Investment Rating - The report maintains a "Buy" rating for the company, with a target market value of 6.9 billion yuan, indicating an upside potential of 57% [24][27]. Core Viewpoints - The company is a local young fashion jewelry brand that has been deeply engaged in the fashion industry for nearly thirty years, focusing on jewelry and women's bags. It has achieved significant revenue growth, with a 2023 revenue of 5.9 billion yuan, a year-on-year increase of 33.6% [24][65]. - The gold and jewelry industry is experiencing steady growth, with the market size reaching 820 billion yuan in 2023, and a compound annual growth rate (CAGR) of 5.3% from 2013 to 2023. The industry is benefiting from rising disposable income and increasing gold prices [24][56]. - The company is enhancing its young and fashionable positioning, accelerating store expansion through a franchise model, and leveraging its strong design capabilities to capture market share [24][28]. Summary by Sections Company Overview - The company operates under three main brands: "CHJ潮宏基," "VENTI梵迪," and "FION菲安妮," focusing on mid-to-high-end fashion consumer products, primarily jewelry and women's bags [24][65]. - The company has undergone several phases, including a focus on jewelry and women's bags since 2019, resulting in a revenue CAGR of 13.6% and a net profit CAGR of 42.3% [46][65]. Industry Analysis - The gold and jewelry market is projected to grow, driven by new gold processing techniques and evolving consumer preferences. The market is expected to benefit from the trend of domestic cultural products and the increasing demand for self-purchase jewelry [56][63]. - The competitive landscape of the jewelry industry is improving, with the top four companies holding a market share of 28.6% in 2023, up from 4.6 percentage points since 2018 [24][56]. Financial Forecast and Valuation - The company is expected to achieve net profits of 4.03 billion yuan, 4.81 billion yuan, and 5.68 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 11, 9, and 8 [24][27]. - The company's strong design capabilities and franchise expansion strategy are anticipated to drive growth, with a focus on enhancing online sales and optimizing store operations [24][28].

注：上述投资金额主要包括首次铺货和装修。 关于公司 5 月份新增直营门店情况简报的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《深圳证券交易所行业信息披露指引第11号——上市公司从事珠宝相关 业务》的要求，广东潮宏基实业股份有限公司（以下简称"公司"）现将2024年5 月份公司旗下珠宝品牌新增直营门店概况公告如下： | 序 | | 门店名称 | 所在 | 开业时间 | 经营 | 面积 | 投资金额 | 主要商品类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 地区 | | 形式 | （㎡） | （万元） | | | 1 | CHJ | 常州万象城 | 华东 | 2024-5-25 | 直营 | 92.00 | 1,021.52 | 时尚珠宝首 饰、黄金饰品 | 股票代码：002345 股票简称：潮宏基 公告编号：2024-027 广东潮宏基实业股份有限公司 以上经营数据为初步统计数据，最终数据以定期报告为准，特此提醒投资者注 意。 特此公告 广东潮宏基实业 ...

证券代码：002345 证券简称：潮宏基 公告编号：2024-026 广东潮宏基实业股份有限公司 关于股东股份质押展期的公告 二、股东股份累计质押情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）近日接到公司股东廖创 宾先生（公司实际控制人廖木枝先生之一致行动人，公司董事长、总经理）函告， 获悉廖创宾先生将其所持有的本公司部分股份办理了质押展期，具体事项如下： 特此公告 广东潮宏基实业股份有限公司董事会 2024 年 6 月 15 日 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押展 期股数（股） 占其所 持股份 比例 占公司 总股本 比例 是否 为限 售股 是否为 补充质 押 质押起始 日 原质押到 期日 展期后质 押到期日 质权人 质押 用途 廖创宾 是 13,000,000 48.11% 1.46% 否 否 2023 年 6 月 16 日 2024 年 6 月 14 日 2025 年 6 月 13 日 海通证券 股份有限 公司 融资 一、股东股份质押展期基本情况 三、其他说明 1、公司 ...

本次分派对象为：截止2024年6月5日下午深圳证券交易所收市后，在中国证 券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"）登记 在册的本公司全体股东。 证券代码：002345 证券简称：潮宏基 公告编号：2024-025 广东潮宏基实业股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）2023年年度权益分派方 案已获2024年5月17日召开的2023年度股东大会审议通过。本次实施的权益分派 方案与公司2023年度股东大会审议通过的分配方案一致。公司本次分配方案以固 定总额的方式分配，自该分配方案披露至实施期间公司股本总额未发生变化。本 次权益分派方案实施时间距离2023年度股东大会审议通过时间未超过2个月。现 将权益分派事宜公告如下： 一、权益分派方案 本公司2023年年度权益分派方案为：以公司现有总股本888,512,707股为基数， 向全体股东每10股派2.50元人民币现金（含税；扣税后，通过深股通持有股份的 香港市场投资者、QFII、RQFII以 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][26]. Core Views - The company's 2023 annual report and 2024 Q1 report show performance in line with expectations, with 2023 revenue reaching 5.9 billion yuan, a year-on-year increase of 33.6%, and a net profit of 333 million yuan, up 67.4% year-on-year [2][26]. - The company is actively expanding its franchise stores and enhancing its brand presence, particularly in the gold product segment, which has seen significant growth [2][26]. - The report highlights the company's strategic focus on digital operations and user ecosystem development, which has improved customer retention and conversion rates [2][26]. Financial Summary - In 2023, the company achieved total revenue of 5.9 billion yuan, with a net profit of 333 million yuan, and a gross margin of 26.1% [15][19]. - For 2024 Q1, the company reported revenue of 1.796 billion yuan and a net profit of 131 million yuan, reflecting a year-on-year growth of 17.9% and 5.5%, respectively [15][19]. - The projected net profit for 2024-2026 is expected to grow at rates of 23.8%, 17.6%, and 18.3%, respectively, with corresponding PE ratios of 13X, 11X, and 9X, indicating a favorable valuation [26].

