CHJ(SZ:002345) SINOLINK SECURITIES·2024-04-30 03:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.15 RMB [17][27]. Core Insights - The company reported a revenue of 5.9 billion RMB in 2023, a year-on-year increase of 33.56%, and a net profit attributable to shareholders of 333 million RMB, up 67.41% year-on-year [27]. - The first quarter of 2024 showed stable growth with revenue and net profit increasing by 18% and 5.5% respectively, despite a high base from the previous year [18]. - The company is focusing on product upgrades and expanding its franchise network, aiming for 2,000 jewelry stores by 2025 [28]. Financial Summary - Revenue (in million RMB): - 2022: 4,417 - 2023: 5,900 - 2024E: 7,067 - 2025E: 8,282 - 2026E: 9,544 - Revenue Growth Rate: - 2022: -4.73% - 2023: 33.56% - 2024E: 19.78% - 2025E: 17.19% - 2026E: 15.24% [6] - Net Profit (in million RMB): - 2022: 199 - 2023: 333 - 2024E: 444 - 2025E: 529 - 2026E: 617 - Net Profit Growth Rate: - 2022: -43.22% - 2023: 67.41% - 2024E: 33.09% - 2025E: 19.34% - 2026E: 16.54% [6] - Diluted Earnings Per Share (in RMB): - 2022: 0.224 - 2023: 0.375 - 2024E: 0.499 - 2025E: 0.596 - 2026E: 0.694 [6] - Price-to-Earnings Ratio (P/E): - 2022: 23.47 - 2023: 18.15 - 2024E: 12.32 - 2025E: 10.32 - 2026E: 8.86 [6]