CHJ(SZ:002345) Changjiang Securities·2024-09-12 01:41Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a revenue of 3.43 billion yuan for the first half of 2024, representing a year-on-year growth of 14.2%, with a net profit attributable to shareholders of 230 million yuan, up 10.0% year-on-year [3][4]. - In the second quarter, revenue reached 1.64 billion yuan, a 10.3% increase year-on-year, while net profit was 98.65 million yuan, growing by 16.8% year-on-year [3][4]. - The company has successfully expanded its store network, adding 52 new stores in the first half of 2024, with a total of 1,451 stores by the end of the period [3][4]. - The jewelry business generated 3.3 billion yuan in revenue, a 17% increase year-on-year, with traditional gold jewelry sales growing by 31% [3][4]. - The company has enhanced its product offerings by integrating traditional cultural elements and optimizing its marketing strategies, leading to improved brand influence [4]. Summary by Sections Financial Performance - The company achieved a gross profit of 830 million yuan in the first half of 2024, a 2.5% increase year-on-year, with second-quarter gross profit remaining stable at 380 million yuan [3][4]. - The company plans to reach a target of 2,000 stores by 2025, indicating a strong growth trajectory [4]. Market Positioning - The company has differentiated its brand positioning and product categories, focusing on fashion and design to attract a younger demographic, with over 20 million members contributing to more than 50% of revenue [3][4]. - The high-margin agency brand licensing and franchise service fees increased by 41% year-on-year, reflecting the company's strong market presence [3][4]. Dividend Policy - The company declared a dividend of 0.1 yuan per share for the first time in recent years, with a cumulative dividend of 0.35 yuan per share for 2024, corresponding to a dividend yield of 7.7% based on the stock price as of September 10, 2024 [4].