CHJ(SZ:002345) Guoxin Securities·2025-10-31 02:27Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown accelerating revenue growth, with Q3 revenue reaching 2.135 billion yuan, a year-on-year increase of 49.52%, benefiting from improved single-store efficiency and continued expansion of franchise stores [1] - The net profit attributable to the parent company for Q3 was a loss of 14 million yuan, but excluding goodwill impairment, the profit was 157 million yuan, reflecting an 81.54% year-on-year increase [1] - The company is focusing on product design and innovation to meet consumer demand for value retention and fashion attributes, while also targeting the younger consumer demographic for growth [2] Financial Performance Summary - Q3 gross margin was 21.93%, down 2.27 percentage points year-on-year, attributed to changes in product and channel structure [2] - The sales expense ratio improved to 8.23%, down 4.02 percentage points year-on-year, due to enhanced brand power and cost control [2] - Operating cash flow for the first three quarters was 602 million yuan, a year-on-year increase of 35.3%, indicating a positive cash flow situation [2] Earnings Forecast and Financial Metrics - Revenue projections for 2025 are estimated at 8.058 billion yuan, with a year-on-year growth of 23.63% [3] - Net profit for 2025 is forecasted to be 487.35 million yuan, reflecting a significant year-on-year increase of 151.67% [3] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 24.6, 21.2, and 18.7 respectively [2][3]