JONJEE(SH:600872) Great Wall Securities·2024-07-17 10:31Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company is experiencing pressure on its Q2 2024 performance, with expected revenue of 1.135 billion yuan, a year-on-year decline of 11.8%. This is attributed to a slowdown in macroeconomic recovery and intensified industry competition, alongside ongoing channel reforms [2]. - Despite the current challenges, the company has outlined a clear three-year strategic plan aimed at high-quality development, focusing on its core seasoning business and improving channel efficiency, product development, and supply chain management [2]. - Recent share purchases by senior management reflect confidence in the company's reform and future growth potential [1][2]. Financial Summary - Revenue for 2024 is projected at 5.602 billion yuan, with a growth rate of 9.0% year-on-year, following a decline of 3.8% in 2023 [1]. - The company is expected to achieve a net profit attributable to shareholders of 726 million yuan in 2024, a decrease of 57.2% year-on-year, but is projected to recover to 918 million yuan in 2025 and 1.105 billion yuan in 2026 [1]. - The report forecasts earnings per share (EPS) of 0.93 yuan in 2024, increasing to 1.17 yuan in 2025 and 1.41 yuan in 2026 [1]. Strategic Initiatives - The company has launched a three-year strategic plan named "Meiwei Xian," aiming to recreate a new "Chubang" and enhance its market presence through channel expansion and product diversification [2]. - The management emphasizes a commitment to the seasoning sector, with a focus on operational efficiency and product innovation as key drivers for future growth [2].