周大生2024年中报点评：毛利额平稳费用增加，中期分红增强股东回报

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 8.2 billion yuan for the first half of 2024, representing a year-on-year growth of 1.5%. However, the net profit attributable to shareholders was 600 million yuan, a decline of 18.7% year-on-year [7][8] - In the second quarter, revenue was 3.13 billion yuan, down 20.9% year-on-year, with a net profit of 260 million yuan, down 30.5% year-on-year [7][8] - Despite the revenue decline in the second quarter, the gross profit margin was less affected due to rising gold prices, good performance in e-commerce and self-operated businesses, and steady store expansion [8] - The company opened 124 new stores in the first half of 2024, with a net increase of 112 franchise stores and 12 self-operated stores [8] - The increase in sales expenses in the second quarter, which rose by 32% year-on-year to 280 million yuan, was attributed to a long-term strategy for brand upgrading [8] - The company declared a mid-term dividend of 0.3 yuan per share, consistent with the previous year, resulting in a dividend yield of 9.0% based on the stock price as of September 10, 2024 [8] Summary by Sections Financial Performance - The company achieved total revenue of 16.29 billion yuan in 2023, with projections of 17.52 billion yuan for 2024, 19.77 billion yuan for 2025, and 22.50 billion yuan for 2026 [15] - The gross profit for 2023 was 2.96 billion yuan, with expected growth to 3.14 billion yuan in 2024 [15] - The net profit attributable to shareholders is projected to be 1.316 billion yuan in 2024, increasing to 1.667 billion yuan by 2026 [15] Market Position and Strategy - The company is focusing on brand enhancement and expanding its market share amid increasing industry concentration [8] - The resilience shown in self-operated and e-commerce segments, along with improved gross margins in wholesale gold business, is expected to support the company's performance [8]