Jiahe Foods(SH:605300) Huaxin Securities·2025-01-19 01:13Investment Rating - The report maintains a "Buy" investment rating for the company [5][7]. Core Views - The company's net profit for 2024 is expected to be between 0.85 billion and 1.20 billion yuan, representing a decrease of 67.22% to 53.64% year-on-year. The non-recurring net profit is projected to be between 0.70 billion and 1.05 billion yuan, down 68.73% to 53.31% [5]. - The fourth quarter of 2024 is anticipated to continue the trend of declining profits, with net profit expected to be between 0.02 billion and 0.37 billion yuan, a decrease of 96.44% to 28.79% year-on-year [5]. - The company is focusing on internal reforms and enhancing its sales structure, including the introduction of professional managers and the separation of distribution and direct sales channels [6]. Summary by Sections Financial Performance - The company's main revenue for 2023 is reported at 2.841 billion yuan, with a projected decline to 2.263 billion yuan in 2024, a decrease of 20.4%. The revenue is expected to recover to 2.623 billion yuan in 2025 and reach 3.004 billion yuan by 2026 [11]. - The net profit for 2023 is 258 million yuan, with a significant drop to 102 million yuan in 2024, followed by a recovery to 164 million yuan in 2025 and 198 million yuan in 2026 [11]. Earnings Forecast - The report adjusts the company's earnings per share (EPS) for 2024 to 0.26 yuan, 0.41 yuan for 2025, and 0.49 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 49, 31, and 25 times respectively [7][11]. Strategic Initiatives - The company is expected to maintain growth in its coffee business while focusing on internal reforms and expanding its customer base, particularly in the industrial sector and overseas markets [6][7].