JH Group(603518) 天风证券·2025-01-19 01:12Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [7] Core Views - The company is expected to achieve a revenue of 1.472 billion yuan in Q4 2024, representing a year-on-year increase of 1.59%, and a net profit of 145 million yuan, which is a 35.51% increase year-on-year [1] - For the full year 2024, the company anticipates a revenue of 4.395 billion yuan, a decrease of 3.30% year-on-year, while the net profit is projected to be 307 million yuan, an increase of 3.02% year-on-year [1] - The decline in revenue is attributed to changes in the external consumer environment, while online business shows steady growth and offline business experiences a slight decline [1] - The increase in profit is mainly due to improved operational quality and efficiency, effective control of sales expenses, and a significant reduction in financial costs [1] - The company has a rich IP asset base, particularly with the Teenie Weenie brand, which is being leveraged for new growth opportunities through collaborations and licensing [2] - The company maintains an integrated business model encompassing R&D, manufacturing, retail, and brand marketing, with a focus on online channel transformation [3] Financial Summary - The company has adjusted its profit forecast, expecting net profits of 307 million yuan, 353 million yuan, and 420 million yuan for 2024, 2025, and 2026 respectively [4] - Earnings per share (EPS) are projected to be 0.88 yuan, 1.02 yuan, and 1.21 yuan for the same years [4] - The price-to-earnings (P/E) ratios are expected to be 11X, 10X, and 8X for 2024, 2025, and 2026 respectively [4] - The company’s total revenue for 2024 is estimated at 4.395 billion yuan, with a slight decline from the previous year [6][12]