CHJ(002345)2025-05-07 08:23Investment 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 in 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 shown resilience in profitability with a gross margin of 22.93% in Q1 2025, an increase of 0.99 percentage points from Q4 [2]. 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, reaching 2.949 billion yuan, with a gross margin of 9.10% [3]. - The fashion jewelry segment reported a slight decline in revenue, down 0.63% year-on-year, with a gross margin of 28.76% [3]. Channel and Market Expansion - The franchise business generated 3.284 billion yuan in revenue, a year-on-year increase of 32.35%, with a gross margin of 17.25% [4]. - The company opened new stores in Kuala Lumpur and Bangkok, marking its entry into the Southeast Asian market [4]. - The self-operated channel revenue decreased by 7.4% year-on-year, totaling 3.017 billion yuan, with a gross margin of 31.57% [4]. Financial Forecast - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with projected EPS of 0.55, 0.64, and 0.76 yuan per share for 2025, 2026, and 2027 respectively [5]. - The expected PE ratios for the same years are 18, 15, and 13 times [5].