Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.80 [2][5]. Core Views - The company's revenue for Q3 2024 was RMB 2.612 billion, a year-on-year decrease of 40.9% and a quarter-on-quarter decrease of 16.5%. The net profit attributable to the parent company was RMB 253 million, down 28.7% year-on-year and 2.6% quarter-on-quarter. For the first three quarters of 2024, revenue totaled RMB 10.809 billion, a decrease of 13.5% year-on-year, and net profit was RMB 855 million, down 21.9% year-on-year. The decline in revenue is primarily due to high gold prices suppressing end-consumer demand and franchisee restocking needs. However, the net profit decline was smaller than revenue due to improved gross margin from the rapid rise in gold prices and an increase in the proportion of high-margin direct sales channels [2][3][4]. Summary by Sections Revenue Breakdown - Franchise revenue in Q3 2024 was RMB 1.73 billion, down 51.6% year-on-year, accounting for 66.2% of total revenue, a decrease of 14.6 percentage points year-on-year. Offline self-operated revenue was RMB 390 million, down 3.7% year-on-year, accounting for 14.9% of total revenue, an increase of 5.8 percentage points year-on-year. E-commerce revenue benefited from increased sales of small items, reaching RMB 462 million, up 14.1% year-on-year, accounting for 17.7% of total revenue, an increase of 8.5 percentage points year-on-year [3]. Profitability Analysis - The gross margin for Q3 2024 was 27.5%, an increase of 9.7 percentage points year-on-year, primarily due to the rapid rise in gold prices and an increase in the proportion of high-margin direct sales channels. The selling expense ratio increased by 6.3 percentage points year-on-year to 11.3%, attributed to higher salaries, rental costs, and advertising expenses. The net profit margin for Q3 2024 was 9.7%, an increase of 1.7 percentage points year-on-year [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to RMB 1.09 billion, RMB 1.25 billion, and RMB 1.38 billion, with year-on-year growth rates of -17.1%, +14.5%, and +10.5%, respectively. The corresponding EPS is projected to be RMB 1.00, RMB 1.14, and RMB 1.26. The target price is set at RMB 14.80, based on a PE ratio of 13 times for 2025, reflecting the company's strategy to maintain store openings and increase market share despite intensified competition [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company's performance in the third quarter faced pressure due to a rapid increase in gold prices, which suppressed terminal demand and the enthusiasm of franchisees to purchase products. Despite this, the company is actively expanding its store network [1][5][8] - For the first three quarters of 2024, the company achieved revenue of 10.809 billion yuan, a year-on-year decrease of 13.49%, and a net profit attributable to the parent company of 855 million yuan, down 21.95% year-on-year. The third quarter alone saw revenue of 2.612 billion yuan, a decline of 40.91% year-on-year [1][5][6] - The company reported a gross margin of 27.48% in the third quarter, an increase of 9.7 percentage points year-on-year, attributed to a higher proportion of high-margin embedded products [6][8] Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 10.809 billion yuan, down 13.49% year-on-year, with a net profit of 855 million yuan, down 21.95% year-on-year. The third quarter alone saw revenue of 2.612 billion yuan, a decline of 40.91% year-on-year [1][5][6] - The company’s self-operated offline business generated revenue of 1.354 billion yuan, up 9.77% year-on-year, while e-commerce revenue was 1.653 billion yuan, up 5.94% year-on-year. Franchise business revenue decreased by 19.75% to 760 million yuan [5][6] Store Expansion - The company opened a net of 129 new stores in the first three quarters, bringing the total number of stores to 5,235 [1][5][6] Cash Flow and Margins - The company reported a gross margin of 27.48% in the third quarter, an increase of 9.7 percentage points year-on-year. The operating cash flow for the first three quarters was 1.315 billion yuan, a significant increase of 1310% year-on-year [6][8] - The sales expense ratio for the third quarter was 11.29%, an increase of 6.31 percentage points year-on-year, primarily due to rising costs in salaries, rent, advertising, and e-commerce channels [6][8] Profit Forecast - The company’s net profit forecasts for 2024-2026 have been adjusted to 1.183 billion yuan, 1.325 billion yuan, and 1.435 billion yuan respectively, with corresponding P/E ratios of 10.2, 9.1, and 8.4 times [1][8]

