CHJ(SZ:002345) Shenwan Hongyuan Securities·2025-08-27 14:45Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's mid-year report for 2025 is in line with expectations, with H1 revenue of 4.102 billion yuan, a year-on-year increase of 19.5%, and a net profit attributable to the parent company of 331 million yuan, up 44.3% year-on-year [7] - Product optimization and accelerated new product launches are driving high revenue growth and improving profit margins, with significant contributions from the fashion jewelry and traditional gold segments [7] - The company is expanding its offline channels, with a net increase of 31 stores in H1 2025, while online sales are also showing positive adjustments [7] - The focus on the main brand and the development of a multi-brand strategy is enhancing brand strength, with a steady increase in brand visibility through various marketing initiatives [7] - The company is pursuing international expansion in Southeast Asia, opening several stores and targeting the overseas Chinese community, which presents significant long-term market potential [7] Financial Data and Profit Forecast - Total revenue is projected to reach 7.719 billion yuan in 2025, with a year-on-year growth rate of 18.4% [3] - Net profit attributable to the parent company is expected to be 561 million yuan in 2025, reflecting a substantial year-on-year increase of 189.7% [3] - Earnings per share are forecasted to be 0.63 yuan in 2025, with a projected PE ratio of 23 [3] - The company's gross margin is expected to be 24.1% in 2025, with a return on equity (ROE) of 14.8% [3] Market Data - As of August 27, 2025, the closing price of the company's stock is 14.36 yuan, with a market capitalization of 12.454 billion yuan [4] - The company has a price-to-book ratio of 3.5 and a dividend yield of 2.44% [4]