中炬高新：公司事件点评报告：改革阵痛期业绩承压，关注需求回暖及策略优化

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Views - The company is experiencing performance pressure during a reform period, with a focus on demand recovery and strategy optimization [2] - The second quarter of 2024 saw a decline in both revenue and profit due to weak industry demand, with expected revenue of 2.62 billion yuan, a decrease of 1% year-on-year, and a net profit attributable to shareholders of 315-378 million yuan, compared to a loss of 1.443 billion yuan in the same period of 2023 [2] - The company is undergoing a strategic adjustment, shifting from channel-driven to consumer-driven policies, which has led to temporary resistance due to internal interest distribution adjustments [2] Summary by Sections Financial Performance - The company expects Q2 2024 revenue to be 1.135 billion yuan, down 12% year-on-year, with a net profit of 76-139 million yuan, compared to a loss of 159.3 million yuan in the same period of 2023 [2] - The report forecasts a gradual recovery in performance as external demand improves and internal reform effects are realized, with projected EPS for 2024-2026 at 1.11, 1.37, and 1.69 yuan respectively [3][4] Market Position and Strategy - The company is focusing on optimizing its channel strategy and enhancing customer service quality while gradually adjusting its team structure and channel management to adapt to the current development stage [2] - The company aims to promote product upgrades towards high-end and health-oriented offerings, which is expected to contribute to revenue growth in the future [2] Earnings Forecast - The report provides earnings forecasts for 2023A to 2026E, with main revenue expected to grow from 5.139 billion yuan in 2023 to 8.094 billion yuan in 2026, reflecting a growth rate of 17% in 2024 [4][5] - The net profit attributable to shareholders is projected to decrease significantly in 2024 to 873 million yuan, before recovering to 1.322 billion yuan by 2026 [4][5]