JONJEE(600872) 广发证券·2024-12-10 07:05Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.20 CNY per share, compared to the current price of 23.21 CNY [6]. Core Views - The company announced the acquisition of minority shares in Guangdong Chubang Food Co., Ltd., which will enhance its financial statements by consolidating profits from this subsidiary [2]. - The revenue for Chubang is projected to be 1.789 billion CNY with a net profit of 317 million CNY for the first three quarters of 2024. The net profit is expected to increase to 427 million CNY in 2024 and 491 million CNY in 2025 due to reforms and improved profit margins [2][3]. - The company anticipates a recovery in revenue in Q4 2024, driven by channel reforms and improved sales performance, with significant contributions expected from the restaurant channel and products like soy sauce and chicken essence [3]. Financial Summary - Revenue projections for 2024-2026 are 5.394 billion CNY, 5.970 billion CNY, and 6.639 billion CNY, reflecting year-on-year growth rates of 4.96%, 10.68%, and 11.20% respectively [4]. - The forecasted net profit for the parent company is 779 million CNY in 2024, 993 million CNY in 2025, and 1.141 billion CNY in 2026, with year-on-year changes of -54.11%, +27.53%, and +14.87% respectively [4]. - The company’s EBITDA is expected to grow from 1.091 billion CNY in 2024 to 1.503 billion CNY in 2026, indicating a positive trend in operational efficiency [5]. Valuation Metrics - The estimated P/E ratios for the company are projected to be 20, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [4]. - The report assumes a reasonable value of the real estate business at 3 billion CNY, which impacts the overall market valuation [4].