各位网友请教一下4.1 业绩复盘?

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各位网友请教一下4.1 业绩复盘?

2024-6-1

4.1 业绩复盘• 业绩复盘：1）产品端：黄金产品需求持续高增，珠宝公司提升黄金产品占比，收入增速稳健。一方面，因黄金产品的占比提升，毛利率普遍低于镶嵌产品，盈利能力有所收窄；另一方面，品牌方选择布局高毛利率的古法金产品、硬足金、黄金镶嵌产品，提升整体毛利率水平。2）渠道端：从数量看，净开店速度快，驱动门店数量增长；从质量看，直营门店的运营能力普遍优于加盟门店，故门店运营能力较强的珠宝企业更受益于金价上涨。图表：黄金珠宝港资品牌财务数据复盘H2FY2022证券简称具体分项H1FY2023H2FY2023H1FY2024周大福六福集团营业收入（亿港元）YoY归母净利润（亿港元）YoY毛利率净利率营业收入（亿港元）YoY归母净利润（亿港元）YoY毛利率净利率证券简称具体分项营业收入（亿港元）YoY547.5220.36%31.31-17.48%21.09%6.54%61.4711.42%7.381.65%28.21%12.01%22H1100.92-6.89%周生生归母净利润（亿港元）4.72465.355.32%33.36-6.84%23.56%6.73%55.73-0.32%6.580.61%26.13%11.81%22H2104.65-6.24%-0.2YoY毛利率净利率-11.94%-118.69%28.53%4.68%24.25%-0.19%资料来源：公司公告，iFinD，民生证券研究院证券研究报告481.49-12.06%20.48-34.59%21.21%6.93%64.054.20%6.27-15.04%27.70%9.79%23H113028.81%8.2775.21%27.98%6.36%495.266.43%45.5136.42%24.92%9.19%74.8634.32%9.4343.34%27.80%12.59%23H2120.1321.68%1.86123.88%26.40%3.99%图表：黄金珠宝内地品牌财务数据复盘证券简称具体分项22Q3103.590.38%1.7522Q4114.35-17.37%1.5123Q1161.3912.33%3.0023Q2134.2822.48%2.3723Q3117.4613.39%2.0412.01%-35.87%19.13%26.58%16.53%23Q424Q14.13%1.32%21.823.99%1.87%41.224.53%1.78%39.524.22%1.74%44.20-18.66%49.65%68.63%15.15%-12.72%-26.88%17.91%22.62%归母净利润（亿元）0.140.0554.16%40.03%-16.36%-49.79%18.18%10.44%中国黄金周大生老凤祥曼卡龙潮宏基菜百股份营业收入（亿元）YoY归母净利润（亿元）YoY毛利率净利率营业收入（亿元）YoY归母净利润（亿元）YoY毛利率净利率营业收入（亿元）YoY归母净利润（亿元）YoY毛利率净利率营业收入（亿元）YoYYoY毛利率净利率营业收入（亿元）YoY归母净利润（亿元）YoY毛利率净利率营业收入（亿元）YoY归母净利润（亿元）YoY毛利率净利率2.52%1.68%38.394.19%3.458.98%197.988.80%4.662.04%6.67%3.14%3.803.65%12.074.64%0.851.75%28.62%7.15%31.96-8.95%76.10%15.10%48.52%1.607.29%94.726.38%3.449.10%4.73%5.280.80%10.373.6526.06%17.91%8.84%245.5833.17%7.163.7426.82%19.04%9.45%157.853.18%5.573.552.86%17.78%8.02%217.229.72%6.928.02%3.89%3.452.67%0.2729.27%23.21%7.70%15.249.14%4.74%4.8532.12%0.2460.83%14.48%5.00%14.827.50%4.24%3.892.43%0.1823.45%16.18%4.51%14.93-12.69%21.59%60.96%23.72%-0.36-154.38%28.26%-3.43%24.641.2430.11%28.03%8.34%50.520.8454.02%25.73%5.70%33.081.0423.40%26.45%6.99%40.0951.18%-21.68%45.62%77.80%25.45%1.0855.44%10.52%3.37%1.045.75%10.83%4.22%2.3530.57%11.38%4.67%1.78159.10%11.65%5.40%1.7965.53%10.45%4.48%资料来源：公司公告，iFinD，民生证券研究院97* 请务必阅读最后一页免责声明150.5131.62%2.33182.5113.08%3.6353.71%21.09%3.84%1.55%37.964.09%2.00%50.774.01%23.01%2.2138.01%17.89%5.80%93.7-1.08%2.53.41-6.61%15.57%6.72%256.34.36%8.02-27.41%12.00%9.48%3.73%7.058.37%4.11%533.49%45.12%0.12157.46%9.72%1.63%14.010.3221.07%17.17%6.44%17.9635.14%17.87%0.2157.23%1.315.47%23.90%24.92%1.01%41.837.35%63.1669.75%25.01%1.1511.33%9.27%2.78%2.7216.15%10.00%4.33%

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