周大生：2024H1业绩波动，分红政策稳健

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a revenue growth of 1.5% in H1 2024, but net profit declined by 19% [1] - The company declared an interim dividend of 0.3 CNY per share, with a payout ratio of 54.14%, indicating a stable dividend policy [1] - The company is expected to face a 7.7% decline in net profit for 2024 due to a fluctuating consumer environment [8] Revenue Analysis - H1 2024 revenue reached 8.2 billion CNY, with a slight decrease in gross margin to 18.4% [1] - Q2 2024 revenue fell by 20.9% to 3.13 billion CNY, while gross margin improved by 3.9 percentage points to 22.9% [1] - The self-operated offline channel saw a revenue increase of 16.35% to 960 million CNY in H1 2024 [3] - Online sales grew by 3.09% to 1.19 billion CNY, with a significant increase in gross profit margin due to product mix optimization [3] Product Performance - Revenue from gold jewelry increased by 3.43% to 6.96 billion CNY in H1 2024, benefiting from rising gold prices [8] - Revenue from embedded jewelry decreased by 29.18% to 370 million CNY, with a decline in gross margin [8] Financial Forecast - The company is projected to achieve revenues of 17.47 billion CNY in 2024, with a net profit of 1.21 billion CNY [9] - The expected P/E ratio for 2024 is 10 times, maintaining the "Accumulate" rating [8]