Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.50 CNY, reflecting a 16.7x PE valuation for 2024 [1][5][6]. Core Insights - The company's revenue for 2023 reached 16.29 billion CNY, a year-on-year increase of 46.5%, while the net profit attributable to shareholders was 1.316 billion CNY, up 29% [1][2]. - The report highlights that the gold category continues to show high demand, and the rapid expansion of high-end stores is expected to benefit from an improved competitive landscape [1][2]. - The embedded product category's contribution to revenue is only 2.5%, indicating limited downside and a potential stabilization in profits [1][2]. Summary by Sections Performance Overview - The company reported a revenue of 16.29 billion CNY in 2023, with a net profit of 1.316 billion CNY, reflecting a year-on-year growth of 46.5% and 29% respectively [1][2]. - For Q1 2024, the revenue was 5.07 billion CNY, a decrease of 6.6% year-on-year, with a net profit of 336 million CNY, down 5.7% [1][2]. Financial Forecast - The forecast for 2024-2026 predicts net profits of 14.81 billion CNY, 16.72 billion CNY, and 18.81 billion CNY respectively, with EPS of 1.35 CNY, 1.53 CNY, and 1.72 CNY [5][6]. - The report anticipates a continued increase in store openings, with a target of 400-600 new stores in 2024 [1][2]. Market Position - The company is positioned as a leading brand in the mid-to-high-end diamond jewelry market in China, with a significant market share [2][5]. - The report notes that the competitive landscape is improving, which may enhance the company's market position [1][2].

公司研究 | 年报点评 周大生 002867.SZ 增持 （维持） 线下开店超预期，高分红回报股东 股价（2024年04月26日） 16.19元 目标价格 18.62元 52周最高价/最低价 20.34/14.15元 总股本/流通A股（万股） 109,593/108,261 A股市值（百万元） 17,743 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司2023年实现营业收入162.9亿，同比增长46.5%，实现归母净利润13.2亿， 报告发布日期 2024年04月28日 同比增长20.7%。24Q1公司的收入和归母净利润分别同比增长23%和下滑6.6%。 公司2023年全年合计分红率预计达78.4%（半年度和年度），提升股东回报。 1周 1月 3月 12月 ⚫ 分品类来看，黄金品类继续引领增长。2023年素金和品牌使用费收入分别同比增长 绝对表现% -10.65 -9.65 -1.82 13.4 62%和38.2%，镶嵌类收入同比下滑29.4%。黄金产品方面，2023年，公司重磅推 相对表现% -11.85 -10.79 -9.33 22.87 出6G鎏光金工艺，将全新的“高硬度、高耐磨、高纯度、够新 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 周 大生(002867.SZ) 证券研究报告 受益黄金市场繁荣，线上渠道增速亮眼 珠宝首饰及钟表 投资评级 买入-A 公司发布 2023 年报及 2024年一季报： 维持评级 （1）2023 年，公司实现营业收入 162.90 亿元/+46.52%，实现归母 6个月目标价 19.37元 净利润 13.16亿元/+20.67%，扣非归母净利润 12.68亿元/+23.64%。 股价 (2024-04-26) 16.19元 （2）2023Q4，公司实现营业收入 37.96 亿元/+74.01%，实现归母净 利润 2.21 亿元/+38.01%，扣非归母净利润 2.14亿元/+37.29%。 交易数据 （3）2024Q1，公司实现营业收入 50.70 亿元/+23.01%，实现归母净 总市值(百万元) 17,743.05 利润 3.41亿元/-6.61%，扣非归母净利润 3.36亿元/-5.70%。 流通市值(百万元) 17,527.45 总股本(百万股) 1,095.93 毛利率有所下滑，费用控制良好： 流通股本(百 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company achieved a revenue growth of 46.5% to 16.29 billion yuan in 2023, with a net profit increase of 20.7% to 1.316 billion yuan, aligning with expectations [1]. - The company has a high cash dividend payout ratio of 78% for the year, distributing a total of 710 million yuan in cash dividends [1]. - The first quarter of 2024 showed a revenue increase of 23% to 5.07 billion yuan, but net profit decreased by 6.6% to 340 million yuan due to changes in product mix [1]. Summary by Sections Revenue and Profitability - In 2023, the company's revenue reached 16.29 billion yuan, with a net profit of 1.316 billion yuan, reflecting a 20.7% year-on-year increase [1]. - The gross margin decreased by 2.6 percentage points to 18.1%, while the net profit margin fell by 1.7 percentage points to 8.1% [1]. - For Q1 2024, revenue was 5.07 billion yuan, with a net profit of 340 million yuan, indicating a decline in profitability [1]. Channel Performance - Self-operated offline channels saw a revenue increase of 51.29% to 1.617 billion yuan in 2023, with a net increase of 82 stores [2]. - Online sales grew significantly by 62.25% to 2.508 billion yuan, driven by enhanced e-commerce capabilities [2]. - Franchise business revenue rose by 44.31% to 11.972 billion yuan, with a net increase of 408 franchise stores [3]. Product Performance - Revenue from gold jewelry surged by 62.01% to 13.72 billion yuan, accounting for 84.2% of total revenue [7]. - Sales of embedded jewelry declined by 29.4% to 920 million yuan, reflecting a shift in consumer preference towards gold products [7]. Financial Forecast - The company is expected to achieve a net profit of 1.463 billion yuan in 2024, representing an 11.2% growth year-on-year [8]. - The projected revenue for 2024 is 19.685 billion yuan, with a growth rate of 20.8% [8]. - The report anticipates continued expansion in offline channels and sustained demand for gold products, despite potential pressure on profit margins [7][8].

