周大生：2024中报点评：业绩受金价影响承压，中期分红率达到54%

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit for Q2 2024 decreased by 30.5%, with a mid-term dividend payout ratio reaching 54.14% [3] - Sales of gold products showed resilience, while embedded products are undergoing significant adjustments [3] - The increase in gold product sales proportion has led to a decline in overall gross margin, and the growth of self-operated stores has significantly raised the sales expense ratio [3] - The company is steadily expanding its terminal stores and continuously integrating channel resources [3] - The forecast for the company's net profit for 2024-2026 has been revised downwards due to the significant rise in gold prices impacting terminal consumption [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 8.2 billion yuan, a year-on-year increase of 1.5%, and a net profit of 600 million yuan, down 18.7% year-on-year [3] - The company's overall gross margin for H1 2024 was 18.38%, a decrease of 0.08 percentage points year-on-year [3] - The number of channel stores reached 5,230 by the end of June 2024, with a net increase of 124 stores since the beginning of the year [3] - The latest closing price corresponds to a P/E ratio of 8, 7, and 6 times for 2024-2026, indicating a relatively low historical valuation level [4]