JONJEE(600872) 申万宏源·2024-12-09 11:21Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company has announced the acquisition of a minority stake in Guangdong Chubang Food Co., Ltd., which is expected to enhance its financial performance [8][9]. - The new management team has extensive experience in consumer goods and has established an ambitious three-year plan to boost the seasoning business [8]. - The company is undergoing comprehensive reforms, with improvements expected in operational efficiency and market coverage, particularly in the northern regions of China [9]. Financial Data Summary - The projected net profits for 2024-2026 are estimated at 800 million, 1.01 billion, and 1.26 billion respectively, with year-on-year changes of -53%, +27%, and +25% [8][10]. - The company's total revenue for 2024 is forecasted to be 5.48 billion, with a growth rate of 6.7% [10]. - The average net profit contribution from the acquired 20% stake in Chubang is estimated at 38 million, which will now fully benefit the company [9]. Performance Metrics - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 23x, 18x, and 14x respectively [8]. - The company's return on equity (ROE) is expected to improve from 11.8% in 2024 to 18.1% by 2026 [10].