Investment Rating - The investment rating for the company is "Buy" and is maintained [18][34]. Core Insights - The company achieved a revenue of 5.9 billion yuan in 2023, representing a year-on-year growth of 33.6%, with a net profit attributable to the parent company of 330 million yuan, up 67.4% year-on-year [2][14]. - In Q1 2024, the company reported a revenue of 1.8 billion yuan, a year-on-year increase of 17.9%, and a net profit of 130 million yuan, growing 5.5% year-on-year [2][14]. - The company is expanding its store network rapidly, with a total of 1,399 jewelry stores by the end of the year, including 291 new franchise stores [16][34]. - The company aims to reach 2,000 stores by 2025, with an expected annual net increase of around 300 stores from 2024 to 2025 [34]. Financial Performance - The gross profit margin for Q1 2024 decreased by 3 percentage points to 24.9%, primarily due to an increase in the proportion of gold products and rapid expansion of the franchise business [3]. - The total gross profit for the year was 1.538 billion yuan, with a gross profit growth of 15.4% year-on-year [16]. - The company’s operating cash flow for Q1 2024 was 120 million yuan, reflecting a 2.5% year-on-year increase, aligning closely with the net profit growth [3]. Market Position and Strategy - The company is positioned as a young, fashionable jewelry brand that integrates Eastern cultural elements with modern aesthetics, which is expected to enhance brand recognition [34]. - The company has seen a significant increase in membership, with over 19 million members, and a member repurchase income ratio exceeding 50% [16][34]. - The company’s strategy includes optimizing salary performance policies and increasing advertising investments to expand its customer base [16]. Future Projections - EPS is projected to reach 0.46, 0.54, and 0.61 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12.9, 11.0, and 9.7 times [34].

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广东潮宏基实业股份有限公司 2023 年度股东大会的法律意见书 致：广东潮宏基实业股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广东潮宏基实业股 份有限公司（以下简称"公司"）委托，指派本所律师邵芳、叶可安（以下简称 "本所律师"）出席公司 2023 年度股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股东大会规则》等有关法律、法规、规范性文件及《广东潮宏基实业股份有 限公司章程》 ...

证券代码：002345 证券简称：潮宏基 公告编号：2024-024 广东潮宏基实业股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2024年5月17日（星期五）15：00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2024年5月 17日9：15—9：25，9：30—11：30和13：00—15：00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2024年5月17日9：15-15：00期间的任意时间。 2、现场会议地点：汕头市濠江区南滨路98号潮宏基广场办公楼1701会议室 3、会议召开方式：现场投票和网络投票表决相结合 4、会议召集人：公司第六届董事会 6、本次会议的通知及议案的具体内容已于2024年4月27日在公司指定的信息披 露媒体《中国证券报》、《证券时报》和巨潮资讯网（http://www.cnin ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by over 20% in the next six months [5][17]. Core Views - The company achieved steady growth in 2023, with a revenue of 5.99 billion yuan, a year-on-year increase of 33.56%, and a net profit attributable to shareholders of 333 million yuan, up 67.41% year-on-year [10]. - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with plans to expand its store network significantly in 2024 [12][11]. - The report highlights the successful performance of traditional gold products and the ongoing brand upgrades for FION, indicating a strong market presence and consumer engagement [11]. Financial Summary - In 2023, the company reported a gross margin of 26.07%, a decrease of 4.11 percentage points year-on-year, while the net margin improved to 5.59%, an increase of 0.95 percentage points [10]. - The company’s revenue is projected to grow from 6.90 billion yuan in 2024 to 8.93 billion yuan in 2026, with corresponding net profits expected to rise from 401 million yuan to 529 million yuan during the same period [18]. - The report forecasts earnings per share (EPS) of 0.45 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 13x in 2024 to 10x in 2026 [12][18].

广东潮宏基实业股份有限公司 关于公司 4 月份新增直营门店情况简报的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《深圳证券交易所行业信息披露指引第11号——上市公司从事珠宝相关 业务》的要求，广东潮宏基实业股份有限公司（以下简称"公司"）现将2024年4 月份公司旗下珠宝品牌新增直营门店概况公告如下： | 序 | | 门店名称 | 所在 | 开业时间 | 经营 | 面积 | 投资金额 | 主要商品类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 地区 | | 形式 | （㎡） | （万元） | | | 1 | CHJ | 普宁万泰汇 | 华南 | 2024-4-30 | 直营 | 84.00 | 665.18 | 时尚珠宝首 饰、黄金饰品 | 股票代码：002345 股票简称：潮宏基 公告编号：2024-023 注：上述投资金额主要包括首次铺货和装修。 以上经营数据为初步统计数据，最终数据以定期报告为准，特此提醒投资者注 意。 特此公告 广东潮宏基实业股份 ...