JONJEE(SH:600872) Soochow Securities·2025-04-10 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 55.19 billion yuan, a year-on-year increase of 7.39%. However, the net profit attributable to shareholders decreased by 47% to 8.93 billion yuan [8] - The company is undergoing continuous internal reforms, which are expected to gradually release reform dividends and improve performance in the future [8] - The company has adjusted its revenue and profit forecasts for 2025 and 2026 due to weak industry demand, with new revenue expectations of 58 billion yuan and 66 billion yuan respectively [8] Financial Summary - Total revenue for 2023 was 51.39 billion yuan, with a projected increase to 55.19 billion yuan in 2024, and further growth expected in subsequent years [1][9] - The net profit attributable to shareholders for 2023 was 1.70 billion yuan, with a significant drop to 893 million yuan in 2024, but a recovery is anticipated in the following years [1][9] - The company's gross margin improved significantly, reaching 39.8% in 2024, up by 7.1 percentage points year-on-year [8] - The company has expanded its distributor network, increasing the number of distributors to 2,554 by the end of 2024 [8] Earnings Forecast - Earnings per share (EPS) for 2024 is projected at 1.14 yuan, with expectations of gradual increases in the following years [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 18.60 in 2024 to 14.34 by 2027, indicating potential value appreciation [1][9]