中国黄金：收入稳健增长，渠道扩张稳步推进

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady revenue growth with a 2024H1 revenue of 35.155 billion yuan, representing a year-on-year increase of 18.90%. The net profit attributable to shareholders for the same period was 594 million yuan, up 10.64% year-on-year [3] - The company is enhancing product competitiveness and steadily expanding its distribution channels. In 2024H1, revenue from gold jewelry reached 34.776 billion yuan, up 18.84% year-on-year, while service fee income surged by 187.38% [3] - The company is focusing on high-value-added products and increasing its self-research ratio to enhance market competitiveness. The total sales volume of investment gold products doubled in the first half of the year [3] - The company maintains stable profit margins and expense ratios, with a gross margin of 4.39% in 2024H1, an increase of 0.16 percentage points year-on-year [3] Financial Summary - The company's projected revenues for 2024-2026 are 66.810 billion yuan, 76.148 billion yuan, and 85.267 billion yuan, respectively, with corresponding revenue growth rates of 18.53%, 13.98%, and 11.98% [2] - The net profit attributable to shareholders is expected to be 1.121 billion yuan in 2024, 1.273 billion yuan in 2025, and 1.421 billion yuan in 2026, with net profit growth rates of 15.13%, 13.60%, and 11.58% [2] - The earnings per share (EPS) are projected to be 0.67 yuan in 2024, 0.76 yuan in 2025, and 0.85 yuan in 2026, with a price-to-earnings (PE) ratio of 12.43, 10.94, and 9.80, respectively [2][3]