JONJEE(SH:600872) Xin Lang Cai Jing·2025-09-12 06:28Core Viewpoint - The report indicates that Zhongju Gaoxin's performance is under pressure, with a significant decline in revenue and net profit in the first half of 2025, and the company is expected to face challenges in the competitive seasoning industry [1] Financial Performance - In H1 2025, Zhongju Gaoxin achieved revenue and net profit of 2.132 billion and 257 million yuan, respectively, representing a year-on-year decline of 18.58% and 26.56% [1] - In Q2 2025, the company reported revenue and net profit of 1.03 billion and 76 million yuan, showing a year-on-year decrease of 9.11% and 31.57% [1] Future Outlook - Due to the slowdown in revenue growth in the seasoning industry and weak consumer demand, the company's performance is expected to remain under pressure in 2025 [1] - The revised revenue forecasts for 2025-2027 are 4.9 billion, 5.3 billion, and 5.7 billion yuan, reflecting a year-on-year change of -11%, +8%, and +8% [1] - The revised net profit forecasts for the same period are 690 million, 810 million, and 910 million yuan, with year-on-year changes of -22%, +17%, and +12% [1] Valuation Metrics - The corresponding price-to-earnings (PE) ratios for 2025-2027 are projected to be 22X, 19X, and 17X [1] Management and Strategy - The company is facing internal reform challenges in the short term, but the long-term development outlook remains optimistic under the leadership of the new chairman, with expectations of entering a growth phase [1]