Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][18]. Core Views - The company demonstrates strong revenue performance, outpacing the industry average, with a focus on product innovation and a youthful, differentiated brand positioning targeting urban independent fashion women [1][4]. - The company has successfully launched a series of differentiated gold bead products that have gained popularity in the young jewelry market, contributing to a favorable revenue structure [2]. - The company continues to expand its store network, reflecting confidence from franchisees despite industry challenges [3]. Revenue Performance - In Q1, Q2, and Q3 of 2024, the company's revenue grew by 17.9%, 10.3%, and declined by 4.4% respectively, compared to the jewelry retail industry's performance of 4.5%, -5.1%, and -10.1% [1]. - The revenue structure from 2021 to 2023 shows traditional gold jewelry's share increasing from 28% to 38%, while fashion jewelry's share decreased from 60% to 51% [2]. Store Expansion - As of Q3 2024, the total number of "CHJ潮宏基" jewelry stores reached 1,482, with 1,236 being franchise stores, marking a net increase of 126 stores since the beginning of the year [3]. Financial Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is projected at 353.76 million, 428.53 million, and 507.62 million respectively, with corresponding P/E ratios of 14.77, 12.19, and 10.29 [4][6]. - The company is expected to maintain a high dividend yield, with a projected dynamic dividend rate of 6% in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][18]. Core Views - The company demonstrates strong revenue growth compared to the industry, with Q1, Q2, and Q3 revenues increasing by 17.9%, 10.3%, and a decline of 4.4% respectively, while the industry experienced growth of 4.5%, a decline of 5.1%, and a decline of 10.1% [1]. - The company focuses on product innovation and differentiation, targeting urban independent fashion-conscious women, which has led to a successful market presence with unique product offerings [1][2]. - The company has successfully expanded its store network, with a total of 1,482 stores by the end of Q3 2024, including 1,236 franchise stores, reflecting strong confidence from franchisees in the brand [3]. Financial Performance Summary - The company's revenue for 2022 was 4,417.41 million, with a projected increase to 6,613.74 million in 2024 and 9,146.47 million by 2026, indicating a growth rate of 33.56% in 2023 and 12.10% in 2024 [6][12]. - The net profit attributable to the parent company is expected to grow from 199.13 million in 2022 to 353.76 million in 2024 and 507.62 million in 2026, with a growth rate of 67.41% in 2023 [6][12]. - The company is projected to maintain a high dividend yield, with an estimated dynamic dividend yield of 6% in 2025 based on a 69% payout ratio [4].

Summary of Conference Call Notes Company Overview - The conference call primarily discusses **Chao Hong Ji**, a jewelry brand targeting young consumers aged 25 to 35, focusing on performance-driven products and maintaining a high dividend yield of over 6% [1] Industry Insights - There is a noticeable decline in retail sales of gold jewelry, attributed to rising gold prices, which have surpassed 550-600 CNY per gram, affecting consumer purchasing enthusiasm [2] - The overall performance of the gold jewelry sector has been under pressure since late 2023, with a significant drop in sales volume observed [3] Company Performance - Chao Hong Ji has shown resilience with a narrowing decline in sales volume, indicating consumer acceptance of higher-priced products [3] - The company has a strong focus on product design and craftsmanship, having transitioned from K-gold jewelry to primarily gold jewelry, leveraging its design heritage [4][7] - The company has invested significantly in R&D, leading to successful product lines that resonate with younger consumers [8] Consumer Behavior - Two main consumer segments identified: 1. Consumers focused on gold as a value-preserving asset, who may be hesitant due to high prices. 2. Younger consumers who prioritize design and are willing to pay a premium for aesthetically pleasing products [6] Market Positioning - Chao Hong Ji's strong brand positioning is reflected in its ability to maintain high gross margins through low-price products, which are appealing to consumers [11] - The company has a robust control over its franchise operations, allowing it to manage sales data effectively and optimize product offerings [9][10] Growth Strategy - Despite concerns about the overall market's store expansion rates, Chao Hong Ji's franchisees remain eager to open new stores, particularly in underrepresented regions [12] - The company is expected to achieve a valuation of 15 times earnings by 2025, supported by a strong dividend payout ratio of 77.9% from 2022 to 2023 [20] Risks and Considerations - The gold jewelry sector faces challenges such as market volatility and the risk of store expansion not meeting expectations [22] - The perception of the gold jewelry market as a low-margin, channel-driven business may hinder valuation growth, but brands that innovate and focus on design are likely to outperform [15][19] Conclusion - Chao Hong Ji is positioned to outperform the market due to its strong design capabilities, effective franchise management, and a focus on appealing to younger consumers, despite the broader challenges facing the gold jewelry industry [19]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a 15x valuation for 2025, indicating an upside potential of approximately 30% [14][15]. Core Insights - The company is positioned as a gold and jewelry brand targeting young consumers aged 25-35, focusing on self-indulgent needs. The high proportion of lightweight products and optimized product structure, combined with store expansion, is expected to drive performance beyond expectations. The company anticipates a high dividend yield of over 6% by 2025 [1][14]. Summary by Sections 1. Performance Expectations - The company is expected to achieve same-store revenue growth despite challenges in the gold jewelry market. The shift in consumer preference towards lower-priced, aesthetically appealing products is anticipated to benefit the company, which focuses on a price range of 2,000 to 5,000 yuan [2][3]. 2. Market Trends - The report highlights a recovery in consumer confidence and a potential return to positive growth in the gold jewelry sector starting from April 2024, following a period of decline due to rising gold prices [2][4]. 3. Product Strategy - The company emphasizes product design and quality control, establishing a strong product and aesthetic appeal through original designs and collaborations. This strategy aligns with the trend of "aesthetic awakening" among consumers [3][4]. 4. Financial Projections - Revenue is projected to grow from 64 billion yuan in 2024 to 84 billion yuan in 2026, with corresponding net profits increasing from 3.42 billion yuan to 5.02 billion yuan over the same period. The company is expected to maintain a high dividend payout ratio, with a forecasted dividend yield of 6.8% in 2025 [14][17]. 5. Competitive Positioning - The report argues that the company, along with a few other brands, is transitioning the gold jewelry industry from a channel-driven model to one focused on product and operational excellence, which should warrant a premium valuation [13][14].

