NJTC(601975) 华源证券·2025-03-26 05:39Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights a projected decline in revenue for 2025, with an estimated revenue of 6,195 million RMB, representing a decrease of 4.33% compared to 2024 [5] - The net profit attributable to the parent company is expected to decrease to 1,513 million RMB in 2025, reflecting a year-on-year decline of 21.26% [5] - The report anticipates a recovery in net profit growth in 2027, with an estimated net profit of 1,463 million RMB, indicating a slight increase of 1.62% from 2026 [5] Financial Data Summary - As of March 25, 2025, the closing price of the stock is 3.05 RMB, with a one-year high of 4.11 RMB and a low of 2.73 RMB [3] - The total market capitalization is approximately 14,645.66 million RMB, with a circulating market capitalization also at 14,645.66 million RMB [3] - The company has a total share capital of 4,801.86 million shares and a debt-to-asset ratio of 15.08% [3] - The earnings per share (EPS) for 2025 is projected to be 0.32 RMB, with a price-to-earnings (P/E) ratio of 9.68 [5] - The return on equity (ROE) is expected to decrease to 12.26% in 2025, down from 17.75% in 2024 [5] Profit Forecast and Valuation - The company's revenue is forecasted to be 6,475 million RMB in 2024, with a growth rate of 4.50% compared to 2023 [5] - The operating profit is projected to decline to 1,765 million RMB in 2025, down from 2,244 million RMB in 2024, indicating a significant drop of 21.31% [7] - The report provides a detailed financial forecast, including operating income, costs, and net profit for the years 2024 to 2027, highlighting the expected trends in profitability and revenue growth [7]