Financial Performance - The company's revenue for Q3 2024 was ¥2,611,791,040.87, a decrease of 40.91% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥253,354,854.48, down 28.70% year-on-year[2]. - The total revenue from January to September 2024 reached ¥10,808,649,102.64, reflecting a decline of 13.49% compared to the previous year[5]. - Total revenue for Q3 2024 was CNY 10,808,649,102.64, a decrease of 13.5% compared to CNY 12,493,990,257.53 in the same period last year[22]. - Net profit attributable to the parent company was CNY 3,719,328,749.76, a decrease from CNY 3,895,719,864.38 year-on-year[21]. - The net profit for Q3 2024 was CNY 852,968,691.99, a decrease of 22% compared to CNY 1,092,663,688.67 in Q3 2023[23]. - The total comprehensive income attributable to the parent company was CNY 854,737,537.58, down from CNY 1,095,140,160.78 in Q3 2023[23]. - The company reported a total profit of CNY 1,109,104,662.60 for Q3 2024, down from CNY 1,421,947,168.76 in the previous year, representing a decline of approximately 22%[23]. Revenue Breakdown - Self-operated offline business revenue for the first nine months was ¥1,354,000,000, a growth of 9.77% year-on-year[6]. - E-commerce business revenue for the first nine months was ¥1,653,000,000, an increase of 5.94% compared to the previous year[6]. - Franchise business revenue for the first nine months was ¥7,660,000,000, a decrease of 19.75% year-on-year[6]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,265,285,038.46, representing a 3.16% increase from the end of the previous year[2]. - Total liabilities increased to CNY 2,058,916,169.97, up from CNY 1,627,766,416.87, marking a rise of 26.4%[20]. - The company’s total equity attributable to shareholders decreased to CNY 6,204,837,295.72 from CNY 6,381,299,956.49, a decline of 2.8%[21]. Cash Flow and Financial Position - Cash and cash equivalents increased by 82.21% to ¥1,552,079,538.19 due to a significant decrease in credit sales and growth in sales collections[12]. - Cash received from operating activities decreased by 41.89% to ¥100,105,132.58 due to a reduction in customer deposits and government subsidies[14]. - Cash obtained from borrowings increased by 175.00% to ¥1,650,000,000.00 as the company raised more short-term loans[14]. - Cash flow from operating activities showed a net increase of CNY 1,314,997,122.68, a significant improvement from a negative cash flow of CNY -108,657,725.42 in the previous year[24]. - Cash and cash equivalents at the end of Q3 2024 amounted to CNY 1,327,784,636.96, up from CNY 823,153,903.37 at the end of Q3 2023[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,772, with the largest shareholder holding 55.57%[15]. - The company reported a total share capital of 1,095,926,265 shares, with 10,452,372 shares held in the repurchase account, representing 0.95% of the total share capital[18]. - A cash dividend of 6.5 RMB per 10 shares will be distributed, totaling 705,558,030.45 RMB, with the record date on July 9, 2024[18]. - For the 2024 semi-annual dividend, a cash dividend of 3 RMB per 10 shares is proposed, amounting to 325,642,167.90 RMB, with the record date on October 18, 2024[18]. - The top 10 shareholders include Shenzhen Zhou's Investment Co., Ltd. holding 609,018,750 shares, accounting for 55.6% of the total[17]. - The company’s actual controller, Zhou Zongwen, and his family hold a combined 82.54% of the shares after a recent share transfer agreement[17]. Operational Changes - The number of stores at the end of the reporting period was 5,235, with a net increase of 129 stores since the beginning of the year[10]. - The company has focused on product development and marketing efforts to adapt to market changes amid challenging economic conditions[5]. - The company has not reported any new product launches or technological advancements in this quarter[16]. - There are no updates on market expansion or mergers and acquisitions in the current report[16]. Expenses - Sales expenses increased by 33.30% to ¥823,945,348.83 primarily due to higher compensation, rental, advertising, and e-commerce channel costs[13]. - Financial expenses surged by 2234.80% to ¥25,150,070.56 mainly due to increased interest on short-term loans and foreign exchange losses[13]. - Research and development expenses for the quarter were CNY 8,909,429.39, slightly up from CNY 8,377,091.38 in the previous year[22].

