CHJ(SZ:002345) GOLDEN SUN SECURITIES·2024-09-04 00:11Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][5] Core Views - The company has shown strong performance in H1 2024 with a revenue growth of 14% year-on-year, reaching 3.43 billion yuan, and a net profit growth of 10%, amounting to 230 million yuan [2] - The company has successfully expanded its store network beyond expectations, with a significant increase in franchise revenue by 43.66% to 1.65 billion yuan in H1 2024, indicating robust growth potential [2] - The company is focusing on enhancing product strength and has introduced new product lines to improve competitiveness in the jewelry market [2] Financial Performance Summary - In H1 2024, the company's gross margin decreased by 2.7 percentage points to 24.1%, primarily due to changes in channel and product mix [2] - The sales expense ratio decreased by 2.7 percentage points to 11.4%, showcasing excellent cost control [2] - The company declared an interim dividend of approximately 0.1 yuan per share, with a payout ratio of 38.72%, reflecting a commitment to shareholder returns [2] Revenue and Profit Forecast - The company is projected to achieve a revenue growth of 12% and a net profit growth of 14% in 2024, with expected revenues of 6.61 billion yuan and net profits of 381 million yuan [5][6] - The forecast for net profits for 2024-2026 is 381 million, 441 million, and 510 million yuan respectively, with a corresponding PE ratio of 10 times for 2024 [5][6] Market Position and Strategy - The company aims to expand its jewelry store count to over 2,000 by 2025, with a current pace of store openings indicating strong potential to meet this target [2] - The company is enhancing its online business strategy to improve brand positioning and gross margin amid increasing competition in e-commerce [2]