CHJ(SZ:002345) Guoyuan Securities·2024-11-04 11:00Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company's revenue and profit faced pressure in Q3 2024, with a revenue of 4.859 billion yuan, a year-on-year increase of 8.01%, and a net profit of 316 million yuan, a year-on-year increase of 0.95% [3]. - The rising gold prices have negatively impacted the jewelry consumption sector, with the gold price increasing by 14.29% from July 1 to November 1, 2024 [4]. - The company has been enhancing its product and brand strength, launching new products that appeal to younger consumers, which has allowed it to outperform the industry average in terms of performance and store openings [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 24.16%, down 2.58 percentage points year-on-year, and a net profit margin of 6.50%, down 0.45 percentage points year-on-year [3]. - In Q3 2024, the company reported a revenue of 1.428 billion yuan, a year-on-year decrease of 4.36%, and a net profit decline of 17.21% [3]. - The company’s operating expenses as a percentage of revenue were 12.25% for sales, 2.19% for management, 1.03% for R&D, and 0.44% for financial expenses, showing slight decreases compared to the previous year [3]. Earnings Forecast - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with expected EPS of 0.41, 0.48, and 0.56 yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 12, 10, and 9 times [5][6].