CHJ(SZ:002345) Soochow Securities·2024-11-01 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company's revenue decreased by 4.36% year-on-year, with a slight decline in revenue. For the first three quarters of 2024, the company achieved a revenue of 4.86 billion yuan, up 8% year-on-year, and a net profit attributable to shareholders of 316 million yuan, up 0.95% year-on-year [2][3] - The company's gross margin decreased year-on-year, while the sales expense ratio remained stable. In Q3 2024, the gross margin was 24.2%, down 2.25 percentage points year-on-year, and the net profit margin was 5.96%, down 1 percentage point year-on-year [2] - The company is expanding its overseas presence and steadily increasing franchise stores. As of the end of September 2024, the total number of stores reached 1,482, with 1,236 franchise stores, a net increase of 126 stores since the beginning of the year [3] - The company is committed to digital transformation to enhance customer experience, utilizing digital tools to improve channel efficiency and customer satisfaction [3] - The company is recognized as a young and fashionable gold jewelry brand in China, with rapid store expansion and distinctive product design. The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted downwards to 350 million, 400 million, and 470 million yuan, respectively [3] Financial Summary - For 2024, the company expects total revenue of 6.474 billion yuan, with a year-on-year growth of 9.73%. The net profit attributable to shareholders is projected to be 352.83 million yuan, with a growth rate of 5.84% [1][9] - The latest diluted EPS is expected to be 0.40 yuan per share for 2024, with corresponding P/E ratios of 12.41, 10.83, and 9.26 for 2024, 2025, and 2026, respectively [1][10]