CHJ(002345) 海通证券·2024-05-14 03:02Investment Rating - The investment rating for the company is "Outperform the Market" [18] Core Insights - The company reported a revenue of 5.9 billion yuan in 2023, representing a year-on-year growth of 33.6%, and a net profit of 333 million yuan, which is a 67.4% increase year-on-year [14][9] - The company aims to increase its franchise stores by 300 in 2024, with a long-term goal of reaching 2,000 stores by 2025 [7][16] - The jewelry segment showed a revenue of 5.5 billion yuan in 2023, with a net profit of 360 million yuan, indicating a 36% increase [8] Financial Performance Summary - Revenue (in million yuan): - 2022: 4,417 - 2023: 5,900 - 2024E: 7,203 - 2025E: 8,504 - 2026E: 9,637 - Net Profit (in million yuan): - 2022: 199 - 2023: 333 - 2024E: 444 - 2025E: 523 - 2026E: 592 - EPS (in yuan): - 2022: 0.22 - 2023: 0.38 - 2024E: 0.50 - 2025E: 0.59 - 2026E: 0.67 - Gross Margin (%): - 2023: 26.1% - 2024E: 24.6% - 2025E: 23.2% - 2026E: 22.2% - Return on Equity (%): - 2023: 9.2% - 2024E: 11.2% - 2025E: 12.4% - 2026E: 13.0% [4][14][9] Segment Performance - Fashion Jewelry: - 2023 Revenue: 2.99 billion yuan (+20.4% YoY), Gross Margin: 30.7% - Traditional Gold Jewelry: - 2023 Revenue: 2.26 billion yuan (+56.8% YoY), Gross Margin: 8.7% - Leather Goods: - 2023 Revenue: 370 million yuan (+14.4% YoY), Gross Margin: 63.5% [7][8] Quarterly Performance - In Q1 2024, the company achieved a revenue of 1.8 billion yuan (+18% YoY) and a net profit of 131 million yuan (+5.47% YoY) [9][15]