CHJ(SZ:002345) Guoyuan Securities·2025-05-07 06:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company reported a revenue of 6.518 billion yuan for 2024, a year-on-year increase of 10.48%, while the net profit attributable to the parent company was 194 million yuan, a decrease of 41.91% [2]. - In Q1 2025, the company achieved a revenue of 2.252 billion yuan, representing a year-on-year growth of 25.36%, and a net profit of 189 million yuan, up 44.38% year-on-year [2]. - The company has focused on differentiated product categories, including "intangible cultural heritage," "beads," and "popular IP," which have driven growth in its jewelry brand business [3]. Revenue and Profit Analysis - The company's jewelry brand business revenue grew by 13.34% year-on-year, with operating profit increasing by 12.83% [3]. - Traditional gold products saw a revenue increase of 30.21% year-on-year, while fashion jewelry products experienced a slight decline in revenue of 0.63% [3]. - The company reported a gross margin of 22.93% in Q1 2025, reflecting an improvement from the previous quarter [2]. Channel and Market Expansion - The franchise business generated revenue of 3.284 billion yuan in 2024, a growth of 32.35%, with a total of 1,272 franchise stores by the end of the year [4]. - The company has expanded its presence in Southeast Asia by opening stores in Kuala Lumpur and Bangkok [4]. Financial Forecast - The company is projected to achieve earnings per share (EPS) of 0.55, 0.64, and 0.76 yuan for the years 2025, 2026, and 2027, respectively [5]. - The expected price-to-earnings (P/E) ratios for the same years are 18, 15, and 13 times [5].