Securities Star News, on April 28, 2024, Zhou Dasheng (002867) announced that the company would accept institutional research on April 26, 2024, CITIC Securities Xu Xiaofang, Du Yifan, Lin Zhenpan, Li Baokang, Lou Yuxin, Shen Wanlingxin, Han Yue, Guotai Fund Mao Liwei, Guolian Securities Deng Wenhui, Guojin Fund Zhao Jinxuan, Guojin Securities Zhou Shuyi, Fosun Group Chen Xueqi, Tianfeng Securities Ren Meilun, Zhu Lin, He Fuli, Anxin Fund Guo Chenjie Zhang Ming, Kaiyuan Securities Huang Zepeng Luo Zheng, Soochow Securities Tan Zhiqian, Yang Jing, Huang Hao, Shan Chengchao of Jiutai Fund, Li Ying of Wanlian Securities, Liang Danhui and Tian Ran of Everbright Securities, Zhang Binhong and Xiong Chao of Industrial Securities, Liu Huan and Wang Jian of Industrial Securities Asset Management, Yao Jing and Wei Yaohan of Huachuang Securities, Xu Guanghui and Wang Lu of Huaxi Securities, Long Yiming and Lu Siqi of China Southern Fund, Lu Guanyu and Yu Jie of Guohai Securities, Shi Weishen of Pinpoint Asset Management, Huang Yanglu of China Securities Construction Investment, Ye Le, Liu Lewen, Sun Yingjie, Zhang Shuyi, Rongtong Guanshan, Dong Zhiwei of Shanghai Tongben Investment, Yang Sen of Xi'an Waterfall Assets, Yu Xiya of Western Securities, Chen Wenqian of Chengtong Securities, Jianqu of Caitong Self-operated Securities, Yu Jian of Caitong Securities, Li Tianyang of Caitong Securities, Li Sheng of Zhengzhou Spruce Investment, Sun Qianqian of Golden Eagle Fund, Yang Qi of Galaxy Fund, Xu Xiaoyong of Chang'an Fund, Wang Shishi of Qingdao Shuangmu Investment, Cao Guojun of Shanghai Tianyi Investment, Chen Zhiyin of Goldman Sachs Securities, Jun Li of Baoer Taiping, Cao Min of Pengyang Fund, Zhang Yingqiu of Nomura Oriental International, Zeng Wanlin of Nomura Oriental International, Gong Shuhui Guo Bin of Pacific Securities, Wang Feng and Sun Meng of Shanxi Securities, Yi Dingyi Zhang Wang of Debang Securities, Ling Jiayu of Morgan Stanley, Gao Xinye, Liao Jie of Founder Securities, Wang Bingxiu, Chu Jingjing Zheng Zizhou of Minsheng Securities, Zhuoya of Shanghai Shiva Private Equity Fund Management Center, Bai Yu Bai Yu of Zheshang Fund, Zhang Bingqing of Haitong Securities, Li Hongke of Haitong Securities, Wang Jiawei and Yang Ying of Guosheng Securities, Song Wenhui of CICC, Li Leshan Yang Runbo, Zhuang Mingkai, Wang Xueyu of China Merchants Securities, Liu Li, Ding Zhechuan Li Xingxin, Ma Xiaoyu of Harvest Fund, Wang Dan Xu Yingting of Harvest Fund, Pan Yingzhu of China Universal Fund, Zheng Huilian Hu Xinwei, Shenwan Hongyuan, Zhao Lingyi, Cao Dunxin, Liu Wei, Li Jin of Changjiang Securities, Zhang Yanchun, Luo Yi, Rao Xinying of Shanghai Hanggui Investment, Zhong Zhengrong of Shanghai Taiyang Assets, Lin Lifen of Shanghai Licheng Asset Management, Tian Faxiang of Taiping Fund, Luo Wenqi of William O'Neill Investment, Wang Dongsheng of Dingsa Investment, Yao Shuang of Ningbo Wealth Management, Chen Siyuan of Anxin Self-management, Wang Jue of Anhe (Guangzhou) Private Equity, Wu Hua of Manulife Fund, Wu Yawen of ICBC International, Xia Yu of ICBC Credit Suisse, Lv Yan of ICBC Credit Suisse Fund, Li Zhilei of Ping An Pension, Liu Jie of Ping An Fund, Wang Yuan of Ping An Securities, Jefferies Jingjue Pei, Liu Na of GF Fund, Bao Han of GF Securities, Wang Jian of Guangzhou Dingxi Private Equity, Zhang Xujing of CCB Insurance Asset Management, Cao Jingyi of CCB Pension, Huang Wei of Shanghai Miniu Investment, Zhang Hongle of Shanghai Securities, Li Yunjian of Shanghai Chaiyun Asset Management, Huang Huang of Bank of Shanghai Fund