Group 1: Company Overview - Securities Code: 002345, Securities Abbreviation: Chao Hong Ji [1] - Company Name: Guangdong Chao Hong Ji Industrial Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Date: January 8, 2025 [2] - Activity Type: Specific Object Research and Analyst Meeting [1] - Participants: 6 individuals from Haitong Securities, Rongtong Fund, Pacific Pension Insurance, and Ruizhi Industrial Investment [1] Group 3: Meeting Content - Company tour conducted [1] - Discussion topics included: - Q3 operating performance - New product planning - Changes in product structure - Channel expansion plans - WeChat cloud store and WeChat small store - Overseas store expansion - Women's bag business [1] - All discussions adhered to regulations, with no disclosure of undisclosed significant information [1]

股票代码：002345 股票简称：潮宏基 公告编号：2024-049 广东潮宏基实业股份有限公司 关于独立董事取得独立董事培训证明的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日召 开公司 2024 年第一次临时股东大会，审议通过了《关于董事会换届选举的议案》， 同意选举郭剑先生为公司第七届董事会独立董事。 截至公司 2024 年第一次临时股东大会通知发出之日，郭剑先生尚未取得独立 董事资格证书。根据深圳证券交易所的相关规定，郭剑先生已书面承诺参加最近一 次独立董事培训并取得深圳证券交易所认可的独立董事资格证书。具体详见公司 2024 年 11 月 7 日在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 特此公告 广东潮宏基实业股份有限公司董事会 2024 年 12 月 20 日 近日，公司收到独立董事郭剑先生的通知，郭剑先生已按照相关规定参加了深 圳证券交易所举办的上市公司独立董事培训，并取得了由深圳证券交易所颁发的 《上市公司独立董事培 ...

Group 1: Investor Relations Activity - The investor relations activity was a targeted research event with participation from institutions such as Guojin Securities, Xinhua Asset Management, and Huachuang Securities, totaling 4 participants [1] - The meeting took place on December 18, 2024, in the company's conference room [2] Group 2: Discussion Topics - Key discussion points included the operating performance for the first three quarters, new product planning, changes in jewelry gross profit, product structure changes, channel expansion plans, e-commerce business, women's bag business, and training diamond business [1] - The company ensured compliance with regulations during the exchange, with no disclosure of undisclosed significant information [1]

股票代码：002345 股票简称：潮宏基 公告编号：2024-048 注：上述投资金额主要包括首次铺货和装修。 以上经营数据为初步统计数据，最终数据以定期报告为准，特此提醒投资者注 意。 特此公告 广东潮宏基实业股份有限公司董事会 广东潮宏基实业股份有限公司 关于公司 11 月份新增直营门店情况简报的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《深圳证券交易所行业信息披露指引第11号——上市公司从事珠宝相关 业务》的要求，广东潮宏基实业股份有限公司（以下简称"公司"）现将2024年11 月份公司旗下珠宝品牌新增直营门店概况公告如下： | 序 | | 门店名称 | 所在 | 开业时间 | 经营 | 面积 | 投资金额 | 主要商品类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 地区 | | 形式 | （㎡） | （万元） | | | 1 | CHJ | 济宁万象汇 | 华东 | 2024-11-02 | 直营 | 96.00 | 670.47 | 时尚珠宝 ...

证券代码：002345 证券简称：潮宏基 公告编号：2024-045 广东潮宏基实业股份有限公司 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2024年11月22日（星期五）15：00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2024年11 月22日9：15—9：25，9：30—11：30和13：00—15：00；通过深圳证券交易所互联 网投票系统投票的具体时间为：2024年11月22日9：15-15：00期间的任意时间。 2、现场会议地点：汕头市濠江区南滨路98号潮宏基广场办公楼公司会议室 3、会议召开方式：现场投票和网络投票表决相结合 4、会议召集人：公司第六届董事会 5、会议主持人：公司董事长廖创宾先生 6、本次会议的通知及议案的具体内容已于2024年11月7日在公司指定的信息披 露媒体《中国证券报》、《证券时 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广东潮宏基实业股份有限公司 2024 年第一次临时股东大会的法律意见书 致：广东潮宏基实业股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广东潮宏基实业股 份有限公司（以下简称"公司"）委托，指派本所律师陈竞蓬、谢兵（以下简称 "本所律师"）出席公司 2024 年第一次临时股东大会（以下简称"本次股东大 会"）。本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》等有关法律、法规、规范性文件及《广东潮宏基实业 股 ...