周大生（002867）：公司动态研究报告：国家宝藏系列高端升级，一盘货战略持续深化

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [2]. Core Insights - The company is advancing its "National Treasure" series strategy, focusing on high-end upgrades and targeting high-net-worth customers, which is expected to contribute significantly to revenue growth in the mid to long term [1]. - The "One Inventory" strategy is being deepened, aiming to optimize channels and store operations, which will enhance brand differentiation and operational efficiency [1]. - The company is projected to see an increase in earnings per share (EPS) from 0.99 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 13 to 10 times [2]. Summary by Sections Company Strategy - The company collaborates with CCTV's "National Treasure" IP to enhance brand positioning and product offerings, aiming to become a leader in high-end gold consumption [1]. - The company is exploring high-end store formats and aims to establish a standardized operational model across 1,000 sample stores [1]. Financial Forecast - The company’s revenue is expected to grow from 14,769 million yuan in 2025 to 17,552 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.7% [9]. - The net profit is projected to increase from 1,074 million yuan in 2025 to 1,429 million yuan in 2027, reflecting a strong growth trajectory [9]. - The return on equity (ROE) is anticipated to rise from 16.4% in 2025 to 19.1% in 2027, indicating improved profitability [9]. Market Position - The company is positioned as a leading brand in the Chinese jewelry sector, with a focus on product, channel, and brand model upgrades to enhance profitability [2]. - The report highlights the potential for significant market share capture in the mid to high-end gold consumption market due to the combination of cultural trends and strategic partnerships [1].