CHJ(SZ:002345) Guoxin Securities·2026-01-13 05:07Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 436 million and 533 million yuan in 2025, representing a year-on-year growth of 125% to 175% [4]. - After excluding the goodwill impairment impact from the Fianni handbag business, the net profit is projected to reach 607 million to 704 million yuan, with a year-on-year growth of 73.35% to 101.01% [4]. - For the fourth quarter, the estimated net profit is between 119 million and 216 million yuan, with a median of 167 million yuan [4]. - The company plans to open 163 new stores in 2025, bringing the total number of stores to 1,668 by year-end [4]. - The company is expected to maintain strong store expansion momentum in 2026, with franchisees showing a strong willingness to open new stores [4]. Financial Projections - The company’s fourth-quarter store efficiency continues to show good growth, although there was a slight slowdown in December due to high base effects, tax reforms, and marketing activities [5]. - The company is expected to benefit from the upcoming Spring Festival peak season and continuous product launches, providing support for store efficiency [5]. - The net profit forecasts for 2025-2027 have been revised upwards to 491 million, 628 million, and 736 million yuan respectively, with corresponding P/E ratios of 22.6, 17.7, and 15.1 times [5].