Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [4][62]. Core Insights - The company is recognized as the leading brand in traditional handcrafted gold jewelry in China, focusing on high-quality products that blend cultural and fashionable attributes [22][10]. - The company has demonstrated rapid growth, with a CAGR of 39.5% in revenue and 53.0% in net profit from 2017 to 2023, driven by increasing consumer preference for high-quality traditional gold products [25][27]. - The company has a strong competitive advantage in product, research and development, and distribution channels, with a significant increase in the revenue share of higher-margin gold-inlaid products [37][41]. Summary by Sections 1. Company Overview - The company is the only major brand in the Chinese gold jewelry market that specializes in the design, production, and sale of traditional gold products, holding a market share of 2.0% in the traditional gold jewelry segment and 0.6% in the overall gold jewelry market as of 2023 [22][10]. 2. Competitive Advantages - Product: The revenue from gold-inlaid products has increased significantly, with a CAGR of 71.8% from 2021 to 2023, and these products accounted for 61.0% of total revenue in the first half of 2024 [37][41]. - Distribution: The company operates all its stores in a self-operated model, primarily located in high-end shopping districts of first-tier and new first-tier cities, contributing 88.6% of total revenue in 2023 [41][42]. - Research and Development: The company has a robust R&D framework, with 243 domestic patents and 164 international patents, ensuring continuous product innovation and quality control [51][53]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 67.0 billion, 91.3 billion, and 108.8 billion yuan from 2024 to 2026, with year-on-year growth rates of 110.8%, 36.1%, and 19.3% respectively [58][62]. - The expected net profit for the same period is 9.7 billion, 13.4 billion, and 16.3 billion yuan, with growth rates of 132.3%, 38.3%, and 21.5% respectively [58][62]. - The current price-to-earnings (P/E) ratios are projected to be 30, 22, and 18 for the years 2024, 2025, and 2026 [58][62].
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