潮宏基：点评报告：24Q2归母净利润同比增长16.76%，传统黄金产品收入快速增长

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company achieved a year-on-year growth of 16.76% in net profit attributable to shareholders in Q2 2024, with a total revenue of 3.431 billion yuan in H1 2024, reflecting a 14.15% increase year-on-year [1]. - Traditional gold product revenue grew by 31%, and the company successfully launched new diamond brands, achieving record sales during the online shopping festival [1]. - The company is expanding its offline store presence while optimizing online sales strategies, with a total of 1,439 jewelry stores by June 2024, including 1,186 franchise stores [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.431 billion yuan, with a net profit of 229 million yuan, and a non-recurring net profit of 225 million yuan, showing increases of 14.15%, 10.04%, and 10.06% respectively [1]. - For Q1 and Q2, the revenue growth rates were 17.87% and 10.33%, while net profit growth rates were 5.47% and 16.76% respectively [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, amounting to 38.72% of the net profit for H1 [1]. Product Performance - Revenue from traditional gold products reached 1.477 billion yuan, up 31.37% year-on-year, while fashion jewelry revenue was 1.654 billion yuan, increasing by 5.97% [1]. - The company is focusing on cultivating diamond brands, with successful product launches and high sales during the 618 shopping festival [1]. Store Expansion and Online Strategy - The company is actively expanding its offline presence, with a net increase of 76 franchise stores in H1 2024 [2]. - Online sales reached 600 million yuan, although this represented a decline of 7.88% year-on-year, accounting for 17.49% of total revenue [2]. Earnings Forecast - The company maintains its earnings forecast, expecting EPS of 0.43, 0.49, and 0.56 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 8, and 7 [6].