Management Co., Ltd., Wei Yumeng of Dongxing Securities, Hong Ruixiang of Point72, Du Lei of Northeast Securities, Zhu Yan of Oriental Securities, Ban Hongmin of Oriental Wealth Securities, Yuan Jun of Donghai Fund, Wang Zhuo of Orient Securities Asset Management, Li Zijian of China Securities Construction Investment Securities, Guan Xueying of Zhongtian Guofu Securities, Yang Weiwei of China Post Securities, Chen Junfeng of Bank of Communications Schroders, Cai Xinyu of Cinda Securities, Li Yanrong of UBS SDIC, Zhang Yu of Everbright Prudential, Zhou Yiqin of Everbright Securities Asset Management, Chen Yi of Orchid Asia Investment Group, Rigorous Industrial Trust, Liu Ludan of Industrial Securities, Huang Huayan of Beijing Avenue Industrial Investment, Wang Jianwei of Beijing Anhui Investment, Li Shuang of Beijing Fengpei Investment, Ke Jiawen of Beijing Qinghequan Capital, Liu Xing of Beijing Yuanlesheng Asset Management, Li Dahe Gong Jiabin of CITIC Asset Management, Zhen Rongjun of Beijing Lianchuang Investment Group, Tian Xingxing of Huashan Investment, Zhang Youtian of Huatai Berry Fund, Li Yuanwei of Hengan Standard Life (Asset Management), Bai Zhaoran of Chengluo Capital, Zhang Luting of E Fund Fund, Jia Yuhao of Xingtai Investment, Qiao Ya of Hangzhou Rongtai Yunzhen Private Equity Fund, Yuan Jianjun of China Universal Fund, He Fangyuan of Huili Investment, Hu Dongqing of Zhongyi Assets, Zheng Jialin of Hanhe Capital, Zhang Liang of Fengyang Assets, Jin Shanyu of Hongcheng Investment, Tang Xiujie of Zheshang Securities, Fang Yihan of Zheshang Securities, Tang Liang of Zheshang Securities Assets, Chen Chen of AXA SPDB, Yu Chenyang of Haifutong Fund, Zou Li of Haitong Asset Management, Xu Gaofei of Shenzhen Zhongtian Huifu Fund, Ma Ruojin of Hongde Fund, Zeng Ying of Shenzhen Lezhong Holdings Co., Ltd., Huang Xiangqian of Shenzhen Shangcheng Assets, Yang Ao of Shenzhen Shanshu Asset Management, You Jiaying of Shenzhen Lingji Capital, Li Wen of Bohai Investment Management, Huang Liwen of Bingshen Investment, Chen Min of Shenwan Hongyuan Securities, Kong Tianyi of Shengang, Zhang Fushen of Baixi Assets, Zhou Ruiyang of Ruiyuan Fund, Zhou Yutong of Taikang Assets, Wang Siwen of Red Chip Investment, Zhang Shiyu of Huatai Securities, Qin Rui of Huatai Securities (Shanghai) Asset Management, Du Cailing of Huafu Securities, Zheng Yiqun of Nanjing Shuangan Asset Management, Yang Junxuan of Junniu Fund, Xu Zitong of Guoyuan Securities, Wang Zhixin of SDIC Taikang Trust, Feng Xinyue of UBS SDIC Fund and Su Ying of Guotai Junan participated.
The details are as follows:
Q: Please introduce the profit distribution plan and future dividend plan for 2023?
Answer: The company's profit distribution plan for 2023 is to distribute a cash dividend of 6.5 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of about 706 million yuan, with a dividend yield of 4.01% at the closing price of 16.19 yuan per share on April 26, 2024, and a dividend yield of 5.56% in 2023 (the company will pay two cash dividends in 2023, with a total dividend of 0.9 yuan per share), which is a typical high-dividend stock.
On the premise of meeting the cash dividend conditions stipulated in the Articles of Association, in principle, the company will pay cash dividends twice a year (annual dividends and interim dividends proposed by the board of directors of the company according to the company's profitability and capital needs).
Q: What is the reason for the slight decline in the company's net profit attributable to the parent company in the first quarter of 2024?
