CHJ(SZ:002345)2024-09-06 02:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company reported a revenue of 3.43 billion yuan for the first half of 2024, representing a year-on-year increase of 14.2%. The net profit attributable to the parent company was 229 million yuan, up 10.0% year-on-year [4][5]. - The company is accelerating the expansion of its franchise channels and enhancing its brand presence, particularly in the gold product segment, which has seen significant growth [4]. - The report highlights the company's strategic focus on young consumers and the development of differentiated brand positioning, alongside the introduction of new diamond products [4]. Financial Performance - For the first half of 2024, the company achieved a gross margin of 24.2%, a decrease of 2.8 percentage points year-on-year. The net profit margin for the same period was 6.7%, down 0.3 percentage points year-on-year [4]. - The company’s revenue is projected to grow to 6.90 billion yuan in 2024, with a year-on-year growth rate of 16.9% [5][6]. - The earnings per share (EPS) for 2024 is estimated at 0.44 yuan, reflecting a growth of 17.8% compared to the previous year [5][6]. Market Positioning - The company is actively expanding its franchise stores, with a total of 1,439 stores by the end of June 2024, of which 1,186 are franchise stores, marking a net increase of 76 stores since the beginning of the year [4]. - The report emphasizes the company's commitment to enhancing its online presence and utilizing social media marketing to increase brand exposure [4]. - The introduction of new product lines under the Cëvol brand is expected to contribute to future growth, targeting the cultivated diamond jewelry market [4].