JENKEM(SH:688356) Xin Lang Cai Jing·2025-05-09 12:32Core Insights - The company reported a significant decline in financial performance for 2024, with total revenue of 227 million yuan, down 22.26% year-on-year, and a net profit attributable to shareholders of 30 million yuan, down 74.22% year-on-year [1] - In Q1 2025, the company showed a slight recovery in revenue, achieving 69 million yuan, up 6.66% year-on-year, but net profit still decreased by 17.79% [1][3] - The company is undergoing a transformation period, with domestic orders falling significantly due to price competition and pressure from downstream commercialization [2] Financial Performance - For 2024, the company experienced a 22.26% decline in revenue to 227 million yuan and a 74.22% drop in net profit to 30 million yuan [1] - In Q1 2025, revenue was 69 million yuan, reflecting a 6.66% increase year-on-year, while net profit was 12 million yuan, down 17.79% [1][3] - The adjusted net profit forecast for 2025 and 2026 has been significantly lowered to 53 million yuan and 124 million yuan, respectively, from previous estimates of 166 million yuan and 198 million yuan [4] Market Dynamics - Domestic market orders have decreased significantly due to intense price competition and pressure from downstream commercialization [2] - Internationally, there has been a notable shift in customer structure, with a slight overall revenue decrease; however, orders from overseas pharmaceutical clients have increased significantly due to new drug launches [2][3] - In Q1 2025, overseas product sales revenue increased by 51.52%, with pharmaceutical sales growing by 149.41% year-on-year [3] Strategic Outlook - The company is expected to maintain a low proportion of direct exports to the U.S., with 17.36% of total revenue coming from U.S. exports in Q1 2025, indicating limited impact from tariff policies [3] - The company is focusing on expanding its overseas customer base, particularly non-U.S. clients, which may mitigate risks associated with international trade policies [3] - The company maintains a "buy" rating due to significant growth in overseas revenue and promising prospects in drug and device projects [4]