华福证券 钟表珠宝 2024年04月26日 公 司 周大生（ ） 002867.SZ 买入（维持评级） 研 究 黄金品类持续景气，23 年净开店 490 家 当前价格： 16.19元 目标价格： 22.66元 投资要点： 基本数据  公司营收和利润端稳健增长，高分红积极回报股东。 总股本/流通股本(百万股) 1,095.93/1,082.61 流通A股市值(百万元) 17,527.45 23年公司实现营收162.90亿元/+46.52%，毛利率18.14%/-2.64pct， 每股净资产(元) 6.13 资产负债率(%) 26.17 归母净利润实现13.16亿元/+20.67%。24Q1公司实现营收50.70亿元 一年内最高/最低价(元) 20.34/14.15 /+23.01%，毛利率15.57%/-2.34pct，归母净利润实现3.41亿元/-6.61%。 一年内股价相对走势 24Q1春节后黄金急涨，消费者及加盟商观望情绪加重，公司抓住春节 公 前备货周期，实现稳健增长；受产品结构变化，黄金产品占比提升导 司 致毛利率下行；报告期黄金租赁业务到期归还，24Q1投资收益-0.12 财 亿元/-1640.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a strong performance in 2023, with total revenue reaching 16.29 billion yuan, a year-on-year increase of 46.52%, and a net profit attributable to shareholders of 1.32 billion yuan, up 20.67% [6]. - The growth in revenue is attributed to the sustained demand for gold products, with a notable increase in sales across various channels [6]. - The company has announced a profit distribution plan, proposing a cash dividend of 6.5 yuan per 10 shares, which translates to a dividend yield of 3.72% based on the closing price of 17.47 yuan per share [6]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 162.90 billion yuan, with a net profit of 13.16 billion yuan, reflecting a strong growth trajectory [6][7]. - The fourth quarter of 2023 saw a significant revenue increase of 74.01% year-on-year, while the first quarter of 2024 reported a revenue of 50.70 billion yuan, a 23.01% increase [6][7]. Product and Channel Performance - The revenue from gold products continues to grow, with self-operated offline and online channels showing increases of 51.29% and 62.25% respectively in 2023 [6]. - The company has expanded its store network, reaching a total of 5,129 stores by the end of the first quarter of 2024, with a focus on improving store quality and optimizing layout [6]. Future Outlook - The report projects a continued positive trend in the gold jewelry market, with expected net profits of 1.51 billion yuan and 1.69 billion yuan for 2024 and 2025 respectively [7][8]. - The company plans to maintain a shareholder return policy, committing to distribute at least 50% of its cumulative distributable profits over the next three years [6].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company's revenue and gross profit have seen significant growth driven by high demand for gold products, with a revenue increase of 46.52% year-on-year in 2023, reaching 16.29 billion yuan [2] - The company is expected to continue its growth trajectory, with projected revenues for 2024-2026 of 19.83 billion, 22.61 billion, and 25.38 billion yuan, representing year-on-year growth rates of 21.7%, 14.1%, and 12.3% respectively [2][3] - The company plans to increase its store count by 400-600 in 2024, enhancing its market presence [2] Financial Performance Summary - In 2023, the company achieved a net profit of 1.316 billion yuan, a year-on-year increase of 20.67% [2] - For Q1 2024, the company reported a revenue of 5.07 billion yuan, a year-on-year increase of 23.01%, but a decline in net profit by 6.61% to 341 million yuan [2] - The gross margin for 2023 was 18.14%, down 2.64 percentage points year-on-year, while the net margin was 8.06%, down 1.72 percentage points [2] Product and Channel Analysis - The revenue from gold jewelry reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded jewelry decreased by 29.40% to 918 million yuan [2] - The company’s franchise business generated 11.972 billion yuan in revenue, a 44.31% increase year-on-year, while online sales grew by 62.25% to 2.508 billion yuan [2] - The company has been expanding its store network, adding 490 stores in 2023, with a total of 5,129 stores by the end of Q1 2024 [2] Strategic Initiatives - The company is focusing on enhancing its brand matrix and product positioning, including the introduction of themed stores to elevate brand influence [2] - A unique brand IP advantage, supply chain integration, and a comprehensive brand marketing strategy are driving the company's growth [2] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for 2023, with a cash dividend payout ratio of 53.61% [2]

