CJS(600176) 申万宏源·2025-03-20 07:40Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company’s gross profit margin was under pressure, recorded at 25.03%, down 2.97 percentage points year-on-year [6] - The industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditures with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue projections for the upcoming years are as follows: - 2023: 14.876 billion yuan - 2024: 15.856 billion yuan - 2025E: 18.094 billion yuan - 2026E: 19.398 billion yuan - 2027E: 20.711 billion yuan [5][8] - Net profit attributable to shareholders is forecasted as: - 2025E: 3.077 billion yuan - 2026E: 3.589 billion yuan - 2027E: 3.913 billion yuan [5][8] - The company’s earnings per share (EPS) is projected to be: - 2025E: 0.77 yuan - 2026E: 0.90 yuan - 2027E: 0.98 yuan [5][8] - The return on equity (ROE) is expected to be 9.3% in 2025, 10.0% in 2026, and 10.2% in 2027 [5][8]