JONHON(SZ:002179) Guolian Securities·2024-09-02 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant narrowing of profit decline quarter-on-quarter, indicating a positive outlook for the second half of the year [9] - In H1 2024, the company achieved revenue of 9.197 billion yuan, a year-on-year decrease of 14.5%, while Q2 revenue was 5.184 billion yuan, down 4.3% year-on-year [9] - The net profit attributable to the parent company for H1 2024 was 1.668 billion yuan, a decrease of 14.6% year-on-year, with Q2 net profit at 917 million yuan, down 4.5% year-on-year [9] - The sales gross margin for Q2 2024 was 38.47%, showing an increase of 1.87 percentage points year-on-year and 2.92 percentage points quarter-on-quarter, indicating improved operational efficiency [9] - The company has effectively controlled its period expenses, which amounted to 1.517 billion yuan in H1 2024, a decrease of 10.64% year-on-year, demonstrating strong cost management capabilities [9] - To meet its financial budget for 2024, the company needs to achieve a revenue growth of 38.49% in H2 2024, reaching at least 12.903 billion yuan [9] - The company is expected to maintain stable growth with projected revenues of 22.126 billion yuan, 26.278 billion yuan, and 31.743 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.22%, 18.77%, and 20.80% [10] Financial Data Summary - In 2024E, the company's revenue is projected to be 22.126 billion yuan, with a growth rate of 10.22% [10] - The net profit attributable to the parent company for 2024E is expected to be 3.715 billion yuan, with a growth rate of 11.25% [10] - The earnings per share (EPS) for 2024E is projected to be 1.75 yuan [10] - The price-to-earnings (P/E) ratio for 2024E is estimated at 21.0 [10] - The company’s asset-liability ratio is 36.19% [6]