JONJEE(600872) 天风证券·2025-02-03 12:47Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 679 million to 1.018 billion yuan in 2024, representing a year-on-year decrease of about 40% to 60% [1]. - The non-recurring net profit is projected to be around 629 million to 734 million yuan, indicating a year-on-year growth of approximately 20% to 40% [1]. - The company has successfully acquired a 20% minority stake in Chubang Company, which is anticipated to enhance net profit [2]. - The company is actively pursuing reforms, including the establishment of a dedicated channel expansion department and a new retail division to enhance e-commerce efforts [2]. - Revenue is expected to grow steadily in 2024, with projected revenues of 5.829 billion, 6.321 billion, and 7.028 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 12%, 10%, and 10% [2]. Financial Summary - The company reported a revenue of 5.139 billion yuan in 2023, with an expected revenue of 5.759 billion yuan in 2024, marking a growth rate of 12.07% [4]. - The net profit attributable to shareholders for 2023 was 1.697 billion yuan, with an expected profit of 859.88 million yuan in 2024, indicating a decrease of 49.33% [4]. - The earnings per share (EPS) is projected to be 1.10 yuan in 2024, compared to 2.17 yuan in 2023 [4]. - The company’s price-to-earnings (P/E) ratio is expected to be 19.24 in 2024, decreasing to 15.17 by 2026 [4].