CHJ(002345) 申万宏源·2024-05-21 01:02Investment Rating - The report maintains a "Buy" rating for the company [2][26]. Core Views - The company's 2023 annual report and 2024 Q1 report show performance in line with expectations, with 2023 revenue reaching 5.9 billion yuan, a year-on-year increase of 33.6%, and a net profit of 333 million yuan, up 67.4% year-on-year [2][26]. - The company is actively expanding its franchise stores and enhancing its brand presence, particularly in the gold product segment, which has seen significant growth [2][26]. - The report highlights the company's strategic focus on digital operations and user ecosystem development, which has improved customer retention and conversion rates [2][26]. Financial Summary - In 2023, the company achieved total revenue of 5.9 billion yuan, with a net profit of 333 million yuan, and a gross margin of 26.1% [15][19]. - For 2024 Q1, the company reported revenue of 1.796 billion yuan and a net profit of 131 million yuan, reflecting a year-on-year growth of 17.9% and 5.5%, respectively [15][19]. - The projected net profit for 2024-2026 is expected to grow at rates of 23.8%, 17.6%, and 18.3%, respectively, with corresponding PE ratios of 13X, 11X, and 9X, indicating a favorable valuation [26].