CHJ(SZ:002345) Shenwan Hongyuan Securities·2025-06-27 10:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has recently launched a series of new products including the Palace Museum series, Huasi series, and Line Dog IP bead series, which are expected to create popular products [6] - The company is planning to list H shares to enhance its international brand image and expand into overseas markets, starting with Southeast Asia [6] - The company's Q1 2025 performance exceeded expectations, with a revenue of 2.252 billion yuan, a year-on-year increase of 25.4%, and a net profit of 189 million yuan, up 44.4% year-on-year [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8,216 million yuan, with a year-on-year growth rate of 26.0% [5] - The net profit forecast for 2025 is 540 million yuan, representing a year-on-year increase of 179.0% [5] - The earnings per share for 2025 is projected to be 0.61 yuan [5] - The company’s gross margin is expected to be 22.7% in 2025 [5] - The return on equity (ROE) is projected to be 14.4% in 2025 [5] Market Position and Strategy - The company is focusing on a young and trendy market positioning, with strong product design capabilities and a shift towards higher weight products to increase market share [6] - The company is expanding its franchise channel and penetrating lower-tier cities, with a total of 1,505 jewelry stores by the end of 2024 [6] - The overseas market and the sub-brand Souffle are expected to contribute to better-than-expected performance [6]