代码：002867 证券简称：周大生 编号：2024-034 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 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他(电话会议 ) | | | | 共计 17 位投资者（排名不分先后）： | | | | 华富基金：王叶 | 东证融汇：刘一霖 | | | 上海雪石资管：吴曦 | 阳光保险：赵欣茹 | | | 上海瓴仁私募基金：吕若晨 | 上海雪石资管：黄格格 | | 参与单位名称 | 万和证券：范慧华 | 财通证券：简曲 | | 及人员姓名 | 财通基金：王逸欣 | 野村东方国际证 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a revenue of 8.197 billion yuan for the first half of 2024, a year-on-year increase of 1.52%, while the net profit attributable to shareholders decreased by 18.71% to 601 million yuan [5] - The revenue from gold products continues to increase, contributing 84.93% of total revenue, while the revenue from embedded products decreased by 29.18% [5] - The company is expanding its store network, with a net increase of 124 stores in the first half of 2024, bringing the total to 5,230 stores [5] - The company maintains a high cash dividend payout ratio of 54.14% [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.126 billion yuan, a year-on-year decrease of 20.89%, and a net profit of 260 million yuan, down 30.51% [5] - The gross profit margin for the first half of 2024 was 18.38%, a slight decrease of 0.08 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, totaling 326 million yuan [5] Product and Channel Analysis - The revenue from franchise channels was 5.932 billion yuan, a slight decrease of 0.74%, while self-operated channels saw a growth of 16.35% to 963 million yuan [5] - E-commerce revenue grew by 3.09% to 1.191 billion yuan, contributing 14.53% to total revenue [5] Store Expansion - The company added 297 stores and closed 173, resulting in a net increase of 124 stores in the first half of 2024 [5] - The majority of stores are located in third-tier cities and below, accounting for 67.9% of total stores [5] Future Outlook - The company expects revenue growth of 6.77%, 9.25%, and 10.21% for the years 2024, 2025, and 2026, respectively [6] - The projected net profit for 2024 is 1.315 billion yuan, with a slight decrease of 0.09% year-on-year, followed by growth of 18.13% and 14.67% in the subsequent years [6]

[Table_Stock] 周大生（002867） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 事件概述 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月05日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张洪乐 | | | | | Tel: | 021-53686159 | | E-mail: | zhanghongle@shzq.com | | SAC 编号 : | S0870523040004 | | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a revenue growth of 1.5% in H1 2024, but net profit declined by 19% [1] - The company declared an interim dividend of 0.3 CNY per share, with a payout ratio of 54.14%, indicating a stable dividend policy [1] - The company is expected to face a 7.7% decline in net profit for 2024 due to a fluctuating consumer environment [8] Revenue Analysis - H1 2024 revenue reached 8.2 billion CNY, with a slight decrease in gross margin to 18.4% [1] - Q2 2024 revenue fell by 20.9% to 3.13 billion CNY, while gross margin improved by 3.9 percentage points to 22.9% [1] - The self-operated offline channel saw a revenue increase of 16.35% to 960 million CNY in H1 2024 [3] - Online sales grew by 3.09% to 1.19 billion CNY, with a significant increase in gross profit margin due to product mix optimization [3] Product Performance - Revenue from gold jewelry increased by 3.43% to 6.96 billion CNY in H1 2024, benefiting from rising gold prices [8] - Revenue from embedded jewelry decreased by 29.18% to 370 million CNY, with a decline in gross margin [8] Financial Forecast - The company is projected to achieve revenues of 17.47 billion CNY in 2024, with a net profit of 1.21 billion CNY [9] - The expected P/E ratio for 2024 is 10 times, maintaining the "Accumulate" rating [8]

核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 82 亿，同比增长 1.5%，实现归母净利润 6 亿，同比下滑 18.7%，其中 24Q2 收入和归母净利润分别同比下滑 20.9%和 30.5%。中报拟现金分红 3.26 亿，分红率为 54%。 ⚫ 加盟业务收入承压，自营业务增速较快。分渠道来看：1）电商业务：24H1 收入同 比增长 3.1%，其中镶嵌类和黄金类产品收入同比增长 8.5%和-11.1%。2） 加盟业 务：24H1 收入同比下滑 0.7%，其中镶嵌类和黄金类产品收入同比增长-37.9%和 3.4%。3）自营业务：24H1 收入同比增长 16.4%，其中镶嵌类和黄金类产品收入同 比增长-25.7%和 21.1%。门店数量方面，上半年加盟和直营门店分别净开 112 和 12 家，达到 4,887 和 343 家。 ⚫ 素金类产品增速放缓。分产品来看，24H1 素金类、镶嵌类、品牌使用费收入分别同 比增长 3.4%、-29.2%和-15.2%。受市场环境影响，黄金类产品消费市场面临较大 的增长压力，钻石镶嵌类产品市场仍处于深度调整阶段，整体收入结构上黄金类产 品收入占比进一步上升。 ⚫ 毛利率 ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 周大生（002867）公司半年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------|----------------------| | 股票数据 | | | 08 [ Table_StockInfo 月 30 日收盘价（元） ] | 10.88 | | 52 周股价波动（元） | 9.97-20.34 | | 总股本 / 流通 A 股（百万股） | 1096/1080 | | 总市值 / 流通市值（百万元） | 11924/11748 | | 相关研究 | | | [Table_ReportInfo] 《 23 年加盟单店贡献毛利额 | 40 万，高股息 | | 稳增长标的》 2024.05.17 | | | 《 3Q23 扣非利润增 12% | ，门店扩张持续推进》 | | 2023.12.27 | | | 《自营 / 加盟平均单店毛利提升，中期分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 is slightly under pressure, with revenue of 8.197 billion (+1.52%) and net profit of 600 million (-18.71%). The gross margin improved due to rising gold prices, but increased expenses have negatively impacted profit performance [6] - The company is focusing on enhancing the quality and efficiency of its stores, with a strategic emphasis on building retail benchmark stores and strengthening weak regions [6] - The company plans to optimize the quality of franchisees and store openings while leveraging themed stores to achieve growth against the trend [6] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 81.97 billion, with a net profit of 6.01 billion, and a gross margin of 18.4% [6] - The total expenses for the period were 6.05 billion, an increase of 35.04%, primarily due to higher sales and advertising expenses [6] - The company expects revenues of 177 billion, 198 billion, and 213 billion for 2024, 2025, and 2026 respectively, with net profits of 13.7 billion, 15.1 billion, and 16.5 billion [6][8] Channel Performance Summary - Offline store expansion is stable, but single-store revenue is under pressure, limiting overall performance growth [6] - Franchise stores generated revenue of 59.3 billion (-0.74%), while self-operated stores achieved 9.63 billion (+16.35%) [6] - Online sales reached 11.91 billion (+3.09%), with significant contributions from platforms like Tmall and JD [6] Product Category Performance Summary - The revenue from gold jewelry was 69.6 billion (+3%), while embedded jewelry saw a decline in revenue to 3.7 billion (-29%) [6] - Other jewelry categories, including fashion silver jewelry, experienced significant growth, with revenue of 2.9 billion (+66%) [6] Dividend Policy - The company announced a semi-annual dividend plan, distributing a total of 326 million in cash dividends, which accounts for 54.14% of the net profit [6]

