中国黄金：2024年半年报点评：收入稳健增长，渠道扩张积极推进

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 35.155 billion yuan in H1 2024, representing a year-on-year increase of 18.90%, with a net profit attributable to shareholders of 594 million yuan, up 10.64% year-on-year [1]. - The company is actively promoting multi-channel construction, with significant growth in gold jewelry revenue driven by rising gold prices and a doubling of sales in investment gold products [1][2]. - The company is expected to achieve revenues of 66.837 billion yuan, 75.502 billion yuan, and 83.217 billion yuan from 2024 to 2026, with corresponding net profits of 1.132 billion yuan, 1.266 billion yuan, and 1.405 billion yuan, reflecting growth rates of 16.3%, 11.8%, and 11.0% respectively [2][3]. Revenue and Profitability - In H1 2024, the gross margin was 4.39%, an increase of 0.16 percentage points year-on-year, while the net profit margin was 1.70%, a decrease of 0.13 percentage points year-on-year [2]. - The company is optimizing its profitability through improved gross margins and reduced expense ratios, with total revenue growth leading to a dilution of expenses [2]. Financial Forecasts - The company is projected to have total revenues of 66.837 billion yuan in 2024, with a growth rate of 18.58%, and a net profit of 1.132 billion yuan, reflecting a growth rate of 16.31% [3][5]. - The earnings per share are expected to increase from 0.58 yuan in 2023 to 0.67 yuan in 2024, with a price-to-earnings ratio (PE) decreasing from 15 to 13 [3][6]. Channel Expansion - The company is expanding its channels, with a net increase of 12 franchise stores in H1 2024 and plans to add 4 direct stores and 178 franchise stores in Q3-Q4 2024 [1][2].