周大生：24H1业绩略有承压，加强单店提质增效

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 is slightly under pressure, with revenue of 8.197 billion (+1.52%) and net profit of 600 million (-18.71%). The gross margin improved due to rising gold prices, but increased expenses have negatively impacted profit performance [6] - The company is focusing on enhancing the quality and efficiency of its stores, with a strategic emphasis on building retail benchmark stores and strengthening weak regions [6] - The company plans to optimize the quality of franchisees and store openings while leveraging themed stores to achieve growth against the trend [6] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 81.97 billion, with a net profit of 6.01 billion, and a gross margin of 18.4% [6] - The total expenses for the period were 6.05 billion, an increase of 35.04%, primarily due to higher sales and advertising expenses [6] - The company expects revenues of 177 billion, 198 billion, and 213 billion for 2024, 2025, and 2026 respectively, with net profits of 13.7 billion, 15.1 billion, and 16.5 billion [6][8] Channel Performance Summary - Offline store expansion is stable, but single-store revenue is under pressure, limiting overall performance growth [6] - Franchise stores generated revenue of 59.3 billion (-0.74%), while self-operated stores achieved 9.63 billion (+16.35%) [6] - Online sales reached 11.91 billion (+3.09%), with significant contributions from platforms like Tmall and JD [6] Product Category Performance Summary - The revenue from gold jewelry was 69.6 billion (+3%), while embedded jewelry saw a decline in revenue to 3.7 billion (-29%) [6] - Other jewelry categories, including fashion silver jewelry, experienced significant growth, with revenue of 2.9 billion (+66%) [6] Dividend Policy - The company announced a semi-annual dividend plan, distributing a total of 326 million in cash dividends, which accounts for 54.14% of the net profit [6]