CHJ(SZ:002345) Xinda Securities·2024-08-28 12:30Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the performance indicates a positive outlook with expected revenue and profit growth [1][2]. Core Views - The company's revenue for H1 2024 reached 3.431 billion yuan, a year-on-year increase of 14.2%, while the net profit attributable to shareholders was 229 million yuan, up 10% year-on-year [1]. - The growth in performance is primarily attributed to the franchise channel, with self-operated and franchise revenues of 1.725 billion yuan and 1.647 billion yuan, respectively, showing a decline of 3.98% and an increase of 43.66% year-on-year [1]. - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 89 million yuan, which accounts for 39% of the net profit for H1 2024 [1]. Financial Performance Summary - For H1 2024, the company achieved a net profit margin of 6.69%, a slight decrease of 0.25 percentage points year-on-year, and a gross profit margin of 24.15%, down 2.75 percentage points year-on-year [1]. - The company’s total store count reached 1,751, with a net increase of 38 stores in H1 2024, exceeding the company's original plan [1]. - Revenue projections for 2024 to 2026 are 6.848 billion yuan, 7.965 billion yuan, and 9.254 billion yuan, respectively, with a consistent growth rate of approximately 16% [2][3]. Profitability and Cost Structure - The company’s expense ratio for H1 2024 was 14.64%, a decrease of 2.65 percentage points year-on-year, indicating improved cost management [1]. - The forecasted net profit for 2024 is 382 million yuan, with expected growth rates of 15% in 2025 and 11% in 2026 [2][3].