周大生：公司信息更新报告：二季度终端销售承压，费用投入拖累业绩表现

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company faced pressure on terminal sales in Q2, with performance impacted by increased expenses. Revenue for H1 2024 was 8.197 billion yuan, a year-on-year increase of 1.52%, while net profit attributable to shareholders decreased by 18.7% to 601 million yuan. Q2 revenue was 3.126 billion yuan, down 20.9%, and net profit was 260 million yuan, down 30.5% [3][5] - The company plans to distribute a cash dividend of 3.0 yuan for every 10 shares. Due to factors such as gold price fluctuations and a sluggish consumer environment, the profit forecast for 2024-2026 has been revised downwards. Expected net profits for 2024-2026 are 1.252 billion, 1.470 billion, and 1.680 billion yuan, respectively, with corresponding EPS of 1.14, 1.34, and 1.53 yuan. The current stock price corresponds to P/E ratios of 8.8, 7.5, and 6.6 times [3][5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 8.197 billion yuan, with a year-on-year growth of 1.5%. The net profit attributable to shareholders was 601 million yuan, reflecting an 18.7% decline. Q2 results showed revenue of 3.126 billion yuan, down 20.9%, and net profit of 260 million yuan, down 30.5% [3][5] - The comprehensive gross margin for H1 2024 was 18.4%, with a gross profit of 1.507 billion yuan, a 1.1% increase. The gross profit from self-operated offline, online, and franchise businesses was 250 million, 360 million, and 800 million yuan, respectively [5] Business Model and Strategy - The company is expanding its multi-brand matrix and provincial agency model to increase market share. It is actively promoting a systematic approach to its gold product line, which is expected to recover growth elasticity once gold prices stabilize [3][5] - In H1 2024, the company opened 297 new stores, bringing the total to 5,230. It is integrating resources to build a brand matrix, including partnerships with popular IPs like "National Treasure" [6] Market Outlook - The company is expected to face challenges due to weak consumer demand and increased competition in the industry. However, its strategic initiatives in channel expansion and product development may provide a pathway for recovery and growth in the future [6][7]