JINHUI(SH:603919) Minsheng Securities·2025-03-22 09:10Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.02 yuan [6]. Core Views - The company achieved a revenue of 3.021 billion yuan in 2024, representing an 18.59% year-on-year increase, and a net profit of 388 million yuan, up 18.03% year-on-year [1]. - The product structure has significantly improved, with revenue from products priced above 300 yuan increasing by 41.17%, while the overall market strategy focuses on national expansion and strengthening its base in Gansu [2]. - The company plans to achieve a revenue of 3.280 billion yuan and a net profit of 408 million yuan in 2025, reflecting growth rates of 8.56% and 5.11% respectively [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 60.92%, a slight decrease of 1.51 percentage points year-on-year, and a net profit margin of 12.85%, down 0.06 percentage points [3]. - The company’s sales revenue for Q4 2024 was 693 million yuan, with a year-on-year growth of 31.11%, but net profit decreased by 2.05% to 55 million yuan [1]. Product and Market Strategy - The company’s revenue from high-end products (above 300 yuan) reached 566 million yuan, while the mid-range (100-300 yuan) and low-end (below 100 yuan) products generated 1.487 billion yuan and 849 million yuan respectively [2]. - The company’s market strategy emphasizes deepening its presence in the northwest region while expanding into other provinces like Jiangsu and Henan [2]. Future Outlook - The company forecasts revenues of 3.294 billion yuan in 2025, with a projected growth rate of 9.0% [5]. - The company plans to distribute cash dividends of 248 million yuan in 2024, with a payout ratio of 64%, reinforcing investor confidence [4].