证券研究报告 纺织服饰 | 饰品 非金融|公司点评报告 hyzqdatemark 2026 年 01 月 15 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 市场表现： | 基本数据 | | | | 2026 | 年 | 01 | | | | 月 | 14 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 13.36 | | | 年 内 / | 最 | 高 | 最 | | | | 低 | 一 | | | 18.18/4.96 | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 11,870.53 | | | | | 流通市值（百万元） | | | | | | | | | | | 11,587.00 | | | 总股本（百万股） | | | | | | | | | | | 888.51 | | ...

摘要1月14日，潮宏基黄金价格报1436元/克，与昨日（1426元/克）相比，上涨了10元/克，涨幅0.70%， 与本月初（1357元/克）相比，上涨了79元/克，涨幅5.82%。较本月最高价相差0元/克，较本月最低价相 差79元/克，均价1391元/克。 1月14日，潮宏基黄金价格报1436元/克，与昨日（1426元/克）相比，上涨了10元/克，涨幅0.70%，与本 月初（1357元/克）相比，上涨了79元/克，涨幅5.82%。较本月最高价相差0元/克，较本月最低价相差79 元/克，均价1391元/克。 潮宏基黄金价格月度统计（1月1日-1月14日，单位：元/克） | 当日价 | 1436 | | --- | --- | | 日涨幅 | 0.70% | | 最高价 | 1436 | | 最低价 | 1357 | | 顶位差 | 0 | | 底位差 | 79 | | 平均值 | 1391 | ...

Core Viewpoint - Today, 14 stocks received buy ratings from institutions, with 5 stocks being newly covered by analysts [1] Group 1: Institutional Ratings - A total of 14 buy ratings were issued today, with China National Duty Free and Oriental Yuhong receiving the highest attention, each having one buy rating record [1] - Among the rated stocks, 6 provided future target prices, with 5 stocks showing an upside potential exceeding 10%. China National Duty Free has the highest upside potential at 26.49%, with a target price of 113.90 yuan from Guojin Securities [1] - Other stocks with significant upside potential include Pudong Development Bank and Zhongding Co., with potential increases of 26.25% and 25.65%, respectively [1] - Five stocks received buy ratings for the first time, including Ningde Times and Wanyuantong [1] Group 2: Market Performance - Stocks with buy ratings averaged a 2.12% increase today, outperforming the Shanghai Composite Index. Seven stocks saw price increases, with Yonyou Network hitting the daily limit [1] - The top gainers included Dazhu CNC, Chenguang Biotech, and Wanyuantong, with increases of 12.32%, 5.67%, and 4.09%, respectively [1] - Stocks that experienced significant declines included Pudong Development Bank, China National Duty Free, and Yangtze Power, with decreases of 2.85%, 2.02%, and 2.01%, respectively [1] Group 3: Earnings Performance - Among the stocks rated as buy, two have reported annual earnings forecasts, with Pudong Development Bank and Yangtze Power showing net profit growth rates of 10.52% and 5.14%, respectively [2] - Five stocks have announced annual earnings forecasts, with Chenguang Biotech expected to see the highest net profit growth of 301.38%, followed by Dazhu CNC and Chaohongji with expected growth rates of 177.24% and 150.00%, respectively [2]

格隆汇1月14日｜开源证券研报指出，潮宏基2025年归母净利润预计高增，渠道拓展、品牌升级。2025 年预计实现归母净利润4.36-5.33亿元（同比+125%~+175%），剔除前三季度商誉减值后归母净利润为 6.07-7.04亿元；单2025Q4实现归母净利润1.19-2.16亿元（2024年同期为-1.22亿元），同比大幅扭亏；整 体业绩超预期。考虑公司的消费者洞察力、差异化产品力均较为突出，随着品牌力提升，成长性有望持 续凸显，该行上调盈利预测，预计公司2025-2027年归母净利润为4.81/7.50/9.60亿元（原值为 4.50/7.33/9.26亿元），对应EPS为0.54/0.84/1.08元，当前股价对应PE为24.0/15.4/12.0倍，维持"买入"评 级。 ...

