CHJ(SZ:002345) Guoxin Securities·2024-04-29 02:30Investment Rating - The investment rating for the company is "Accumulate" [2][31]. Core Views - The company achieved a revenue of 5.9 billion yuan in 2023, representing a year-on-year growth of 33.56%, with a net profit of 333.35 million yuan, up 67.41% year-on-year [4][7]. - The company is actively seizing opportunities in the gold consumption market, leading to strong growth performance [4][11]. - The first quarter of 2024 continued the growth trend with a revenue increase of 17.87% year-on-year and a net profit increase of 5.47% year-on-year [7][31]. Financial Forecasts and Key Metrics - Revenue (in million yuan): - 2022: 4,417.41 - 2023: 5,899.85 (+33.56%) - 2024E: 7,030.38 (+19.16%) - 2025E: 8,261.75 (+17.51%) - 2026E: 9,454.14 (+14.43%) [2][21] - Net Profit (in million yuan): - 2022: 199.13 - 2023: 333.35 (+67.41%) - 2024E: 452.13 (+35.63%) - 2025E: 536.35 (+18.63%) - 2026E: 624.73 (+16.48%) [2][21] - Earnings Per Share (in yuan): - 2022: 0.22 - 2023: 0.38 - 2024E: 0.51 - 2025E: 0.60 - 2026E: 0.70 [2][21] - Key Financial Ratios: - EBIT Margin: 2023: 7.30%, 2024E: 8.19%, 2025E: 8.65%, 2026E: 9.07% [2][21] - Return on Equity (ROE): 2023: 9.18%, 2024E: 11.97%, 2025E: 13.59%, 2026E: 15.06% [2][21] - Price-to-Earnings Ratio (PE): 2023: 16.39, 2024E: 12.09, 2025E: 10.19, 2026E: 8.75 [2][21]. Business Performance - The company opened 293 new "CHJ潮宏基" jewelry franchise stores in 2023, bringing the total number of stores to 1,399 [7][31]. - Gold products accounted for 38.39% of total revenue in 2023, with sales of 2.265 billion yuan, a year-on-year increase of 56.7% [7][31]. - The franchise business saw a revenue increase of 67.55% to 2.481 billion yuan, representing 42.06% of total revenue [7][31].