JINHUI(603919) 中银国际·2025-03-27 07:03Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, with a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, and the market share in the province steadily increases, indicating strong operational performance [3][7] Financial Performance - In Q4 2024, the company reported revenue of RMB 690 million, a year-on-year increase of 31.1%, while the net profit for the same period was RMB 60 million, down 2.1% year-on-year [8] - The gross profit margin for 2024 was 60.9%, a decrease of 1.5 percentage points compared to the previous year, with Q4 2024 gross margin at 50.1%, down 8.3 percentage points year-on-year [7][8] Market Position - The company’s revenue from the domestic market reached RMB 2.23 billion in 2024, growing 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a significant increase in distribution channels [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 410 million, RMB 470 million, and RMB 550 million for the years 2025, 2026, and 2027, with growth rates of 5.1%, 14.7%, and 17.7% respectively [4][6]