Answer: In the first quarter of 2024, the company achieved an operating income of 5.07 billion yuan, an increase of 23.01% over the same period of the previous year, and an operating gross profit of 790 million yuan, a year-on-year increase of 6.92%, the proportion of gold sales further increased, the change in revenue structure caused the overall gross profit margin to decline, the gross profit increased slightly year-on-year, and the year-on-year increase in sales expenses in the reporting period was larger, superimposed in the first quarter of 2023 due to the retaliatory release of market demand after the end of the impact of the epidemic to form a higher base, 2024 Net profit attributable to the parent company declined slightly in the first quarter of the year. 3 What was the reason for the increase in selling expenses in the first quarter of 2024?
In the first quarter of 2024, there were 87 more self-operated stores compared to the same period last year, and the increase in selling expenses in the first quarter of 2024 was mainly due to the year-on-year increase in labor compensation expenses, leasing expenses, and advertising expenses brought by the new self-operated stores.
Q: Will selling expenses rise further this year?
Answer: With the growth of business scale, the cost will also be increased to a certain extent, the personnel and rental costs of self-operated new stores are relatively rigid, and will increase with the growth of the scale of self-operated stores, and the cost of e-commerce channels also has a high correlation with the scale of online business, and other expenses are mainly marketing and promotion expenses, and the total sales expenses may increase with the expansion of business scale, but the overall sales expense rate will remain stable or decrease, and will not increase significantly.
Q: In 2023, the company's e-commerce business will still achieve high growth, what is the successful experience of online channels, and what is the development of online product categories?
A: The successful experience of online business in 2023 lies in the abundance of business models, which used to be mainly based on brand self-operation, but last year the company successively opened up its online agency and distribution business, and the online business has changed from a single model to a multi-model.
Category developmentThe company's online products include fashion jewelry, gold, jade, pearls, in recent years, gold is hot, the company has invested a lot of resources, and the proportion of original gold research and development models continues to increase, bringing higher wholesale and retail premiums. In addition, the company attaches great importance to the development of pearls, jade, and fashion jewelry, and in terms of categories, the company's online pearl category will grow the fastest in the first quarter of 2024. The brand's online customer base and unit price are increasing.
Q: What is the reason for the increase in the gross profit margin of gold products wholesale in franchise stores in 2023?
Answer: There are two main reasons: 1) the gold price will continue to rise in 2023, so it will have a certain effect on the gross profit margin of sales, and 2) the proportion of sales of self-developed products with high gross profit margin has increased.
Q: What are the reasons for franchisees to withdraw in the first quarter of 2024?
Answer: There are mainly reasons such as the aging of shopping malls, changes in business districts, poor management, voluntary withdrawal of stores, changes in legal persons, and changes in store locations.
Q: What is the possibility of impairment of inventory in the future?
Answer: Inventory impairment situation, we look at the category 1) the current gold price of gold is rising, the average book cost of inventory gold is lower than the market gold price, there is still room for gold inventory, and there is no sign of impairment of gold inventory; 2) inlaid productsMosaic products have a small part of impairment, mainly a part of the old/ For the diamond inlay products to be dismantled in accordance with the provisions of the accounting standards, the possible impairment loss is expected after the impairment test, which is part of the impact is small, and there is no sign of impairment in other conventional inlay inventory from the impairment test.
Q: What are the 2024 guidelines for opening a store?
A: In 2024, it is expected to add 400-600 net stores.
The parties also exchanged views on the impact of gold price fluctuations, which can be found in the previous event record sheet and the disclosed announcement.
During the reception process, the company strictly follows the "Information Disclosure Management System" and other provisions to ensure that the information disclosure is true, accurate, complete, timely and fair, and there is no leakage of undisclosed material information.
Chow Tai Sang (002867) main business: engaged in the design, promotion and chain operation of "Chow Tai Sheng" brand jewelry.
According to Chow Tai Sheng's 2024 first quarter report, the company's main revenue was 5.07 billion yuan, up 23.01% year-on-year, net profit attributable to the parent company was 341 million yuan, down 6.61% year-on-year, non-net profit was 336 million yuan, down 5.7% year-on-year, debt ratio was 26.17%, investment income was -11.8251 million yuan, financial expenses were 11.0144 million yuan, and gross profit margin was 15.57%.
A total of 10 institutions have rated the stock over the last 90 days, with 9 having a buy rating and 1 having an overweight rating, with an average institutional price target of 22.4 over the last 90 days.
Here's the detailed earnings forecast information:
Margin data shows that the stock has a net financing inflow of 23.3463 million in the past three months, with an increase in the financing balance, and a net outflow of 30.3807 million with a decrease in the balance of securities borrowing and lending.
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