深度研究报告：受益黄金高景气，品牌&渠道优势助力加速拓店

Investment Rating - The report gives a "Recommended" rating for the company, with a target price of 24.8 CNY based on a 17X PE for 2024 [1][9][10]. Core Viewpoints - The company benefits from a high demand for gold, leveraging its brand and channel advantages to accelerate store expansion [1][7]. - The company has established itself as one of the most competitive jewelry brands in China, with a market share ranking in the top three according to the China Jewelry Association [1][13]. - The global gold supply remains stable, while macroeconomic uncertainties drive gold prices upward, enhancing the appeal of gold as a safe-haven asset [1][30]. - The company has seen a significant recovery in revenue post-pandemic, with a compound annual growth rate of 47.9% from 2020 to 2022, and a 39.8% year-on-year increase in the first three quarters of 2023 [1][17]. - The company is expanding its store network aggressively, with a net addition of 82 self-operated stores and 408 franchise stores in 2023, reflecting a strong recovery in consumer demand [1][21]. Summary by Sections Company Overview - Founded in 1999, the company focuses on the design, promotion, and chain operation of its "Zhou Dasheng" brand jewelry, primarily gold and diamond products [1][13]. - The brand's value has increased from 37.7 billion CNY in 2018 to 86.8 billion CNY in 2023, indicating strong brand equity [1][15]. Financial Performance - The company achieved a total revenue of 124.9 billion CNY in the first three quarters of 2023, with approximately 90% of revenue coming from gold and embedded products [1][17]. - The projected revenue for 2023 is 158.44 billion CNY, with a year-on-year growth rate of 42.5% [2][9]. Market Dynamics - The global gold demand in 2023 was 4,448 tons, with central bank purchases accounting for 23% of this demand, driven by geopolitical uncertainties [1][30]. - The company is well-positioned to capitalize on the growing demand for gold, particularly among younger consumers who are increasingly recognizing gold's investment potential [1][35]. Store Expansion Strategy - The company employs a dual strategy of self-operated and franchise stores, focusing on core business districts in first- and second-tier cities while expanding into third- and fourth-tier cities through franchises [1][20]. - As of the end of 2023, the company had a total of 5,106 stores, with 331 self-operated stores and 4,775 franchise stores [1][21]. Product Innovation - The company has diversified its product offerings, creating a rich matrix of gold products tailored to various consumer needs and preferences [1][41]. - Recent product innovations include collaborations with cultural IPs and the introduction of new gold crafting techniques, enhancing the appeal of their offerings [1][43].