CHJ(SZ:002345) Soochow Securities·2025-08-24 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in H1 2025, representing a year-on-year growth of 19.5%, and a net profit attributable to shareholders of 330 million yuan, up 44.3% year-on-year [8] - The company is expanding its franchise channel rapidly, with a notable increase in the number of franchise stores [8] - The company has improved its profitability through a reduction in sales expense ratio and an increase in net profit margin [8] - The company is focusing on integrating Eastern cultural elements with modern fashion in its product design to attract younger consumers [8] - The company has successfully entered high-end commercial spaces and is deepening its market strategy in Southeast Asia [8] Financial Summary - Total revenue forecast for 2023 is 5.9 billion yuan, with a projected growth of 33.56% year-on-year [1] - The net profit attributable to shareholders is expected to be 528.61 million yuan in 2025, reflecting a significant increase of 172.98% year-on-year [1] - The earnings per share (EPS) is projected to be 0.59 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.84 based on the latest closing price [1] - The company’s gross margin for H1 2025 was 23.8%, with a slight year-on-year decrease of 0.3 percentage points [8] - The company’s net profit margin for H1 2025 was 8.1%, an increase of 1.4 percentage points year-on-year [8]