CHJ(SZ:002345) Orient Securities·2025-05-19 01:39Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company achieved a revenue of 6.52 billion yuan in 2024, representing a year-on-year growth of 10.5%, while the net profit attributable to the parent company was 194 million yuan, a decrease of 41.9% due to goodwill impairment [9]. - The company has shown strong performance in the jewelry segment, with significant growth in traditional gold and brand licensing services, while the handbag business faced short-term pressure [9]. - The company is actively expanding its international presence, opening stores in Malaysia and Thailand, and has launched a new sub-brand focused on gifting scenarios [9]. - The gross margin for 2024 decreased by 2.5 percentage points to 23.6%, primarily due to a higher proportion of lower-margin gold jewelry products [9]. Financial Summary - Revenue projections for 2025-2027 are set at 7.665 billion yuan, 8.703 billion yuan, and 9.711 billion yuan, respectively, with corresponding year-on-year growth rates of 17.6%, 13.5%, and 11.6% [4][10]. - The earnings per share (EPS) are forecasted to be 0.53 yuan, 0.61 yuan, and 0.71 yuan for 2025, 2026, and 2027, respectively [4][10]. - The company’s net profit margin is expected to improve gradually, reaching 6.5% by 2027 [4].