CHJ(SZ:002345) Guoyuan Securities·2024-05-15 13:00Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by over 20% in the next six months [5][17]. Core Views - The company achieved steady growth in 2023, with a revenue of 5.99 billion yuan, a year-on-year increase of 33.56%, and a net profit attributable to shareholders of 333 million yuan, up 67.41% year-on-year [10]. - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with plans to expand its store network significantly in 2024 [12][11]. - The report highlights the successful performance of traditional gold products and the ongoing brand upgrades for FION, indicating a strong market presence and consumer engagement [11]. Financial Summary - In 2023, the company reported a gross margin of 26.07%, a decrease of 4.11 percentage points year-on-year, while the net margin improved to 5.59%, an increase of 0.95 percentage points [10]. - The company’s revenue is projected to grow from 6.90 billion yuan in 2024 to 8.93 billion yuan in 2026, with corresponding net profits expected to rise from 401 million yuan to 529 million yuan during the same period [18]. - The report forecasts earnings per share (EPS) of 0.45 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 13x in 2024 to 10x in 2026 [12][18].