CHJ(SZ:002345) KAIYUAN SECURITIES·2025-08-25 02:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in net profit for H1 2025, with a year-on-year growth of 44.3%, driven by product upgrades and channel expansion [5][6] - The company focuses on the fashion gold category, understanding the preferences of younger consumers, which has led to sustained high growth in performance [5] - The earnings forecast has been raised, with expected net profits for 2025-2027 at 550 million, 700 million, and 880 million yuan respectively, translating to EPS of 0.62, 0.79, and 0.99 yuan [5][8] Financial Performance Summary - For H1 2025, the company achieved revenue of 4.102 billion yuan, a year-on-year increase of 19.5%, and a net profit of 331 million yuan [5][6] - In Q2 2025, revenue was 1.850 billion yuan, up 13.1%, with net profit also increasing by 44.3% [5] - The company plans to distribute a dividend of 0.10 yuan per share [5] Product and Channel Analysis - In H1 2025, revenue from fashion jewelry, traditional gold, and leather goods was 1.99 billion, 1.83 billion, and 120 million yuan respectively, with year-on-year growth rates of 20.3%, 24.0%, and a decline of 17.4% [6] - The company has expanded its store count, adding 31 new stores in the jewelry business, with a net increase of 68 franchise stores, bringing the total to 1,542 [7] - The company is enhancing its product offerings, particularly in the gold category, with innovations that resonate with traditional Chinese culture [7] Financial Projections - The company’s revenue is projected to grow from 5.9 billion yuan in 2023 to 11.741 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [8][11] - The net profit is expected to increase significantly from 333 million yuan in 2023 to 880 million yuan in 2027, reflecting a strong growth trajectory [8][11] - The projected P/E ratios for 2025, 2026, and 2027 are 24.6, 19.3, and 15.3 respectively, indicating a favorable valuation trend [8][11]