JJHB(603279) Guotou Securities·2025-04-28 09:03Investment Rating - The investment rating for the company is "Buy-A" with a target price of 18.60 CNY, maintaining the rating [6]. Core Views - The company reported a revenue of 6.129 billion CNY for 2024, a decrease of 1.92% year-on-year, and a net profit of 848 million CNY, down 15.86% year-on-year. In Q4 alone, revenue was 1.426 billion CNY, a decline of 10.97% year-on-year, with a net profit of 183 million CNY, down 31.75% year-on-year [1]. - The company is experiencing short-term pressure on performance, but cash flow has significantly improved, indicating that the fundamentals may have reached a bottom [4][12]. - The gross margin is under short-term pressure, but expense management is good, with a total expense ratio of 9.44%, down 0.71 percentage points year-on-year [3][11]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 6.129 billion CNY, with a net profit of 848 million CNY. The revenue from filter press equipment was 4.348 billion CNY, down 11.20% year-on-year, while accessory revenue increased by 3.22% to 957 million CNY [11][15]. - The gross margin for 2024 was 29.06%, down 2.69 percentage points year-on-year, and the net profit margin was 13.84%, down 2.29 percentage points year-on-year [11]. Cash Flow and Debt - As of the end of 2024, the company had contract liabilities of 2.616 billion CNY, an increase of 1.67% from the previous quarter. The operating cash flow for 2024 was 1.041 billion CNY, a significant increase of 288.21% year-on-year [12]. Dividend Policy - The company has a strong dividend policy, with a total cash dividend distribution of 611 million CNY for 2024, resulting in a dividend payout ratio of 72.05% and a dividend yield of 5.9% based on the closing price at the end of 2024 [13]. Future Projections - Revenue projections for 2025-2027 are 6.465 billion CNY, 7.113 billion CNY, and 7.754 billion CNY, with year-on-year growth rates of 5.48%, 10.02%, and 9.01% respectively. Net profits are expected to be 891 million CNY, 993 million CNY, and 1.106 billion CNY for the same years [14][15].