广东信达律师事务所 关于周大生珠宝股份有限公司 董事长、副董事长增持公司股份的 法律意见书 中国 深圳 福田区 益田路6001号 太平金融大厦11、12楼 邮政编码：518038 11/F、12/F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话（Tel.）：（86-755) 88265288 传真（Fax.）：（86-755）88265537 网站（Website）：www.sundiallawfirm.com 广东信达律师事务所 关于周大生珠宝股份有限公司董事长、副董事长 增持公司股份的法律意见书 信达专字（2024）第009号 致：周大生珠宝股份有限公司 广东信达律师事务所（以下简称"信达"）接受周大生珠宝股份有限公司（以 下简称"周大生"或"公司"）的委托，根据《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《深 圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》等法律、法规、 部门规章及其他规范性文件的规定，对公司董事长及总经理周宗文 ...

2、截至本公告披露日，上述增持主体的增持公司股份计划实施期限届满且 已实施完毕，增持主体合计增持公司股份1,328,800股，占公司总股本的0.12%， 合计增持金额20,004,419.30元。 公司于2024年5月6日收到周宗文先生、周飞鸣先生提交的《关于增持公司股 份计划期限届满暨增持完成的告知函》，获悉上述增持主体已完成本次增持计划。 根据《深圳证券交易所上市公司自律监管指引第10号——股份变动管理》等有关 规定，现将相关情况公告如下： 证券代码：002867 证券简称：周大生 公告编号：2024-026 周大生珠宝股份有限公司 关于董事长、副董事长增持公司股份计划期限届满 暨增持完成公告 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。 特别提示： 1、周大生珠宝股份有限公司（以下简称"公司"）于2023年11月3日披露了 《关于董事长、副董事长增持公司股份计划的公告》（公告编号：2023-038）， 董事长及总经理周宗文先生、副董事长及副总经理周飞鸣先生基于对公司未来持 续稳定发展的坚定信心和长期投资价值的认可，计划自上述公告披露之日起6个 月内，以 ...

[Table_Stock] 周大生（002867） 证 高股息低估值，黄金品类拉动增长 券 研 ——周大生 2023年报及 2024年一季报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu纺 st织ry]服 饰 日期: s 20h2z4q年da0t4e月m3a0r日k 4月25日，公司发布2023年年度以及2024年一季度报告。2023年全年 实现营收162.90亿元，同比增长46.52%；归母净利润13.16亿元，同 [T分ab析le师_A: utho张r]洪 乐 比增长20.67%；扣非净利润12.68亿元，同比增长23.64%。2024年 Tel: 021-53686159 Q1实现营收50.70亿元，同比增长23.01%，归母净利润为3.41亿元， E-mail: zhanghongle@shzq.com 同比下降6.61%；扣非净利润3.36亿元，同比下降5.70%。 SAC编号: S0870523040004 分析与判断 分产品看，黄金品类延续高景气度，收入占比继续提升。23 年全年素 [基 ...

代码：002867 证券简称：周大生 编号：2024-020 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12位投资者（排名不分先后）： 参与单位名称 国海证券：芦冠宇、余洁 及人员姓名 鹏华基金：刘偲圣、戴刚、王心璐、谢添元 国泰基金：邓时锋、戴计辉、姜英、樊利安、茅利伟、陆经纬 时 间 2024年4月30日 地 点 \ 上市公司接待人员姓名 证券事务代表：周晓达 一、 问答环节： 投资者主要就公司分红规划、黄金产品毛利率提升的原因、金价波 投资者关系活动 动的影响等内容进行了交流，可参阅前次活动记录表之问答和已披露公 ...

门店拓展提速，金价高位抑制短期需求 ——周大生23年及24Q1报业绩点评 周大生（002867.SZ）/商贸零 证券研究报告/公司点评 2024年4月29日 售 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：16.19 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,118 16,290 18,548 20,633 22,617 分析师：苏畅 执业证书编号：S0740523110001 增长率yoy% 21.4% 46.5% 13.9% 11.2% 9.6% 归母净利润（百万元） 1,091 1,316 1,485 1,688 1,857 Email：suchang@zts.com.cn 增长率yoy% -10.9% 20.7% 12.9% 13.7% 10.0% 每股收益（元） 1.00 1.20 1.36 1.54 1.69 每股现金流量 0.93 0.13 1.02 0.95 1.17 净资产收益率 18.0% 20.6% 20.8% 21.7% 21.6% P/ ...

