JONJEE(600872) 华鑫证券·2024-12-11 03:28Investment Rating - The report maintains a "Buy" investment rating for the company [4][9]. Core Views - The acquisition of minority stakes in Guangdong Chubang Food Co., Ltd. will enhance the company's profit performance, as the net profit from Chubang will now fully belong to the company, increasing earnings per share and return on equity [7]. - The company is actively reforming its distribution channels and has implemented price increases to ensure profitability for distributors, while also supporting key distributors to improve efficiency [8]. - The company aims to accelerate mergers and acquisitions, with a target revenue of 6.784 billion yuan and profit margins by 2025 [8]. Summary by Sections Company Overview - The company has a current stock price of 23.62 yuan and a total market capitalization of 18.5 billion yuan, with a total share count of 783 million [2]. Financial Performance - The average net profit of Chubang from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [7]. - The company forecasts earnings per share (EPS) of 0.94, 1.12, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25, 21, and 18 [9]. Revenue and Profit Forecast - The company expects a revenue growth rate of 6.1% in 2024, followed by 8.1% in 2025 and 7.4% in 2026 [12]. - The projected net profit for 2024 is 734 million yuan, with a significant increase of 20% in 2025 [12]. Strategic Initiatives - The company is focusing on channel reform and has made personnel adjustments to enhance operational efficiency [8]. - The management is committed to executing its strategies effectively, with a focus on internal resource integration and decision-making efficiency [7][8].