证券代码：002345 证券简称：潮宏基 公告编号：2024-040 广东潮宏基实业股份有限公司 关于公司董事会换届选举的公告 经公司董事会提名委员会资格审查通过，公司于 2024 年 11 月 6 日召开第六 届董事会第十三次会议审议通过了《关于董事会换届选举的议案》，同意提名廖 木枝先生、廖创宾先生、钟木添先生、林军平先生、徐俊雄先生、蔡中华先生为 公司第七届董事会非独立董事候选人；同意提名邹志波先生、郭剑先生、解浩然 先生为公司第七届董事会独立董事候选人。上述候选人简历详见附件。 上述三位独立董事候选人中，邹志波先生为会计专业人士，邹志波先生和解 浩然先生已取得了中国证监会认可的独立董事资格证书。郭剑先生目前尚未取得 独立董事资格证书，但已书面承诺参加最近一次独立董事培训并取得深圳证券交 易所认可的独立董事资格证书。上述独立董事候选人的任职资格和独立性需经深 圳证券交易所审核无异议后方可提交公司股东大会审议。《独立董事提名人声明 与承诺》、《独立董事候选人声明与承诺》详见公司同日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 本公司及董事会全体成员保证信息披露的内容真 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a decrease in revenue and net profit for Q3 2024, with revenue at 1.427 billion yuan, down 4.36% year-on-year, and net profit at 86 million yuan, down 17.21% year-on-year [4][5] - The gross profit margin improved to 24.2% in Q3 2024, an increase of 0.9 percentage points from the previous quarter [5] - The company continues to expand its franchise network, adding 50 new franchise stores in Q3 2024, bringing the total to 1,482 stores [5][6] Summary by Sections Financial Performance - Q3 2024 revenue was 1.427 billion yuan, a decrease of 4.36% year-on-year - Q3 2024 net profit was 86 million yuan, a decrease of 17.21% year-on-year - Q3 2024 gross profit margin was 24.2%, down 2.25 percentage points year-on-year but up 0.9 percentage points quarter-on-quarter [4][5] Store Expansion - As of September 2024, the total number of "CHJ Chaohongji" jewelry stores reached 1,482, with 1,236 franchise stores, a net increase of 126 stores since the beginning of the year - In Q3 2024, 4 new direct stores were added, including 3 in East China and 1 in Malaysia [5][6] Profitability and Forecast - The company is focusing on enhancing its product lines and has received positive feedback on new product launches in collaboration with renowned artists and designers [6] - The profit forecast for 2024-2026 is set at 356 million, 412 million, and 450 million yuan respectively, with a projected price-to-earnings ratio of 13-15x for 2024 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.39 RMB [2][3][7] Core Views - The company's 24Q3 revenue was 48.59 billion RMB, up 8.01% YoY, while net profit attributable to shareholders was 3.16 billion RMB, up 0.95% YoY However, 24Q3 revenue and net profit declined by 4.36% and 17.21% YoY respectively [1] - The company outperformed the industry in terms of revenue growth Despite a 10.4%, 12%, and 7.8% YoY decline in gold and jewelry retail sales in July, August, and September respectively, the company's sales were less impacted due to its younger product positioning and better differentiation [1] - The company's gross margin in 24Q3 decreased by 2.3 percentage points YoY, likely due to changes in product and channel structure Sales, management, and R&D expense ratios decreased by 0.3, 0.2, and 0 percentage points respectively, while the net profit margin dropped by 0.9 percentage points to 6.1% [1] - The company is actively expanding its overseas business, with its first overseas store opening in Malaysia's IOI City Mall in August, showing strong sales momentum and enhancing its international presence [1] - The company's differentiated brand and product positioning, catering to younger consumers, and its relatively small sales base provide ample room for future growth, supporting a positive outlook for its medium to long-term prospects [1] Financial Forecasts - The report adjusts the company's EPS forecasts for 2024-2026 to 0.38, 0.49, and 0.56 RMB respectively, down from previous estimates of 0.48, 0.59, and 0.70 RMB [2][7] - Revenue is expected to grow by 5.9%, 11.8%, and 10.1% in 2024, 2025, and 2026 respectively, reaching 6.248 billion, 6.987 billion, and 7.693 billion RMB [5] - Net profit attributable to shareholders is projected to grow by 1.0%, 28.9%, and 15.3% in 2024, 2025, and 2026 respectively, reaching 337 million, 434 million, and 500 million RMB [5] - The company's gross margin is expected to decline slightly from 26.1% in 2023 to 23.6%, 23.3%, and 23.4% in 2024, 2025, and 2026 respectively, while the net margin is expected to improve from 5.7% in 2023 to 6.2% and 6.5% in 2025 and 2026 [5] Industry Comparison - The company's valuation is based on a 2025 PE multiple of 11x, in line with peers such as Chow Tai Fook (10x), Chow Sang Sang (9x), and China Gold (12x) [8] - The adjusted average PE multiple for comparable companies is 12x for 2024, 11x for 2025, and 10x for 2026 [8]

[Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_TargetPrice] 潮宏基(002345)公司点评报告 2024 年 11 月 04 日 [Table_Title] 金价持续上行影响行业动销，公司三季度业绩有所承压 ——潮宏基(002345)2024 三季报点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年三季度报告。 点评： 三季度收入和利润有所承压 公司发布 2024 年三季报，前三季度公司实现营业收入 48.59 亿元，同比增 长 8.01%，实现归母净利润 3.16 亿元，同比增长 0.95%，毛利率为 24.16%， 同比下降 2.58 个百分点，归母净利润率 6.50%，同比下降 0.45 个百分点。 单三季度公司实现营业收入 14.28 亿元，同比下降 4.36%，实现归母净利 润同比下降 17.21%，三季度业绩环比下滑，有所承压。单三季度公司毛利 率为 24.20%，同比下降 2.25 个百分点，公司销售/管理/研发/财务费用率分 别为 12.25%/2.19%/1.03%/0.44% ...