门店拓展提速，金价高位抑制短期需求 ——周大生23年及24Q1报业绩点评 周大生（002867.SZ）/商贸零 证券研究报告/公司点评 2024年4月29日 售 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：16.19 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,118 16,290 18,548 20,633 22,617 分析师：苏畅 执业证书编号：S0740523110001 增长率yoy% 21.4% 46.5% 13.9% 11.2% 9.6% 归母净利润（百万元） 1,091 1,316 1,485 1,688 1,857 Email：suchang@zts.com.cn 增长率yoy% -10.9% 20.7% 12.9% 13.7% 10.0% 每股收益（元） 1.00 1.20 1.36 1.54 1.69 每股现金流量 0.93 0.13 1.02 0.95 1.17 净资产收益率 18.0% 20.6% 20.8% 21.7% 21.6% P/ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, a year-on-year increase of 46.52%, and a net profit attributable to shareholders of 1.316 billion yuan, up 20.67% year-on-year [1][3]. - In Q1 2024, the company reported a revenue of 50.70 billion yuan, a year-on-year increase of 23.01%, but a net profit of 3.41 billion yuan, down 6.61% year-on-year due to rising gold prices and cautious consumer sentiment [1][2]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, resulting in a payout ratio of 78.5% and a dividend yield of 5.9% [1]. Revenue Analysis - In 2023, the company's revenue from self-operated, internet, and franchise businesses was 1.617 billion, 2.508 billion, and 11.972 billion yuan respectively, with year-on-year growth rates of 51.29%, 62.25%, and 44.31% [1]. - The sales of gold products continued to grow, with revenue from pure gold and embedded products reaching 13.72 billion and 918 million yuan, respectively, showing a year-on-year increase of 62.01% and a decrease of 29.4% [1]. Profitability Metrics - The gross profit margin for 2023 was 18.14%, a decrease of 2.64 percentage points year-on-year, while Q1 2024 saw a gross profit margin of 15.57%, down 2.34 percentage points year-on-year [1][2]. - The company’s expense ratio for 2023 was 6.55%, a decrease of 1.01 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses being 5.80%, 0.65%, 0.08%, and 0.02% respectively [1]. Store Expansion - In 2023, the company added 988 stores and closed 498, resulting in a net increase of 490 stores. As of March 31, 2024, the total number of stores reached 5,129, with 4,793 being franchise stores [2]. - In Q1 2024, the company opened 66 new stores and closed 43, resulting in a net increase of 23 stores [2]. Future Performance Projections - The company is expected to achieve revenues of 1.55 billion, 1.78 billion, and 2.06 billion yuan in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12x, 10x, and 9x [2][3].

Investment Rating - The investment rating for the company is "Buy" [4][10][13] Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.52%, with a net profit of 1.316 billion yuan, up 20.67% year-on-year. In Q1 2024, revenue reached 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% to 341 million yuan [2][10] - The company continues to experience strong growth in gold products, with significant online sales growth and an accelerated pace of offline store expansion. The revenue from gold products reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded products decreased by 29.4% [2][3] - The company has optimized its channel resources, resulting in a total of 5,106 stores by the end of 2023, with a net increase of 490 stores. In Q1 2024, offline business revenue continued to grow rapidly, with self-operated offline business revenue increasing by 28.73% year-on-year [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company's gross margin decreased by 2.64 percentage points to 18.14%, and the net margin decreased by 1.72 percentage points to 8.06% due to changes in revenue structure from increased gold sales and decreased embedded product sales [3][10] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for the 2023 fiscal year, with total cash dividends for the year amounting to 78.36% of the net profit [2] Revenue Forecast - The forecast for the company's revenue is as follows: 19.52 billion yuan in 2024, 22.33 billion yuan in 2025, and 25.56 billion yuan in 2026, with growth rates of 19.82%, 14.39%, and 14.49% respectively [4][11] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.34 yuan, 1.49 yuan, and 1.69 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 times [10][11]

 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].