Shanghai Jahwa(600315) 东吴证券·2025-01-27 00:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to report a significant loss in 2024, with a projected net profit attributable to shareholders ranging from -7.1 billion to -8.8 billion RMB, primarily due to goodwill impairment related to the overseas brand Tommee Tippee and strategic restructuring efforts [9] - A share repurchase plan has been announced, aiming to enhance employee motivation and confidence in future growth, with a total amount of 100 to 200 million RMB allocated for repurchasing 3.74 to 7.47 million shares [9] - The company is undergoing a strategic transformation, focusing on core brands, brand building, online sales, and operational efficiency, with organizational changes expected to improve long-term performance despite short-term revenue and profit impacts [9] Financial Forecasts - The company's total revenue is projected to decline from 6,598 million RMB in 2023 to 5,601 million RMB in 2024, before recovering to 6,267 million RMB in 2025 and 7,135 million RMB in 2026 [1] - The net profit attributable to shareholders is forecasted to be -858.08 million RMB in 2024, followed by a recovery to 262.53 million RMB in 2025 and 340.16 million RMB in 2026 [1] - The earnings per share (EPS) is expected to drop to -1.28 RMB in 2024, with a rebound to 0.39 RMB in 2025 and 0.51 RMB in 2026 [1]