纺织服饰/饰品 公 司 研 周大生（002867.SZ） 一季度有所承压，关注长期“稳增长+高股息”属性 究 2024年04月27日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn luozheng@kysec.cn 日期 2024/4/26 证 书编号：S0790519110001 证书编号：S0790524040008 当前股价(元) 16.19  2023年经营业绩稳健增长，2024Q1业绩有所承压 公 一年最高最低(元) 20.34/14.15 公司发布2023年报及2024年一季报：2023年实现营收162.90亿元（+46.5%）、 司 信 总市值(亿元) 177.43 归母净利润 13.16 亿元（+20.7%）；2024Q1 营收 50.70 亿元（+23.0%），归母净 息 流通市值(亿元) 175.27 利润3.41亿元（-6.6%）；此外公告拟每10股派发现金股利 6.5 元。考虑到镶嵌 更 总股本(亿股) 10.96 类产品销售持续承压等因素，我们下调公司 2024-2025 年盈利预测并新增 2026 新 报 ...

公司研 究 证 券研究 报 告 珠宝首饰及钟表 2024年04月27日 周 大生（002867）2023年报及2024 年一季报点评 推 荐 （维持） 目标价：22.4元 渠道拓展发力，黄金品类保持增长 当前价：16.19元 事项： 华创证券研究所  2023年公司实现收入162.90亿元，同比+46.52%；归母净利润13.16亿元，同 证券分析师：王薇娜 比+20.67%；扣非净利润 12.687 亿元，同比+23.64%。23Q4 单季度实现收入 37.96亿元，同比+74.01%，归母净利润2.21亿元，同比+38.01%，扣非净利润 电话：010-66500993 2.14亿元，同比+37.33%。 邮箱：wangweina@hcyjs.com 执业编号：S0360517040002  24Q1实现收入50.70亿元，同比+23.01%；归母净利润3.41亿元，同比-6.61%； 扣非净利润3.36亿元，同比-5.70%。 证券分析师：姚婧 评论： 邮箱：yaojing@hcyjs.com 执业编 号：S0360522090001  黄金品类收入高增，渠道全面增长。按产品类别，23年素金类/镶 ...

[Table_Title] 证券研究报告 周大生（002867.SZ）2023&24Q1 点评：23 年 公司研究 分红超预期兑现，24Q1 业绩主要受销售费用& [Table_ReportType] 公司点评报告 黄金租赁拖累 [周Ta大bl生e_（Sto0c0k2A8n6dR7a)] [Table_ReportDate] 2024年4月26日 投资评级 买入 [T事ab件le：_公Su司mm发ar布y] 2023年及24Q1业绩，2023年实现营收162.9亿元，同增 上次评级 买入 46.5%，归母净利润13.16 亿元，同增20.67%，扣非归母净利润 12.68亿 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 元，同增23.64%，经营活动现金流净额1.39亿元，同降86.38%。24Q1收 执业编号：S1500522110002 入 50.7 亿元，同增23%，毛利额 7.9 亿元，同增6.9%，归母净利润3.41 联系电话：15000310173 亿元，同降6.6%，扣非归母净利润3.36亿元，同降5.7%。 邮 箱：liujiaren@cindasc.com 蔡昕妤 商贸零售分析 ...