Jiahe Foods(SH:605300) Orient Securities·2025-02-24 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 16.65 CNY per share [1][3] Core Views - The company is facing pressure on its 2024 performance forecast, with expected net profit for 2024 projected to be between 0.85 billion to 1.20 billion CNY, representing a year-on-year decline of 67.22% to 53.64% [3][5] - The company plans to raise up to 725 million CNY through a private placement to expand its coffee production capacity, which is expected to enhance its growth trajectory and mitigate declines in its other business segments [3][5] - The company is actively investing in new media platforms to enhance its marketing efforts and has initiated a strategic partnership in the oat processing sector [3][5] Financial Summary - Revenue for 2024 is expected to be 2,258 million CNY, a decrease of 20.5% year-on-year, with a recovery projected in subsequent years [5][8] - The company's gross margin is forecasted to be 17.6% in 2024, with a gradual increase to 18.3% by 2026 [5][8] - Net profit attributable to the parent company is projected to be 103 million CNY in 2024, with a recovery to 135 million CNY in 2025 and 158 million CNY in 2026 [5][8] - The company’s earnings per share (EPS) is expected to be 0.26 CNY in 2024, increasing to 0.34 CNY in 2025 and 0.40 CNY in 2026 [5][8]