CHJ(002345) 天风证券·2024-11-17 13:54Investment Rating - The investment rating for the company is "Buy" with a target price not specified, maintained for the next six months [3][6]. Core Views - The company reported a revenue of 1.4 billion yuan in Q3 2024, a decrease of 4.36% year-on-year, and a net profit attributable to shareholders of 86 million yuan, down 17% year-on-year [3][4]. - For the first three quarters of 2024, the company achieved a revenue of 4.9 billion yuan, an increase of 8% year-on-year, with a net profit of 320 million yuan, up 0.95% year-on-year [3][4]. - The company maintained a gross margin of 24.16%, down 2.58 percentage points, and a net margin of 6.5%, down 0.52 percentage points [3][4]. - The company opened 43 new stores in Q3, primarily through franchisees, reflecting strong brand recognition and service awareness [3][4]. Summary by Sections Financial Data - Total share capital is 888.51 million shares, with a market capitalization of 4.43 billion yuan [3]. - The company's earnings per share (EPS) for 2024 is projected at 0.4 yuan, with a price-to-earnings (P/E) ratio of 13 times [6][11]. Revenue and Profit Forecast - Revenue is expected to grow from 5.9 billion yuan in 2023 to 6.6 billion yuan in 2024, with a growth rate of 12.1% [11][14]. - The net profit attributable to shareholders is forecasted to be 353.76 million yuan in 2024, reflecting a growth rate of 6.12% [11][14]. Market Position and Strategy - The company is focusing on expanding its franchise model, with a total of 1,482 stores, including 1,236 franchise stores, as of September 2024 [4][5]. - The company is enhancing its product offerings with collaborations with renowned artists and designers, which have received positive feedback [4][5]. - The brand is also expanding internationally, having opened its first overseas store in Kuala Lumpur, Malaysia [5].