YYTM(600655) 国泰君安·2024-03-27 16:00Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.24 yuan, down from the previous target of 8.91 yuan [1][2]. Core Insights - The report highlights that the jewelry business continues to show steady growth, driven by the expansion of new model stores and a favorable gold price environment. The company’s performance in 2023 was below expectations, primarily due to changes in the sales recognition cycle of property development projects and industry fluctuations [1][2][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 58.147 billion yuan, representing a year-on-year increase of 15.83%. However, the net profit attributable to shareholders was 2.024 billion yuan, a decrease of 45.00% year-on-year. The adjusted net profit was 0.451 billion yuan, down 378.96% year-on-year [1][2][5]. - The company’s gross profit margin for 2023 was 3.48%, reflecting a decline compared to the previous year [1][2]. Business Expansion - The jewelry business has seen a net increase of 429 stores by the end of 2023, with a total of 5,016 stores, including 1,115 direct-operated stores and 4,418 franchised stores. The expansion of new model stores is expected to drive growth in the jewelry segment [1][2][4]. Earnings Forecast - The forecast for EPS in 2024, 2025, and 2026 is 0.59 yuan, 0.67 yuan, and 0.74 yuan respectively. The company is valued at a PE ratio of 12.3 times for 2024 [1][2][6]. Market Comparison - The average PE ratio for comparable companies in the jewelry sector is 12.76 times, while the real estate sector averages 13.05 times. Other commercial companies average 21.47 times [4][5][6].