CHJ(002345) Wanlian Securities·2024-05-07 08:00Investment Rating - The investment rating for the company is "Buy" [9][26]. Core Views - The company's revenue from gold and jewelry business has seen significant growth, while the women's bag business is under short-term pressure. The company is actively exploring the cultivated diamond market [2]. - In 2023, the company achieved a revenue of 59.00 billion yuan, a year-on-year increase of 33.56%, with a net profit attributable to shareholders of 3.33 billion yuan, up 67.41% year-on-year [21]. - The company has launched several new products in the fashion jewelry and traditional gold jewelry categories, with revenues of 29.89 billion yuan and 22.65 billion yuan respectively, reflecting year-on-year growth of 20.43% and 56.75% [2]. Summary by Sections Business Performance - The company has strengthened its operations in the fashion product category, launching several new national style series products [2]. - The revenue from the leather goods segment was 3.71 billion yuan in 2023, with a year-on-year increase of 14.41% [2]. - The company has actively explored the cultivated diamond market, launching new brands and products in collaboration with a joint venture [2]. Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.43, 0.49, and 0.56 yuan per share respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times based on the stock price as of May 6, 2024 [9]. - The company expects revenue growth rates of 14.79%, 13.80%, and 13.33% for the years 2024, 2025, and 2026 respectively [22]. Market Strategy - The company is expanding its offline presence by increasing the number of jewelry franchise stores and enhancing its online sales through live streaming and other digital marketing strategies [14]. - In 2023, the company added 293 new jewelry franchise stores and achieved online sales revenue of 12.24 billion yuan, a year-on-year increase of 14.91% [14].