Shanghai Jahwa(600315) 浙商证券·2024-11-02 08:23Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a Q3 revenue decline of 21%, resulting in a single-quarter loss of 75.3 million yuan, attributed to rising costs and increased sales investments [1] - For the first three quarters of 2024, the company generated revenue of 4.48 billion yuan, a year-on-year decrease of 12%, with a net profit of 160 million yuan, down 59% year-on-year [1] - The company is undergoing organizational restructuring and is expected to reach a turning point in performance [1][3] Financial Summary - Q3 revenue was 1.16 billion yuan, down 21% year-on-year, with a net loss of 75 million yuan compared to a profit of 93.13 million yuan in the same quarter last year [1] - The gross margin for Q3 was 54.5%, a decrease of 3 percentage points year-on-year, while the net margin was -6.5%, down 13 percentage points year-on-year [1][2] - The company is implementing a departmental reform, with the personal care division showing a 4.7% increase in average sales price [2] Profitability Forecast and Valuation - The company is projected to achieve net profits of 270 million yuan, 490 million yuan, and 620 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 42, 22, and 18 [3] - The revenue forecast for 2024 is 607.1 million yuan, reflecting a 7.98% decrease, while a recovery is expected in subsequent years [4]