中国黄金：公司季报点评：金价急涨影响金饰动销，3Q业绩承压

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 11.419 billion yuan in Q3 2024, a year-on-year decrease of 2.78%, and a net profit attributable to shareholders of 151 million yuan, down 25.71% year-on-year [5][6] - For the first three quarters of 2024, the company achieved a revenue growth of 12.73% to 46.575 billion yuan, with a net profit increase of 0.64% to 746 million yuan [6] - The company plans to open 181 new stores in Q4 2024, including 179 franchise stores and 2 direct stores [6][7] - The company experienced a decrease in gross profit margin to 3.63% in Q3 2024, down 0.6 percentage points year-on-year [6][7] Financial Summary - The company’s revenue for 2024 is projected to be 58.966 billion yuan, with a net profit of 999 million yuan, reflecting a year-on-year growth of 2.6% [8][11] - The gross profit margin is expected to be 4.3% in 2024, with a net asset return rate of 13.1% [11][12] - The company’s total assets are projected to reach 134.44 billion yuan by 2024, with total liabilities of 5.755 billion yuan [12]