JSTI(SZ:300284) Yin He Zheng Quan·2025-04-21 09:07Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation in line with the market benchmark [12]. Core Views - The company is projected to experience a gradual increase in revenue, with expected figures of 47.29 billion in 2024, 48.60 billion in 2025, 50.70 billion in 2026, and 53.80 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.11% from 2025 to 2027 [7]. - The net profit attributable to the parent company is forecasted to grow from 2.24 billion in 2024 to 2.97 billion in 2027, indicating a growth rate of 13.40% from 2026 to 2027 [7]. - The company's gross margin is expected to remain stable, with projections of 34.76% in 2024, slightly decreasing to 34.33% by 2027 [7]. - The report highlights a positive trend in cash flow from operating activities, expected to increase significantly from 2.61 billion in 2024 to 8.06 billion in 2027 [6]. Financial Summary - Income Statement: - Revenue is projected to grow from 47.29 billion in 2024 to 53.80 billion in 2027, with a corresponding increase in operating profit from 2.87 billion to 3.51 billion [7]. - The net profit is expected to rise from 2.35 billion in 2024 to 3.01 billion in 2027, with a net profit margin increasing from 4.74% to 5.52% [7]. - Balance Sheet: - Total assets are forecasted to increase from 160.63 billion in 2024 to 188.01 billion in 2027, with a slight increase in current assets [6]. - The company's total liabilities are expected to remain stable, with a total liability of 72.67 billion in 2024 and 77.09 billion in 2027 [6]. - Cash Flow Statement: - Operating cash flow is projected to increase significantly, indicating improved operational efficiency and profitability [6]. - The net cash increase is expected to be negative in 2024 at -1.83 billion but will turn positive in subsequent years, reaching 4.80 billion by 2027 [6]. Key Financial Ratios - The report indicates a projected return on equity (ROE) of 2.67% in 2024, slightly increasing to 2.77% by 2027 [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 49.53 in 2024 to 37.45 in 2027, suggesting a potential increase in valuation attractiveness over time [7]. - The company's debt-to-equity ratio is projected to improve, with a net debt ratio moving from -8.16% in 2024 to -36.69% in 2027, indicating a strong balance sheet position [7].