ...