证券研究报告 | 2024年04月30日 老凤祥（600612.SH） 买入 一季度业绩延续稳健表现，积极扩张承接行业需求增长 核心观点 公司研究·财报点评 2024年一季度归母净利润增长12%，高基数下整体表现稳健。公司2023年 商贸零售·专业连锁Ⅱ 营收714.36亿元，同比+13.37%，归母净利润22.14亿元，同比+30.23%， 证券分析师：张峻豪 证券分析师：柳旭 扣非净利润21.56亿元，同比+24.83%，与此前业绩快报数据一致。2024年 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn 一季度，公司营收同比+4.36%，归母净利润同比+12.0%，扣非净利润同比 S0980517070001 S0980522120001 +13.82%，在去年一季度高基数下延续稳健增长表现，预计受益黄金珠宝消 基础数据 费需求增长及金价上行。分红方面，公司拟每10股派发红利19.5元（含税）， 投资评级 买入(维持) 合计10.2亿元，占2023年归母净利润的46.07%。 合理估值 收盘价 77.46元 门店2 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in 2023 and Q1 2024 aligns with expectations, with revenue and net profit showing positive growth [5] - The company has initiated its third round of the "Double Hundred Action" to enhance its brand and product offerings [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 714.36 billion yuan, a year-on-year increase of 13.37%, and a net profit of 22.14 billion yuan, translating to a fully diluted EPS of 4.23 yuan, up 30.23% [2] - For Q1 2024, the company reported a revenue of 256.30 billion yuan, a year-on-year growth of 4.36%, and a net profit of 8.02 billion yuan, with a fully diluted EPS of 1.53 yuan, reflecting a 12.00% increase [2] Profitability Metrics - The company's overall gross margin for 2023 was 8.30%, up 0.72 percentage points year-on-year, while Q1 2024 saw a gross margin of 8.37%, an increase of 0.35 percentage points [3] - The period expense ratio decreased to 2.01% in Q1 2024, down 0.29 percentage points year-on-year [3] Business Expansion and Strategy - The company added 385 new stores in 2023, bringing the total to 5,994 stores globally, including 15 overseas [4] - The launch of the upgraded "Rare Product Private Consultation Center" aims to enhance high-end product sales and digital transformation initiatives [4] Earnings Forecast - The report maintains earnings per share (EPS) forecasts of 5.00 yuan for 2024, 5.75 yuan for 2025, and introduces a new forecast of 6.46 yuan for 2026 [5]

[Table_Title] 证券研究报告 老凤祥（600612.SH）2023&24Q1 点评：2023 年 公司研究 超额完成董事会目标，24Q1 高基数下稳健增 [Table_ReportType] 公司点评报告 长、利润略超预期 [老Ta凤bl祥e_（Sto6c0k0A6n1dR2a)] [Table_ReportDate] 2024年4月30日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2023&24Q1 业绩，2023 年实现营收 714.36 亿元，同增 上次评级 买入 13.37%，归母净利润22.14亿元，同增30.23%，扣非归母净利润21.56亿 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 元，同增24.83%，经营活动现金流净额72.12亿元，同增648.02%。24Q1 执业编号：S1500522110002 收入 256.30 亿元，同增 4.36%，归母净利润 8.02 亿元，同增 12%，扣非 联系电话：15000310173 归母净利润8.35亿元，同增13.82%，经营活动现金流净额40.81亿元，同 邮 箱：liujiaren@cinda ...

2023年年度报告 公司代码：600612 公司简称：老凤祥 900905 老凤祥B 老凤祥股份有限公司 2023 年年度报告 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥25,629,817,893.74, representing a year-on-year increase of 4.36%[4] - The net profit attributable to shareholders for Q1 2024 was ¥801,894,481.24, reflecting a growth of 12.00% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥834,662,346.86, an increase of 13.82% year-on-year[4] - The basic earnings per share for Q1 2024 was ¥1.5329, up by 12.00% year-on-year[4] - In Q1 2024, the company reported a net profit of ¥1,053,424,086.34, an increase of 10.2% compared to ¥955,973,107.14 in Q1 2023[23] - The total revenue from operating activities reached ¥27,363,963,176.12, up from ¥22,517,059,761.33 in the same period last year, reflecting a growth of 21.8%[26] - The company's operating profit was ¥1,404,313,409.28, compared to ¥1,269,117,106.26 in Q1 2023, marking an increase of 10.6%[23] - Total comprehensive income attributable to the parent company's owners was ¥803,959,033.58, compared to ¥716,282,051.98 in Q1 2023, an increase of 12.2%[24] Cash Flow - The net cash flow from operating activities decreased by 39.70%, amounting to ¥4,081,339,876.11[4] - Net cash flow from operating activities decreased by 2,687,580,954.35 yuan, a decline of 39.70%, due to higher cash payments for goods and services compared to cash received[12] - The company experienced a net cash inflow from operating activities of ¥4,081,339,876.11, down from ¥6,768,920,830.46 in the previous year, a decrease of 39.8%[26] - The net cash flow from financing activities increased to ¥3,619,528,831.41, up from ¥1,109,417,457.99 in the previous year, representing a significant growth[27] - The cash outflow from financing activities totaled ¥5,184,151,862.09, compared to ¥3,979,055,142.01 in the prior year, showing an increase of about 30.2%[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥32,678,278,648.56, which is a 34.29% increase from the end of the previous year[5] - The company's total assets increased to CNY 32,678,278,648.56 in Q1 2024, compared to CNY 24,333,847,842.95 in Q1 2023, representing a growth of 34.67%[20] - Current liabilities rose to CNY 17,901,233,906.54 in Q1 2024, compared to CNY 10,082,569,320.38 in Q1 2023, indicating a significant increase of 77.66%[20] - The company's total liabilities reached CNY 18,301,587,698.02 in Q1 2024, compared to CNY 10,598,757,357.73 in Q1 2023, marking an increase of 72.00%[21] - The total equity attributable to shareholders increased to CNY 12,377,941,228.91 in Q1 2024, up from CNY 11,573,982,195.33 in Q1 2023, a growth of 6.95%[21] Investments and Expenses - Research and development expenses rose to ¥9,474,405.65, up from ¥7,786,301.28, indicating a 21.7% increase year-over-year[23] - The company has ongoing investments in new technologies and product development, although specific figures were not disclosed in the report[22] - Investment income increased by 21,758,938.07 yuan, a growth rate of 33.97%, mainly due to reduced investment losses from financial liabilities[11] - The company reported investment losses of ¥42,286,252.43, an improvement from losses of ¥64,045,190.50 in the same quarter last year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,137[13] - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 220,171,793 shares, accounting for 42.09% of total shares[13] Future Outlook - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth opportunities[22]

股票简称：老凤祥 股票代码：600612 编号：临 2024-005 老凤祥 B 900905 2024 年 4 月 26 日 附：尹晔同志简历 尹晔：男，1973 年 4 月出生，本科。曾任上海市共青团黄浦区委青工部部 长、统战部部长、办公室主任，上海市黄浦区人民政府外滩街道办事处党办负 责人，上海市黄浦区南京东路街道办事处经济科科长、司法所所长。2014 年 10 月至 2016 年 11 月，担任上海市黄浦区南京东路街道办事处副主任，2016 年 12 月至 2021 年 9 月，担任上海市黄浦区南京东路街道党工委副书记（其间：2018 年 8 月至 2021 年 8 月，担任云南省普洱市景谷傣族彝族自治县县委常委、副县 长（市委组织部援外挂职））。2021 年 10 月至 2023 年 11 月担任公司党委副书记、 纪委书记、工会主席。2023 年 12 月起至今任公司工会主席。2022 年 6 月起至今 担任公司第十、十一届监事会副主席。 尹晔同志现任公司工会主席、监事会副主席，任职资格符合相关法律、法 规规定，不存在《公司法》《公司章程》中规定的不得担任公司监事的情形，不 存在上海证券交易所认定不 ...

股票简称：老凤祥 股票代码：600612 编号：临 2024-006 老凤祥 B 900905 三、投资者参加方式 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个别及连带责任。 老凤祥股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日发布公司 2023 年度报告。为进一步加强与广大投资者的沟通交流，公司将参加"2024 年 上海辖区上市公司年报集体业绩说明会"活动，现将有关事项公告如下： 一、说明会类型、时间、地点 本次 2023 年报集体业绩说明会活动将采取网络的方式举行，投资者可以登 录"上证路演中心"网站（https://roadshow.sseinfo.com）或关注微信公众号上证 路演中心参与活动，活动时间为 2024 年 5 月 10 日（周五）15:00 至 16:00。 二、参加人员 公司党委书记、董事长杨奕先生；公司副董事长、总经理黄骅先生；独立董 事马民良先生；财务总监凌晓静女士；董事会秘书邱建敏先生（如有特殊情况， 参会人员将可能调整）将通过网络文字互动在线交流形式与投资者就公司治理、 发展战略 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is a leading brand in the jewelry sector with a strong historical presence since 1848, benefiting from effective brand management and a focus on innovation [5][12]. - The company has demonstrated stable growth in revenue and net profit, with a projected revenue of 714 billion yuan in 2023, reflecting a year-on-year increase of 13.37% [12][6]. - The company has a robust channel management strategy, leveraging its strong brand to attract quality distributors and expand its market presence [12][13]. Summary by Sections 1. Brand Power and Channel Management - The company has a long-standing brand history and leads in national aesthetic trends, continuously enhancing its brand image through significant advertising investments and transitioning to specialty stores [12][13]. - The company has established a comprehensive supply chain and product category reserve, with production bases in Dongguan and Hainan, enhancing its innovation and product upgrade capabilities [12][31]. 2. Mechanism and Incentives - The company has undergone multiple rounds of equity reform to create effective incentives and a market-oriented assessment system, resulting in a higher per capita revenue compared to peers [12][13]. - The company has implemented a professional manager system across its subsidiaries, aiming for full coverage by the end of 2023 [12][13]. 3. Financial Projections and Valuation - The company forecasts revenues of 714 billion, 839 billion, and 980 billion yuan for 2023, 2024, and 2025 respectively, with net profits of 22.14 billion, 25.72 billion, and 28.89 billion yuan [6][12]. - The company is valued at 16-20 times PE for 2024, corresponding to a market capitalization range of 411-514 billion yuan, with a reasonable value range of 78.65-98.32 yuan per share [12][6].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has demonstrated strong brand power and channel management capabilities, driving steady growth in performance [3] - The company's core competitive advantage lies in its strong brand power, which supports stable expansion through a wholesale (franchise) model and high asset turnover, leading to a high ROE [3] - The company has a long history as a national jewelry brand, with a leading position in brand and channel management [3] - The company has shown resilience during industry downturns, with stable growth driven by effective store expansion and a wholesale model [3] Financial Performance - The company's revenue is expected to reach 71.4 billion, 83.9 billion, and 98.0 billion yuan in 2023, 2024, and 2025, respectively, with year-on-year growth rates of 13.4%, 17.4%, and 16.9% [4] - Net profit attributable to the parent company is projected to be 2.21 billion, 2.57 billion, and 2.89 billion yuan for 2023, 2024, and 2025, respectively, with year-on-year growth rates of 30.2%, 16.1%, and 12.3% [4] - The company's ROE has consistently remained above 20% from 2010 to 2021 and in 2023, driven by high asset turnover [3] Brand and Product Strategy - The company has a long-standing brand history, with the "Lao Feng Xiang" brand originating in 1848, and has been recognized as one of the "Top 50 Global High-End and Luxury Brands" for two consecutive years (2022-2023) [3] - The company focuses on innovation and product development, continuously launching new products and improving its industrial chain capabilities [3] - The company has a comprehensive product portfolio, including gold, platinum, diamonds, jade, pearls, and other categories, with gold products accounting for over 90% of sales [3] Channel and Distribution - The company has a strong franchise model, with a total of 5,994 marketing outlets (including 15 overseas stores) as of the end of 2023, with a net increase of 385 stores during the year [3] - The company has established a diversified distribution model, including total distributors, joint venture sales subsidiaries, and total distributor shareholding, to optimize channel management [3] - The company has a strong presence in lower-tier cities, with a focus on expanding its franchise network and improving terminal management [3] Incentive Mechanism - The company has implemented multiple rounds of equity reforms, forming an effective employee shareholding platform and promoting a market-oriented assessment system [3] - The company has achieved high revenue per employee, with a CAGR of 10.29% from 2015 to 2022, reflecting a strong incentive mechanism [3] - The company has been actively promoting a professional manager system, aiming to achieve full coverage of the system across subsidiaries by the end of 2023 [3] Industry and Market Position - The company has a leading market share in the gold jewelry industry, with its market share increasing from 11.35% in 2010 to 21.58% in 2023 [3] - The company has shown strong performance during industry downturns, with its gold sales increasing from 81 tons in 2013 to 85 tons in 2016, while the overall industry gold consumption declined [3] - The company is well-positioned to further increase its market share in the face of intensifying competition in the gold jewelry industry [3]

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 71.436 billion yuan in 2023, representing a year-on-year growth of 13.37%, and a net profit attributable to shareholders of 2.214 billion yuan, up 30.23% year-on-year [3] - The growth in net profit is attributed to several factors: 1. The consumer market is recovering, with gold consumption in China reaching 1,089.69 tons in 2023, an increase of 8.78% compared to 2022 [3] 2. The company expanded its market presence, adding 385 new retail outlets in 2023, bringing the total to 5,994 [3] 3. Continuous innovation in product design and development has boosted sales in gold jewelry [3] - In Q4 2023, the company reported a revenue of 9.37 billion yuan, a decline of 1.1% year-on-year, and a net profit of 250 million yuan, down 27.4% year-on-year, primarily due to a subsidiary's bankruptcy affecting receivables [3] - The company is expected to benefit from rising gold prices, with projected net profits of 2.21 billion yuan, 2.60 billion yuan, and 2.90 billion yuan for 2023, 2024, and 2025 respectively, corresponding to PE ratios of 18.4, 15.5, and 14.0 [3] Financial Summary - The company achieved a revenue of 71.436 billion yuan in 2023, with a projected revenue of 77.6 billion yuan in 2024 and 84.04 billion yuan in 2025 [4] - The net profit attributable to shareholders is forecasted to grow from 2.21 billion yuan in 2023 to 2.90 billion yuan in 2025, with corresponding growth rates of 29.8% and 11.5% [4] - The current PE ratio is 39.14, with projections indicating a decrease to 18.4 in 2023 and further down to 14.0 by 2025 [2][4]