QIANHE(SH:603027) Soochow Securities·2025-04-16 09:59Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced revenue pressure due to strategic adjustments, but cost advantages are enhancing profitability [1][8] - The company reported a revenue of 3.07 billion yuan in 2024, a year-on-year decrease of 4.2%, and a net profit of 514.15 million yuan, down 3.1% year-on-year [8] - The company is expected to see marginal improvements in performance as it actively addresses public relations issues and expands its distribution network [8] Financial Summary - For 2024, the total revenue is projected at 3.07 billion yuan, with a year-on-year growth rate of -4.16% [1][9] - The net profit for 2024 is estimated at 514.15 million yuan, reflecting a year-on-year decrease of 3.07% [1][9] - The earnings per share (EPS) for 2024 is projected to be 0.50 yuan [1][9] - The company’s gross margin is expected to improve, with a gross margin of 37.19% in 2024 [9] - The company’s return on equity (ROE) is projected to be 14.09% in 2024 [9] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 are adjusted to 3.2 billion yuan and 3.5 billion yuan respectively, with expected growth rates of 5.38% and 6.98% [8] - The net profit for 2025 is projected at 586.22 million yuan, with a year-on-year growth of 14.02% [1][9] - The company anticipates a net profit of 628.14 million yuan in 2026, reflecting a growth of 7.15% year-on-year [1][9] Market Data - The closing price of the stock is 11.77 yuan, with a market capitalization of approximately 12.1 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 23.53 for 2024, decreasing to 17.70 by 2027 [1][9]