Jiahe Foods(605300) 东方证券·2025-02-24 16:16Investment 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's revenue and gross margin forecasts have been lowered due to a slow recovery in the macro environment and weaker-than-expected consumer demand. The net profit forecasts for 2024-2026 are adjusted to 10.253 billion, 13.518 billion, and 15.806 billion CNY respectively [3]. - The company plans to raise up to 725 million CNY through a private placement to expand coffee production capacity, which is expected to alleviate capacity bottlenecks and strengthen its second growth curve [3][5]. - The company is actively investing in new media platforms and has launched a new store on WeChat to enhance its sales channels [5]. Financial Summary - The company's revenue for 2022 was 2,428 million CNY, with a projected decline to 2,258 million CNY in 2024, followed by a recovery to 2,588 million CNY in 2025 and 2,929 million CNY in 2026 [5][8]. - The gross profit margin is expected to stabilize around 18.0% in 2025 and 18.3% in 2026, while the net profit margin is projected to be 5.2% in 2025 and 5.4% in 2026 [5][8]. - The earnings per share (EPS) is forecasted to be 0.26 CNY in 2024, 0.34 CNY in 2025, and 0.40 CNY in 2026 [5][8].