公 司 研 究 周大生（002867.SZ）：金价高增抑 制消费需求，业绩短期承压 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：公司发布 2024 年中报，2024 年上半年实现营业收入 81.97 亿元，同比 增长 1.52%，实现归母净利润 6.01 亿元，同比下降 18.71%。24 年 Q2 实现 营业收入 31.26 亿元，同比下降 20.89%；实现归母净利润 2.6 亿元，同比下 降 30.51%。 金价快速上涨短期抑制消费需求，公司营业收入小幅增长。24 年上半年黄金 价格持续走高，上海黄金交易所 Au9999 黄金截至 6 月末的收盘价较年初开 盘价上涨 14.37%，消费者观望情绪加重，购买行为偏谨慎，导致黄金首饰消 费乏力，黄金销售量明显下滑。根据中国黄金协会统计，24 年上半年黄金首 饰消费量同比下降 26.68%，公司全口径黄金首饰销售量同比下降 16.6%，好 于行业整体表现。24 年上半年社零金银珠宝类销售额同比+0.2%，增速较 23 年的+13.3%显著回落，行业销售表现较弱。公司上半年营收同比+1.52%，与 行业整体变动趋势保持一致。3 月份金价 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance in Q2 2024 was impacted by fluctuations in gold prices, leading to a decline in profits despite steady store expansion and online multi-category development [2][3]. - The company achieved a revenue of 8.197 billion yuan in H1 2024, a year-on-year increase of 1.52%, while the net profit attributable to shareholders decreased by 18.71% to 601 million yuan [3]. - The report highlights the challenges faced in the gold product segment due to market conditions, while the diamond-studded jewelry segment is undergoing cyclical adjustments [3]. Financial Performance Summary - In H1 2024, the company's gross margin was 18.38%, down by 0.08 percentage points year-on-year, and the net margin was 7.33%, down by 1.82 percentage points [3]. - The sales expense ratio increased to 6.46%, up by 1.53 percentage points year-on-year, which pressured profitability [3]. - For Q2 2024, the company reported a revenue of 3.126 billion yuan, a year-on-year decline of 20.89%, with a net profit of 260 million yuan, down 30.51% [3]. Product and Channel Analysis - Revenue from gold and embedded jewelry in H1 2024 was 6.962 billion yuan and 372 million yuan, reflecting a year-on-year growth of 3.43% and a decline of 29.18%, respectively [3]. - The company’s revenue from franchise, self-operated offline, and self-operated online channels in H1 2024 was 5.932 billion yuan, 963 million yuan, and 1.191 billion yuan, showing a year-on-year change of -0.74%, +16.35%, and +3.09% respectively [3]. - The total number of stores reached 5,230 by the end of H1 2024, with a net increase of 495 stores compared to the end of H1 2023 [3]. Earnings Forecast - The company is projected to have EPS of 1.20, 1.37, and 1.45 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9, 8, and 7 times [4][5].

公司近一年市场表现 资料来源：最闻，山西证券研究所 流通 A 股市值（亿元）： 114.57 | --- | --- | |----------------------------|-------| | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益 (元) ： | 0.55 | | 摊薄每股收益(元)： | 0.55 | | 每股净资产(元)： | 5.73 | | | | 净资产收益率(%)： 9.56 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 珠宝首饰及钟表 周大生（002867.SZ） 买入-B(维持) 2024H1 线下门店逆势扩张，中期派息率达 54% 2024 年 8 月 30 日 公司研究/公司快报 事件描述 公司发布 2024 年半年报。2024H1，公司实现营收 81.97 亿元，同比增长 1.52%，实 现归母净利润 6.01 亿元，同比下降 18.71%，实现扣非净利润 5.85 亿元，同比下降 17.2 ...