JJHB(603279) 天风证券·2024-11-04 14:01Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected relative return of over 20% within the next six months [6][15]. Core Views - The company has shown a significant improvement in cash flow, with a notable increase in operating cash flow by 237.57% year-on-year in Q3 2024 [2][4]. - Despite a strategic price reduction to maintain volume, the company's profit margins have declined, with a gross margin of 29.06% and a net profit margin of 14.14%, both down year-on-year [2][3]. - The company plans to distribute a cash dividend of 0.66 CNY per share, totaling 3.80 billion CNY, which represents 57.21% of the net profit attributable to shareholders for the first three quarters of 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 4.704 billion CNY, a year-on-year increase of 1.20%, and a net profit of 666 million CNY, a decrease of 10.09% [1][2]. - In Q3 2024, the revenue was 1.577 billion CNY, down 0.98% year-on-year, with a net profit of 206 million CNY, down 20.77% year-on-year [1][2]. - The company has effectively controlled expenses, with a period expense ratio of 8.94%, down 1.38 percentage points year-on-year [3]. Profit Forecast and Valuation - The company is expected to have a net profit of 904 million CNY in 2024, a decrease of 10.28% year-on-year, followed by growth of 14.02% and 14.07% in 2025 and 2026, respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 11.71, 10.27, and 9.00, respectively [5][8].