代码：002867 证券简称：周大生 编号：2024-047 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 ...

代码：002867 证券简称：周大生 编号：2024-046 周大生珠宝股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|--------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

代码：002867 证券简称：周大生 编号：2024-045 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 58 位投资者（排名不分先后）： | | | | 长江证券：李锦 银华基金：张萍、吴思其 | | | | 华创证券：杨澜 凯联资本：孙盼 | | | | 兴华基金：高伟绚 方物基金：汪自兵 | | | | 正圆投资：戴旅京、牛艺瑾 北京沣沛投资：李爽 | | | | 国泰基金：姜英 | 上海利檀投资：焦明远 | | | 长江证券（自营）：李昊明 长安基金：肖洁 | | | | 博时 ...

Group 1: Investor Relations Activity - A total of 25 investors participated in the activity, including representatives from various funds and investment firms [2] - The activity included a specific object survey and a telephone conference [2] - The meeting took place on November 20, 2024, at the company's headquarters and online [2] Group 2: Company Reception and Compliance - The company ensured compliance with the "Information Disclosure Management System," maintaining the accuracy and completeness of disclosed information [4] - Investors participating in the on-site survey signed a commitment letter as required by the Shenzhen Stock Exchange [4] Group 3: Discussion Topics - Investors engaged in discussions regarding industry conditions, brand matrix, national treasures, product structure adjustments, gold price fluctuations, and dividend issues [2]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 13.75 CNY per share, compared to the current price of 12.26 CNY [6]. Core Insights - The company reported a revenue of 10.809 billion CNY for the first three quarters of 2024, a year-on-year decrease of 13.49%, and a net profit attributable to shareholders of 855 million CNY, down 21.95% year-on-year [3]. - In Q3 2024 alone, the company achieved a revenue of 2.612 billion CNY, reflecting a significant year-on-year decline of 40.91%, with a net profit of 253 million CNY, down 28.70% year-on-year [3]. - The gross margin for the first three quarters was 20.58%, an increase of 2.36 percentage points year-on-year, while the Q3 gross margin was 27.48%, up 9.7 percentage points year-on-year [4]. - The company experienced a notable increase in operating expenses, with a Q3 expense ratio of 12.62%, up 7.03 percentage points year-on-year, primarily due to increased promotional expenses [4]. Revenue Breakdown - Revenue from self-operated offline business grew by 9.77% year-on-year to 1.354 billion CNY, and e-commerce revenue increased by 5.94% year-on-year to 1.653 billion CNY. However, revenue from franchise business fell by 19.75% year-on-year to 7.66 billion CNY [5]. - As of the end of September, the company had a total of 5,235 retail outlets, comprising 4,886 franchise stores and 349 self-operated stores, marking a net increase of 129 stores since the beginning of the year [5]. Financial Forecast - The company is projected to generate revenues of 14.461 billion CNY, 16.277 billion CNY, and 17.980 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -11.2%, 12.6%, and 10.5% [5]. - Net profit attributable to shareholders is expected to be 1.08 billion CNY, 1.23 billion CNY, and 1.37 billion CNY for the same years, with year-on-year growth rates of -18.2%, 13.9%, and 11.7% [5].

代码：002867 证券简称：周大生 编号：2024-043 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 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a significant decline in revenue and net profit for the third quarter of 2024, with revenue down 40.9% year-on-year and net profit down 28.7% [4]. - The decline in revenue is primarily attributed to pressure on franchise business sales, with a notable drop in the willingness of franchisees to replenish inventory amid rising gold prices [4]. - Despite the challenges, the company is actively responding by enhancing its product matrix and growing its e-commerce channels, which have shown positive performance [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 10.81 billion yuan, a year-on-year decrease of 13.5%, and a net profit of 850 million yuan, down 21.9% [4]. - In Q3 alone, revenue was 2.61 billion yuan, reflecting a 40.9% decline year-on-year, while net profit was 250 million yuan, down 28.7% [4]. - The company’s gross margin improved significantly, reaching 27.5% in Q3, up 9.7 percentage points year-on-year, due to rising gold prices and adjustments in product mix [5]. Business Segments - Revenue from franchise, self-operated, and e-commerce businesses saw year-on-year changes of -52%, -4%, and +14%, respectively, indicating a strong performance in e-commerce despite overall revenue decline [4]. - The company’s total store count reached 5,235, with a net increase of 5 stores in Q3, including 6 new self-operated stores and a net closure of 1 franchise store [4]. Strategic Initiatives - The company continues to implement its brand upgrade strategy, with increased investment in advertising and market promotion, leading to a 34% increase in sales expenses [5]. - The strategic focus on e-commerce has yielded positive results, with high-margin product categories like silver jewelry showing significant growth [5]. Future Outlook - The company is positioned for long-term growth, with projected EPS of 1.02, 1.14, and 1.27 yuan for 2024, 2025, and 2026, respectively [6].

代码：002867 证券简称：周大生 编号：2024-042 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 | | ...

周大生珠宝股份有限公司 证券代码：002867 证券简称：周大生 公告编号：2024-056 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 2024年11月16日 关于公司 2024 年 10 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。 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 10 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 | ...

周大生珠宝股份有限公司 关于控股股东部分股份解除质押的公告 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。 证券代码：002867 证券简称：周大生 公告编号：2024-055 注 1：截至本公告日，控股股东周氏投资的一致行动人未发生质押情形，未 质押股份限售和冻结数量为周宗文、周华珍、周飞鸣的高管锁定股。 周大生珠宝股份有限公司（以下简称"公司"）近日接到公司控股股东深圳 市周氏投资有限公司（以下简称"周氏投资"）的通知，获悉其所持有本公司的 部分股份解除质押，现将有关情况公告如下： 一、控股股东股份解除质押基本情况 | 股东 名称 | 是否为控 股股东 | 本次解除质 押股份数量 | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 比例 | 比例 | | | | | 周氏 投资 | 是 | 22,800,000 | 3.74% | 2.08% | 2024/1/16 | 2024/11/13 | 国泰君安证券 股 ...