China National Gold (600916) 海通证券·2024-09-12 02:36Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 35.155 billion yuan for the first half of 2024, representing a year-on-year increase of 18.90%. The net profit attributable to shareholders was 594 million yuan, up 10.64% year-on-year, while the net profit excluding non-recurring items was 580 million yuan, reflecting a growth of 15.33% [5][6] - In the second quarter of 2024, the company achieved a revenue of 16.9 billion yuan, which is a 26% increase compared to the same period last year. However, the net profit attributable to shareholders decreased by 2.6% to 230 million yuan, and the net profit excluding non-recurring items fell by 6.6% to 210 million yuan [6] - The company added 43 stores in the first half of 2024, bringing the total number of stores to 4,266, with 4,166 being franchise stores and 100 being directly operated stores [7] Financial Summary - The company’s revenue is projected to grow from 56.364 billion yuan in 2023 to 67.786 billion yuan in 2024, with a year-on-year growth rate of 20.3%. The net profit is expected to increase from 973 million yuan in 2023 to 1.075 billion yuan in 2024, reflecting a growth rate of 10.4% [8][12] - The estimated earnings per share (EPS) for 2024 is 0.64 yuan, with a projected price-to-earnings (P/E) ratio of 14-16 times, leading to a reasonable market value range of 15-17.2 billion yuan [9][12] - The gross profit margin is expected to be 4.2% in 2024, with a net asset return rate of 14.0% [12][13]