CHJ(SZ:002345) Soochow Securities·2024-04-28 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company achieved a total revenue of 5.9 billion yuan in 2023, representing a year-on-year increase of 33.56%, and a net profit attributable to shareholders of 330 million yuan, up 67% year-on-year [1][4] - The demand for gold products remains strong, driving revenue growth, although the overall gross margin has declined due to product mix effects [3] - The company plans to expand its store network significantly, aiming to reach 2,000 stores by 2025, with a total of 1,399 stores at the end of 2023 [4] Financial Performance Summary - In 2023, the company's revenue was 59 billion yuan, with a net profit of 330 million yuan and a non-recurring net profit of 300 million yuan [1] - For Q4 2023, the revenue was 1.4 billion yuan, with a net profit of 20.41 million yuan [1] - The gross margin for 2023 was 26.07%, a decrease of 4.1 percentage points year-on-year [3] - The company reported a revenue of 1.8 billion yuan in Q1 2024, with a net profit of 130 million yuan, reflecting a year-on-year growth of 5.5% [4] - The company’s self-operated revenue was 3.258 billion yuan in 2023, up 14.5% year-on-year, while franchise revenue reached 2.48 billion yuan, up 67.5% [3] Earnings Forecast and Valuation - The earnings forecast for 2024 is a net profit of 382.62 million yuan, with a projected P/E ratio of 14.28 [2] - The company’s net profit is expected to grow to 529.35 million yuan by 2026, with corresponding P/E ratios of 12.05 and 10.32 for 2025 and 2026, respectively [2][4]