JINHUI(603919) 西南证券·2025-03-25 13:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1] Core Views - The company continues to upgrade its product structure and is making steady progress in national expansion [1] - The company achieved a revenue of 30.21 billion yuan in 2024, representing a year-on-year growth of 18.6%, and a net profit of 3.88 billion yuan, also up by 18.0% [7] - The growth momentum for high-end products priced above 300 yuan remains strong, with significant sales increases in key product lines [7] - The company is focusing on marketing transformation and actively cultivating consumer bases in both domestic and provincial markets [7] Financial Summary - Revenue Forecast: Expected revenues for 2025, 2026, and 2027 are 32.86 billion yuan, 36.31 billion yuan, and 40.65 billion yuan respectively, with growth rates of 8.75%, 10.51%, and 11.95% [2] - Net Profit Forecast: Projected net profits for the same years are 4.11 billion yuan, 4.62 billion yuan, and 5.32 billion yuan, with growth rates of 5.91%, 12.40%, and 15.04% [2] - Earnings Per Share (EPS): EPS is expected to be 0.81 yuan in 2025, 0.91 yuan in 2026, and 1.05 yuan in 2027 [2] - Return on Equity (ROE): ROE is projected to increase from 11.48% in 2024 to 12.56% in 2027 [2] Product and Market Analysis - Product Segmentation: Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 5.7 billion yuan, 14.9 billion yuan, and 8.5 billion yuan respectively, with growth rates of 41.2%, 15.4%, and 4.0% [7] - Regional Performance: Revenue from within the province was 22.3 billion yuan, up 16.1%, while revenue from outside the province was 6.7 billion yuan, up 14.7% [7] - Cost and Profitability: The gross margin for 2024 was 60.9%, a decrease of 1.5 percentage points year-on-year, attributed to increased promotional activities [7] Strategic Outlook - The company is actively pursuing a strategy of national expansion while deepening its market presence in the northwest region [7] - The focus on high-end products is expected to drive growth, with a clear path for future development [7]