潮宏基（002345）：印证判断，产品结构红利释放

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [8][21]. Core Views - The company reported a revenue of 2.3 billion in Q1 2025, a 25% year-on-year increase, and a net profit attributable to shareholders of 190 million, up 44% year-on-year [1]. - For 2024, the company expects a revenue of 6.5 billion, a 10% increase, but a decrease in net profit attributable to shareholders by 42% due to goodwill impairment [1]. - The company is focusing on its core strategy of "focusing on the main business, 1+N brand, all-channel marketing, and internationalization" to adapt to market changes and seize development opportunities [3]. Revenue Breakdown - The company's self-operated revenue is projected to be 3 billion, a decrease of 7%, with a gross margin of 32% [1]. - Franchise revenue is expected to reach 3.3 billion, an increase of 32%, with a gross margin of 17% [1]. - Wholesale revenue is anticipated to be 200 million, a 7% increase, with a gross margin of 7% [1]. Product Performance - Revenue from fashion jewelry products is expected to be 3 billion, a decrease of 1%, while traditional gold products are projected to generate 2.9 billion, a 30% increase [2]. - The company has successfully integrated cultural elements with modern fashion in its product offerings, creating a strong market presence with unique designs [4]. User Base and Digital Strategy - The company has attracted over 20 million members, with 85% of its core consumer group being post-80s, 90s, and 00s, indicating strong appeal among younger demographics [5]. - The company has made significant advancements in digital management, optimizing supply chain structures and enhancing operational efficiency through digital retail applications [6]. Financial Forecast - The report adjusts profit forecasts, estimating net profits for 2025, 2026, and 2027 to be 470 million, 630 million, and 800 million respectively, with corresponding EPS of 0.53, 0.71, and 0.90 [13].