CHJ(002345) 天风证券·2025-02-18 08:23Investment 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].