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 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Insights - The company reported a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.5%. The net profit attributable to the parent company was 1.316 billion yuan, up 20.67% year-on-year, while the net profit excluding non-recurring items was 1.268 billion yuan, an increase of 23.64% [1][2]. - In Q1 2024, the company achieved a revenue of 5.07 billion yuan, a year-on-year increase of 23%. The gross profit was 790 million yuan, up 6.9%, but the net profit attributable to the parent company decreased by 6.6% to 341 million yuan [1][2]. - The company declared a cash dividend of 0.65 yuan per share for the 2023 annual report, along with an interim dividend of 0.3 yuan per share, totaling a cash dividend of 0.95 yuan per share, with a total cash dividend amounting to 1.031 billion yuan and a dividend payout ratio of 78% [1][2]. Financial Performance Summary - The total revenue for 2023 was 16.29 billion yuan, with a growth rate of 46.5% year-on-year. The net profit attributable to the parent company was 1.316 billion yuan, reflecting a growth rate of 20.7% year-on-year. The gross margin was 18.1% [2][3]. - For Q1 2024, the company reported a revenue of 5.07 billion yuan, with a year-on-year growth of 23%. The gross profit was 790 million yuan, with a gross margin of 15.6% [1][2]. - The company plans to open 490 new stores in 2023, with 82 self-operated and 408 franchised stores. As of March 31, 2024, the total number of stores reached 5,129 [1][2]. Earnings Forecast - The company is expected to achieve revenues of 19.64 billion yuan, 22.34 billion yuan, and 25.13 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.6%, 13.8%, and 12.5% [2][3]. - The net profit attributable to the parent company is projected to be 1.493 billion yuan, 1.671 billion yuan, and 1.850 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 13.5%, 11.9%, and 10.7% [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In Q1 2023, the company achieved a revenue of 16.29 billion yuan, a year-on-year increase of 46.5%, and a net profit attributable to shareholders of 1.316 billion yuan, up 20.67% year-on-year [3] - The company's performance in Q4 2023 showed a revenue of 3.796 billion yuan, a year-on-year increase of 74%, and a net profit of 221 million yuan, up 38% year-on-year [3] - The demand for gold products remains strong, while the demand for embedded products has been significantly affected [4] - The company has been expanding its terminal stores steadily, with a total of 5,106 stores by the end of 2023, including 4,775 franchise stores and 331 self-operated stores [3] Revenue and Profit Forecast - The company forecasts total revenue of 20.559 billion yuan for 2024, with a year-on-year growth of 26.21% [2] - The net profit attributable to shareholders is expected to reach 1.529 billion yuan in 2024, reflecting a growth of 16.16% year-on-year [2] - The latest closing price corresponds to a P/E ratio of 12.52 for 2024 [4] Product Performance - In Q1 2024, the company reported a revenue of 5.07 billion yuan, a year-on-year increase of 23%, with a net profit of 340 million yuan, down 6.6% year-on-year [4] - The revenue from embedded products in Q1 2024 was 128 million yuan, a decrease of 42.2% year-on-year, while the revenue from gold products was 4.513 billion yuan, an increase of 28.9% year-on-year [4] Store Expansion and Channel Integration - The company has been actively integrating channel resources, with a net increase of 490 stores in 2023, and a total of 5,129 stores by the end of Q1 2024 [3]

2024年4月26日 公司研究 2023 年门店净增 490 家，研发多种创新黄金工艺 ——周大生（002867.SZ）2023 年年报及 2024 年一季报点评 要点 增持（维持） 当 前价：17.47元 公司1Q2024营收同比增长23.01%，归母净利润同比减少6.61% 4月25日，公司公布2023年年报及2024年一季报：2023年实现营业收入162.90 作者 亿元，同比增长46.52%，实现归母净利润13.16亿元，折合成全面摊薄EPS为 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 1.20元，同比增长20.67%，实现扣非归母净利润12.68亿元，同比增长23.64%。 CAIA FRM 1Q2024实现营业收入50.70亿元，同比增长23.01%，实现归母净利润3.41亿 执业证书编号：S0930516050001 021-52523866 元，折合成全面摊薄EPS为0.31元，同比减少6.61%，实现扣非归母净利润 tangjiarui@ebscn.com 3.36亿元，同比减少5.70%。 分析师：田然 公司1Q2024综合毛利率下降2.34个百分点，期间费用率上升0.54 ...