2024年10月31日 来源：公司年报、国金证券研究所（注：股价更新至 2024 年 10 月 31 潮宏基 (002345.SZ) 买入(维持评级) 公司点评 证券研究报告 持续提升产品力，行业波动下业绩韧性 业绩简评 ■ 公司 10 月 31 日公告 1-3Q24 营收/归母净利润/扣非净利润 48.59/3.16/3.10 亿元,同比+8%/+0.95%/+0.77%,收入端显 韧性。 ■ 3Q24 营收 14.28 亿元、同比-4.36%、归母净利润 0.86 亿元、 同比-17.2%，扣非归母净利润 0.85 亿元、同比-17.71%，收 入下滑主要系女包增长承压,珠宝业务表现预计好于行业(据 国家统计局， 7-9 月金银珠宝类零售额同比 -10.4%/-12%/-7.8%)，利润降幅大于收入系毛销差同比下降。 经营分析 ■ 金价高位波动抑制黄金饰品终端动销,行业消费量同比承压。 1）价: Q1-Q3 上海黄金交易所 Au9999 收盘价均价同比 +16%/+23%/+24%;2) 量: 据中国黄金协会, Q1-Q3 黄金首饰 消费量同比-3%/-52%/-29%，金条及金币用金消费量同比 +26. ...

证券代码：002345 证券简称：潮宏基 编号：20241031 广东潮宏基实业股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------------------|-----------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

股 票 研 究 ——潮宏基 2024 年三季度业绩点评 | --- | --- | |----------|-------------------------------------| | | | | | [table_Authors] 刘越男 ( 分析师 ) | | | 021-38677706 | | | liuyuenan@gtjas.com | | 登记编号 | S0880516030003 | | --- | |------------------| | | | | | | | | | 021-38038344 | | suying@gtjas.com | | S0880522110001 | 本报告导读： 2024Q3 业绩符合预期，公司聚焦品牌优势产品，整体表现强于珠宝行业大盘；渠道 激励与组织架构逐步捋顺，成长空间值得期待。 投资要点： [Table_Summary] 业绩略低于预期，维持"增持"评级。考虑到金价持续上行，克重 黄金品类终端动销承压、加盟商拿货意愿疲弱，且公司女包业务复 苏节奏较慢，下调 2024-2026 年 EPS 分别为 0.44/0.51/0.57 元（原值 0.46/ ...

基本每股收益(元)： 0.36 公司近一年市场表现 资料来源：最闻，山西证券研究所 2024Q3 公司营业收入低个位数下降，业绩表现不及营收。营收端，2024Q1-Q3， 公司实现营收 48.59 亿元，同比增长 8.01%。其中，24Q1-24Q3 分别实现营收 17.96、 16.35、14.28 亿元，同比增长 17.87%、10.33%、-4.36%。今年 2 季度以来，国内黄金 市场数据：2024 年 10 月 31 日 收盘价（元）： 4.94 珠宝消费持续低迷，公司 3 季度营收小幅下滑，展现较强的经营韧性。业绩端， 2024Q1-Q3，公司实现归母净利润 3.16 亿元，同比增长 0.95%，其中，24Q1-24Q3 分 年内最高/最低（元）： 7.45/4.02 别实现归母净利润 1.31、0.99、0.86 亿元，同比增长 5.47%、16.76%、-17.21%。2024 流通 A 股/总股本（亿 股）： 8.67/8.89 年前三季度，公司归母净利润增速不及营收增速，主要由于销售毛利率下滑 2.59pct、投 资净收益下降、存货跌价准备增加。渠道方面，截至 2024Q3 末，公司门店总 ...

股价表现 2024 年 11月 01 日 潮宏基 (002345. SZ) Q3 业绩保持稳健,持续坚持产品创新 目公司发布 2024年第三季度报告: (1) 2024 年前三季度,公司实现营业收入 48.59 亿元/+8.01%,实 现归母净利润 3.16 亿元/+0.95%，实现扣非归母净利润 3.10 亿元 /+0.77%。 (2) 2024Q3, 公司实现营业收入 14.28 亿元/-4.36%,归母净利润 0.86 亿元/-17.21%，扣非归母净利润 0.85 亿元/-17.71%。 目毛利率小幅下滑，费用结构调整显著: (1)2024 前三季度公司毛利率 24.16%/-2.58pcts,销售/管理/研发 费 用率分别为 11.63%/2.00%/0.91%， 同 比-1.95pcts/0.13pct/- 0.14pct, 净利率 6.50%/-0.45pct。 (2)2024Q3 公司毛利率为 24.23%/-2.23pcts, 销售/管理/研发费用 率分别为 12.25%/2.17%/1.05%,同比-0.27pct/-0.24pct/-0.02pct, 净利率 6.02%/-0.94pct ...

证券研究报告·公司点评报告·饰品 潮宏基（002345） 2024 年三季报点评：Q3 营收同比-4.36%， 费用基本维持稳定 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4417 | 5900 | 6474 | 7394 | 8545 | | 同比（ % ） | (4.73) | 33.56 | 9.73 | 14.22 | 15.56 | | 归母净利润（百万元） | 199.13 | 333.35 | 352.83 | 404.51 | 473.18 | | 同比（ % ） | (43.22) | 67.41 | 5.84 | 14.65 | 16.97 | | EPS- 最新摊薄（元 / 股） | 0.22 | ...