[Table_RightTitle] 证券研究报告|商贸零售 公 [Table_Title] [Table_StockRank] 司 买入 研 黄金产品延续高景气，线下拓店提速 (维持) 究 [Table_StockName] [Table_ReportDate] ——周大生（002867）点评报告 2024年04月29日 [Table_Summary] [基Ta础ble数_B据ase Data] 投资要点: 总股本（百万股） 1,095.93 23年业绩符合预期，24Q1营收同比+23%。2023年，公司实现营收162.90 流通A股（百万股） 1,082.61 亿元（同比+46.52%），黄金产品继续保持良好的增长态势，线上业务增 收盘价（元） 16.19 公 幅明显，归母净利润13.16亿元（同比+20.67%）。2024Q1，公司实现营 总市值（亿元） 177.43 司 收50.70亿元（同比＋23.01%），收入维持较快增长，归母净利润3.41 流通A股市值（亿元） 175.27 点 亿元（同比-6.61%）。此外，公司宣告2023年度向全体股东拟每10股 [个Ta股ble相_C对ha沪rt] 深 ...

 公司4.25 公告 23 年营收/归母净利润162.9/13.16 亿元、同 比+46.5%/+20.67%。分红亮眼，年度分红每股0.65 元、加上 此前半年度分红每股0.3 元，23年合计现金分红比例78.36% （22 年为59.7%）。  1Q24 营收/归母净利润/扣非净利润50.7/3.41/3.36 亿元、同 比+23%/-6.6%/-5.7%。利润率同比下降主要系黄金产品占比 提升至毛利率下降+薪酬费用、电商渠道费用增加至销售费用 率提升。1Q24 毛利额同比+6.9%，毛利率15.6%、同比-2.3PCT， 人民币(元) 成交金额(百万元) 销售费用率4.9%、同比+0.4PCT，扣非净利率6.6%、同比-2PCT。 21.00 700 金价波动对公司的非经营性影响主要体现在公允价值变动收 600 19.00 益&投资收益项目，1Q24 二者合计-3878 万元（1Q23 为-3667 500 17.00 400 万元）。 15.00 300 200 13.00 100  黄金产品引领增长，镶嵌类继续承压、占比进一步下降至低 11.00 0 位。23 年素金类/镶嵌类收入 137.2 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a robust revenue growth of 46.52% year-on-year in 2023, reaching 16.29 billion yuan, with a net profit of 1.316 billion yuan, up 20.67% [3][4]. - The first quarter of 2024 shows continued growth, with revenue of 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% [3][4]. - The company successfully completed its store expansion plan, surpassing 5,000 stores by the end of 2023, and the e-commerce channel showed strong growth [6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 16.29 billion yuan, a 46.52% increase, and a net profit of 1.316 billion yuan, reflecting a 20.67% growth [3][4]. - The first quarter of 2024 saw revenue of 5.07 billion yuan, a 23.01% increase, but net profit fell to 341 million yuan, down 6.61% [3][4]. Revenue Breakdown - The revenue from self-operated offline, online, and franchise channels in 2023 was 1.617 billion yuan, 2.508 billion yuan, and 11.972 billion yuan, respectively, with year-on-year growth rates of 51.29%, 62.25%, and 44.31% [2][3]. - The online channel's revenue in 2023 reached 2.508 billion yuan, with significant contributions from platforms like Tmall and JD [2][3]. Profitability Metrics - The company's gross margin decreased to 18.1% in 2023, down 2.6 percentage points year-on-year, primarily due to a higher sales proportion of lower-margin gold jewelry [5][6]. - The net profit margin for 2023 was 8.06%, a decline of 1.72 percentage points compared to the previous year [5]. Future Projections - The report forecasts earnings per share (EPS) of 1.37, 1.53, and 1.74 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 11.8, 10.6, and 9.3 [6][9]. - The company is expected to maintain a strong market position, with anticipated revenue growth rates of 19.6%, 15.8%, and 13.6% for the years 2024 to 2026 [10].

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]