证券代码：002867 证券简称：周大生 公告编号：2024-053 周大生珠宝股份有限公司 关于公司 2024 年 9 月份新增自营门店情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 注：总投资金额为计划投资额，主要包括首次铺货、装修、道具及固定资产、旧店转至新店的货 品等。上述面积为建筑面积或租赁面积等，具体以签订的合同为准。 以上经营数据为初步统计数据，最终数据以定期报告为准，特提醒投资者注 意。 特此公告。 周大生珠宝股份有限公司 董事会 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2023 年修订）》第四章第八节珠宝相关业务的要求，周大生珠宝股份有限公 司现将 2024 年 9 月份公司新增自营门店概况披露如下： | 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 地区 | | 形式 | (m2 ) | 额（万元） | 类别 | | 1 | 周大生经典济南 ...

证券代码：002867 证券简称：周大生 公告编号：2024-052 周大生珠宝股份有限公司 2024 年半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内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相 关规定，周大生珠宝股份有限公司（以下简称"公司"）通过回购专用证券账户 持有的公司股份10,452,372股不享有利润分配权利，因此本次享有可参与利润分 配权的股份总数为1,085,473,893股（现有总股本1,095,926,265股剔除已回购股份 10,452,372股）。 2、在本次权益分派方案不变的前提下，2024年半年度权益分派实施后的除 权除息参考价格如下：公司本次实际现金分红的总金额=实际参与分配的总股本 ×分配比例，即325,642,167.90元=1,085,473,893股×0.3元/股，因公司已回购股份 不参与分红，本次权益分派实施后，根据股票市值不变原则，实施权益分派前后 公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权 益分派实施后除权除息价格计算时，每股 ...

代码：002867 证券简称：周大生 编号：2024-037 周大生珠宝股份有限公司 投资者关系活动记录表 | --- | --- | |---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | □分析师会议 | | | □业绩说明会 | | 投资者关系活动类别 | □路演活动 | | | ...

代码：002867 证券简称：周大生 编号：2024-036 周大生珠宝股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √特定对象调研 | □分析师会议 | | | ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2023 年修订）》第四章第八节珠宝相关业务的要求，周大生珠宝股份有限公 司现将 2024 年 8 月份公司新增自营门店概况披露如下： | 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 地区 | | 形式 | (m2 ) | 额（万元） | 类别 | | 1 | 周大生长沙高铁吾悦广场专 1 | 华中 | 2024.8.01 | 专卖 | 93.33 | 600 | 素金、镶嵌 | | | 卖店 | | | 店 | | | | | 2 | 周大生长沙松雅湖吾悦广场 2 | 华中 | 2024.8.06 | 专卖 | 124.03 | 600 | 素金、镶嵌 | | | 专卖店 | | | 店 | | | | | 3 | 周大生国家宝藏哈尔滨远大 3 | 东北 | 2024.8.07 ...

Investor Relations Activity - Investor relations activity category: Other (teleconference) [1] - Number of investors: 5 [1] - Participating units and personnel: Jianxin Pension (Xu Rui), Dan Shui Quan (Luo Zhiwei), CITIC Securities (Ye Le, Zhang Shuyi, Li Jie) [1] - Date and location: September 13, 2024, online [1] - Company representatives: Board Secretary and Vice President (He Xiaolin), Securities Affairs Representative (Rong Huan) [1] Key Discussion Topics - Main financial indicators for the first half of 2024 [1] - Impact of gold price fluctuations [1] - Store opening pace [1] - National Treasure series [1] - Industry situation [1] Compliance and Disclosure - Strict adherence to the "Information Disclosure Management System" to ensure the authenticity, accuracy, completeness, timeliness, and fairness of information disclosure [1] - No leakage of undisclosed major information during the reception process [1]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨周大生（002867.SZ） [Table_Title] 周大生 2024年中报点评：毛利额平稳费用增加， 中期分红增强股东回报 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 公司发布 2024 年中报，报告期内实现营收 82.0 亿元，同比增长 | 1.5% ，实现归母净利润 6.0 亿 | | | 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 周大生（002867.SZ） cjzqdt11111 相关研究 [Table_Title 周大生 202 ...