CHJ(SZ:002345) NORTHEAST SECURITIES·2025-04-30 02:18Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][14]. Core Insights - The company demonstrated strong product and brand power, with Q1 2025 profits exceeding expectations. The revenue for 2024 was 6.518 billion yuan, a 10.48% increase year-on-year, while the net profit attributable to shareholders was 194 million yuan, a decrease of 41.91% [1][9]. - The company is expected to continue its growth trajectory, with projected revenues of 7.909 billion yuan, 9.579 billion yuan, and 11.616 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 491 million yuan, 599 million yuan, and 714 million yuan [4][14]. Revenue Breakdown - In 2024, the revenue breakdown by product was as follows: - Fashion jewelry: 2.970 billion yuan (45.56%, -0.63%) - Traditional gold: 2.949 billion yuan (45.25%, +30.21%) - Leather goods: 270 million yuan (4.14%, -27.38%) - Other products: 40 million yuan (0.61%, +12.58%) - Agency and franchise fees: 263 million yuan (4.04%, +22.84%) - Other business income: 26 million yuan (0.40%, +3.14%) [2][10]. Channel Performance - Revenue by channel in 2024 was as follows: - Self-operated: 3.017 billion yuan (46.29%, -7.40%) - Franchise: 3.284 billion yuan (50.38%, +32.35%) - Wholesale: 191 million yuan (2.93%, +41.31%) - Other business income: 26 million yuan (0.40%, +3.14%) [2][10]. Cost Management - The company achieved a sales expense ratio of 11.69% in 2024, a decrease of 2.35 percentage points, indicating improved cost management and operational efficiency [3][11]. Profitability Metrics - The gross margin for 2024 was 23.60%, down 2.47 percentage points, primarily due to the increased proportion of revenue from gold products and franchise channels [12][14]. - The net profit margin for 2024 was 2.97%, a decrease of 2.68 percentage points [12]. Future Projections - The company is expected to maintain a strong growth trajectory, with significant increases in revenue and net profit projected for the next three years, reflecting its robust brand positioning and market expansion strategies [14].