东吴证券研报指出，潮宏基是我国年轻时尚的黄金珠宝品牌，公司战略清晰，在持续扩展门店网络、优 化渠道结构的同时，正加快国际化布局步伐。作为以时尚设计见长的珠宝品牌，其"国潮"产品系列精准 契合年轻消费群体对个性化、文化内涵首饰的需求，品牌差异化优势明确。考虑到公司渠道结构持续改 善，该行上调公司2025-2027年归母净利润预测从4.3/6.6/7.9亿元至4.8/6.7/8.1亿元，同比分别 +147%/+41%/+20%，2025-2027年PE对应最新收盘价分别为23/17/14倍，维持"买入"评级。 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth percentages noted for招商银行 (China Merchants Bank), 潮宏基 (Chao Hong Ji), and 汉朔科技 (Han Shuo Technology) [1][2] - The target price increases for the top companies are as follows: 招商银行 at 41.87%, 潮宏基 at 26.27%, and 汉朔科技 at 25.61% [1][2] - On January 13, a total of 18 listed companies received broker recommendations, with 潮宏基 receiving recommendations from 2 brokers, while 渝农商行 (Yunong Commercial Bank) and 新集能源 (Xinjie Energy) received recommendations from 1 broker each [2][3] Group 2 - Five companies received initial coverage from brokers on January 13, including 隆华科技 (Longhua Technology) and 豪能股份 (Haoneng Co.), which were rated "Buy" and "Increase" by Northeast Securities [3][4] - 桐昆股份 (Tongkun Co.) and 新凤鸣 (Xinfengming) both received "Buy" ratings from Dongwu Securities, while 江海股份 (Jianghai Co.) was rated "Buy" by Tianfeng Securities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a significant increase in net profit attributable to shareholders in 2025, with a forecasted growth of 125% to 175%, resulting in a net profit of 436 million to 533 million yuan [5] - The company has successfully expanded its store network, reaching a total of 1,668 stores by the end of 2025, with a net increase of 163 stores during the year [6] - The company is enhancing its international presence, particularly in Southeast Asia, demonstrating the cross-cultural appeal of its designs [6] - The company is focusing on product differentiation and has launched new products that blend traditional culture with modern fashion [7] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 8.52 billion yuan in 2025 and 10.46 billion yuan in 2026 [9] Financial Summary - The company’s revenue is projected to grow from 5.9 billion yuan in 2023 to 12.56 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [9] - The net profit attributable to shareholders is expected to rise from 333 million yuan in 2023 to 960 million yuan in 2027, with a notable increase of 148.2% in 2025 [9] - The earnings per share (EPS) is forecasted to increase from 0.38 yuan in 2023 to 1.08 yuan in 2027, indicating strong profitability growth [9] - The price-to-earnings (P/E) ratio is projected to decrease from 34.6 in 2023 to 12.0 in 2027, suggesting an attractive valuation over time [9]

关于业绩变动原因，潮宏基表示，公司2025年围绕"聚焦主品牌、延展1+N、全渠道营销、国际化"战 略，持续优化产品与服务，强化品牌东方文化定位，通过精细化运营与数字化赋能提升核心竞争力。线 上线下全渠道融合加速推进，国际化布局加快，单店经营效益显著提升。截至2025年年底，潮宏基珠宝 门店总数达1668家，年内净增163家，门店扩张与运营效率提升共同驱动业绩增长。 （编辑：张漫游 审核：朱紫云 校对：翟军） 中经记者 郝亚娟 夏欣 上海 北京报道 2026年1月12日，潮宏基（002345.SZ）发布2025年度业绩预告：2025年度，潮宏基预计归属于上市公司 股东的净利润为43571.09万元至53253.56万元，同比增长125%至175%；扣除非经常性损益后的净利润 为42133.01万元至51495.90万元，同比增幅同样为125%至175%。基本每股收益预计为0.49元/股至0.60 元/股，较上年同期0.22元/股大幅上升。 ...

Group 1 - The core viewpoint is that the gold and jewelry industry is exploring diverse growth paths beyond traditional models, with Chaohongji projecting a significant increase in net profit for 2025 [1] - Chaohongji's net profit is expected to reach between 436 million to 533 million yuan, representing a year-on-year growth of 125% to 175% [1] - In contrast, major competitors like Chow Tai Fook and Lao Feng Xiang have reported slight revenue declines, indicating varying performance within the industry [2] Group 2 - The demand for lower-weight gold jewelry has surged due to high gold prices, which have pressured overall consumption but increased interest in affordable options [2] - Chaohongji is targeting young female consumers aged 25-35 and mothers, collaborating with popular IPs to create products that resonate with the "self-consumption" trend [3] - The premium rate for Chaohongji's IP collaboration products is notably high at 151.8%, benefiting from advanced manufacturing techniques [3] Group 3 - Chaohongji is still in a growth phase, with a total of 1,668 jewelry stores expected by the end of 2025, marking a net increase of 163 stores within the year [4] - The majority of this growth is attributed to franchise stores, indicating a successful expansion strategy [4] - The company is also pursuing international expansion, having established 11 overseas stores in countries like Malaysia and Singapore by the end of 2025 [6] Group 4 - By 2028, Chaohongji plans to open at least 20 additional overseas stores and establish a headquarters in Hong Kong for better operational management [7] - The future overseas strategy aims to cater not only to the Chinese community but also to develop localized products, with plans already in progress [8]

证券之星消息，1月13日饰品板块较上一交易日上涨0.69%，明牌珠宝领涨。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002574 | 明牌珠宝 | 6.99 | 10.08% | 48.74万 | | 3.36亿 | | 002345 | 潮宏基 | 12.98 | 4.01% | 44.30万 | | 5.79亿 | | 300945 | 曼卡龙 | 17.66 | 1.67% | 19.11万 | | 3.40亿 | | 603900 | 英绅通灵 | 9.08 | 1.57% | 13.08万 | | 261 T | | 002721 | 金一文化 | 3.29 | 1.23% | 115.09万 | | 3.85 Z | | 002731 | 苯华珠宝 | 12.96 | 0.86% | 22.52万 | | 2.95亿 | | 600916 ...