JINHUI(SH:603919) Guohai Securities·2025-03-25 09:27Investment Rating - The report maintains an "Accumulate" rating for the company [1][8] Core Views - The company has shown impressive revenue growth of 18.59% year-on-year, reaching 3.021 billion yuan in 2024, with a net profit of 388 million yuan, also up 18.03% year-on-year [4][5] - The product structure continues to optimize, with over 70% of revenue coming from products priced above 100 yuan, reflecting a shift towards higher-end offerings [5][6] - The company is actively expanding its market presence, particularly in the Gansu province and surrounding areas, with revenue from Gansu reaching 2.231 billion yuan, up 16.14% year-on-year [5] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 693 million yuan, a significant increase of 31.11% year-on-year, although net profit slightly decreased by 2.05% [4][5] - The sales gross margin was recorded at 60.92%, a decrease of 1.52 percentage points year-on-year, primarily due to a decline in the gross margin of other businesses [5][6] Product and Market Development - The company’s product lines, particularly those priced above 300 yuan, saw a revenue increase of 41.17%, indicating strong demand for premium products [5] - The company is focusing on market integration in Gansu and Qinghai, as well as expanding into the Shaanxi and Ningxia markets, which is expected to enhance market share [5] Future Projections - The company aims for a revenue target of 3.280 billion yuan and a net profit of 408 million yuan for 2025, representing growth rates of 8.90% and 5.15% respectively [6][7] - Earnings per share (EPS) are projected to increase from 0.77 yuan in 2024 to 0.80 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 25.45 for 2024 [7][8]