周大生(002867)：金价高企抑制需求 结构转型正当时

Core Viewpoint - The rapid increase in gold prices has frozen end-user demand, leading to weakened purchasing intentions among franchisees, which further amplifies the company's performance volatility [1] Financial Performance - In 2024, the company achieved revenue of 13.89 billion, a year-on-year decline of 14.73%, and a net profit attributable to the parent company of 1.01 billion, down 23.25% year-on-year [2] - In Q1 2025, the company reported revenue of 2.673 billion, a year-on-year decline of 47.28%, and a net profit of 252 million, down 26.12% year-on-year [2] - The overall performance aligns with market trends, with Q1 2025 gold jewelry consumption tonnage decreasing by 26.85% [2] Channel Performance - Franchise channel revenue in Q1 2025 was 1.584 billion, a significant year-on-year decline of 58.63% [3] - Revenue from offline self-operated channels in Q1 2025 was 527 million, down 16.29% year-on-year, while online channel revenue was 534 million, down 6.71% year-on-year [2] - Sales of gold products through franchise and offline self-operated channels in Q1 2025 were 1.28 billion and 485 million, respectively, reflecting year-on-year declines of 63.31% and 19.12% [3] Store Performance - Due to poor terminal performance, the company experienced a net reduction of 98 and 177 stores in 2024 and Q1 2025, respectively [4] - Short-term performance growth is subject to fluctuations, but the long-term investment value remains unchanged [4] - The company is expected to mitigate industry pressures through proactive product structure transformation strategies, maintaining strong investment value at current valuation levels [4]