CHJ(SZ:002345) KAIYUAN SECURITIES·2024-08-28 09:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 10.3% year-on-year revenue growth in Q2 2024, with a net profit increase of 16.8%, exceeding expectations [1] - The company aims to enhance its brand power and drive continuous growth through channel expansion and differentiation in fashion jewelry [1][3] Financial Performance Summary - For H1 2024, the company achieved revenue of 3.431 billion yuan (up 14.2% year-on-year) and a net profit of 230 million yuan (up 10.0%) [1] - Q2 2024 revenue reached 1.635 billion yuan (up 10.3%), with a net profit of 99 million yuan (up 16.8%) [1] - The company plans to distribute a cash dividend of 1.0 yuan for every 10 shares [1] Revenue Breakdown - In H1 2024, revenue from various segments was as follows: fashion jewelry 1.65 billion yuan (up 6.0%), traditional gold 1.48 billion yuan (up 31.4%), leather goods 150 million yuan (down 26.1%), and brand authorization and franchise services 120 million yuan (up 41.0%) [2] - Revenue from self-operated and franchise channels was 1.72 billion yuan (down 4.0%) and 1.65 billion yuan (up 43.7%), respectively [2] Channel Expansion and Brand Development - The company added 69 new franchise stores in H1 2024, bringing the total number of franchise stores to 1,194 and total stores to 1,451 [3] - The company continues to focus on product development, collaborating with renowned artists and institutions to enhance its product offerings [3] - The brand is positioned as a fashion benchmark with a new spokesperson to elevate its influence in the market [3] Financial Projections - The projected net profits for 2024-2026 are 385 million yuan, 458 million yuan, and 538 million yuan, respectively, with corresponding EPS of 0.43 yuan, 0.52 yuan, and 0.61 yuan [1][4] - The current stock price corresponds to P/E ratios of 10.3, 8.7, and 7.4 for the years 2024, 2025, and 2026, respectively [1][4]