CHJ(002345) Changjiang Securities·2025-05-20 05:41Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 6.52 billion yuan for 2024, representing a year-on-year growth of 10.5%, while the net profit attributable to shareholders was 190 million yuan, down 41.9% year-on-year. In Q1 2025, the revenue reached 2.25 billion yuan, showing a year-on-year increase of 25.4%, with a net profit of 190 million yuan, up 44.4% year-on-year [2][6]. Summary by Sections Financial Performance - For 2024, the company plans to distribute a dividend of 0.25 yuan per share, in addition to the 0.1 yuan per share dividend proposed for the mid-year report, totaling 0.35 yuan per share [2][6]. - The company maintained a net increase of 111 stores in 2024, with a total of 1,511 jewelry stores, outperforming the industry in terms of store expansion [11]. - The gross profit margin decreased by 2.5 percentage points to 23.6% in 2024, with total gross profit remaining stable at 1.5 billion yuan [11]. Product and Channel Strategy - The company has adjusted its product structure based on demand, with a notable increase in the proportion of franchise business and traditional gold jewelry products, which saw a revenue increase of 30% year-on-year [11]. - In Q1 2025, the company benefited from a significant increase in gold prices, leading to a revenue growth of 25% year-on-year, primarily driven by new store openings and strong sales of fashion jewelry and traditional gold products [11]. Future Outlook - The company aims to focus on its core business, implement a "1+N brand" strategy, and enhance its international marketing efforts, which is expected to expand market share and achieve high-quality growth in the medium to long term [11]. - Earnings per share (EPS) are projected to reach 0.52, 0.63, and 0.75 yuan for the years 2025, 2026, and 2027, respectively, indicating a favorable growth outlook [11].