CHJ(SZ:002345) KAIYUAN SECURITIES·2026-01-13 14:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a significant increase in net profit attributable to shareholders in 2025, with a forecasted growth of 125% to 175%, resulting in a net profit of 436 million to 533 million yuan [5] - The company has successfully expanded its store network, reaching a total of 1,668 stores by the end of 2025, with a net increase of 163 stores during the year [6] - The company is enhancing its international presence, particularly in Southeast Asia, demonstrating the cross-cultural appeal of its designs [6] - The company is focusing on product differentiation and has launched new products that blend traditional culture with modern fashion [7] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 8.52 billion yuan in 2025 and 10.46 billion yuan in 2026 [9] Financial Summary - The company’s revenue is projected to grow from 5.9 billion yuan in 2023 to 12.56 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [9] - The net profit attributable to shareholders is expected to rise from 333 million yuan in 2023 to 960 million yuan in 2027, with a notable increase of 148.2% in 2025 [9] - The earnings per share (EPS) is forecasted to increase from 0.38 yuan in 2023 to 1.08 yuan in 2027, indicating strong profitability growth [9] - The price-to-earnings (P/E) ratio is projected to decrease from 34.6 in 2023 to 12.0 in 2027, suggesting an attractive valuation over time [9]