JONJEE(SH:600872) Guohai Securities·2024-08-11 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is currently experiencing performance pressure due to external weak demand and internal reform adjustments, particularly in Q2 2024, where revenue and profit showed a decline [2][3] - Despite short-term challenges, the company is focusing on long-term growth through internal improvements and strategic market expansion [5][6] Financial Performance Summary - In H1 2024, the company achieved revenue of 2.618 billion yuan, a year-on-year decrease of 1.35%, while net profit attributable to shareholders was 350 million yuan, showing a positive turnaround [2] - Q2 2024 revenue was 1.134 billion yuan, down 11.96% year-on-year, with net profit of 111 million yuan, indicating a recovery from previous losses [2] - The gross profit margin in Q2 2024 increased by 3.64 percentage points to 36.17%, benefiting from lower raw material costs and improved production efficiency [3] Market Position and Strategy - The company is undergoing a significant reform period, focusing on channel restructuring and enhancing distributor relationships, which is expected to yield long-term benefits [3][5] - The company is implementing a national strategy, increasing the number of distributors in various regions, with notable growth in the central and northern markets [3] Future Projections - Revenue forecasts for 2024-2026 are 5.798 billion, 6.836 billion, and 7.861 billion yuan, representing year-on-year growth rates of 13%, 18%, and 15% respectively [6][7] - Net profit projections for the same period are 761 million, 942 million, and 1.156 billion yuan, with corresponding EPS of 0.97, 1.20, and 1.48 yuan [6][7]