CHJ(002345) 海通证券·2024-11-06 01:58Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a decrease in revenue and net profit for Q3 2024, with revenue at 1.427 billion yuan, down 4.36% year-on-year, and net profit at 86 million yuan, down 17.21% year-on-year [4][5] - The gross profit margin improved to 24.2% in Q3 2024, an increase of 0.9 percentage points from the previous quarter [5] - The company continues to expand its franchise network, adding 50 new franchise stores in Q3 2024, bringing the total to 1,482 stores [5][6] Summary by Sections Financial Performance - Q3 2024 revenue was 1.427 billion yuan, a decrease of 4.36% year-on-year - Q3 2024 net profit was 86 million yuan, a decrease of 17.21% year-on-year - Q3 2024 gross profit margin was 24.2%, down 2.25 percentage points year-on-year but up 0.9 percentage points quarter-on-quarter [4][5] Store Expansion - As of September 2024, the total number of "CHJ Chaohongji" jewelry stores reached 1,482, with 1,236 franchise stores, a net increase of 126 stores since the beginning of the year - In Q3 2024, 4 new direct stores were added, including 3 in East China and 1 in Malaysia [5][6] Profitability and Forecast - The company is focusing on enhancing its product lines and has received positive feedback on new product launches in collaboration with renowned artists and designers [6] - The profit forecast for 2024-2026 is set at 356 million, 412 million, and 450 million yuan respectively, with a projected price-to-earnings ratio of 13-15x for 2024 [6][7]