潮宏基：公司半年报点评：珠宝分部净利率提升，2Q归母净利同比增17%

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 3.431 billion yuan for the first half of 2024, representing a year-on-year increase of 14.15%. The net profit attributable to the parent company was 229 million yuan, up 10.04% year-on-year [4] - In the second quarter of 2024, the company achieved a revenue of 1.635 billion yuan, a year-on-year increase of 10.33%, with a net profit of 98 million yuan, reflecting a 17% year-on-year growth [4] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4] Summary by Sections Revenue and Profitability - The jewelry segment's revenue increased by 17% in the first half of 2024, with a net increase of 52 stores. Self-operated revenue decreased by 3.98% to 1.725 billion yuan, while franchise revenue increased by 43.66% to 1.647 billion yuan [5] - The company aims to increase its franchise stores by over 300 in 2024, targeting a total of 2,000 stores by 2025 [5] Financial Performance - The company’s gross profit margin for the first half of 2024 was 24.15%, down 2.75 percentage points year-on-year. The second quarter gross profit margin was 23.30%, reflecting a decline due to changes in product mix [6] - The company’s operating expenses in the second quarter of 2024 were 230 million yuan, a decrease of 10.04% year-on-year, with a period expense ratio of 13.90% [6] Future Projections - The company is projected to achieve revenues of 6.823 billion yuan, 7.802 billion yuan, and 8.769 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 391 million yuan, 454 million yuan, and 514 million yuan for the same years [7][9] - The estimated price-to-earnings ratio for 2024 is set between 12-15 times, corresponding to a reasonable market value range of 4.698 billion to 5.872 billion yuan, and a reasonable value range of 5.29 to 6.61 yuan per share [7]