JONJEE(600872) 华创证券·2025-04-30 10:06Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [3][22]. Core Views - The company reported a significant revenue decline of 25.81% year-on-year in Q1 2025, with total revenue reaching 1.102 billion yuan and a net profit of 181 million yuan, down 24.24% year-on-year [2][3]. - The report highlights that the company is focusing on channel optimization and inventory digestion to alleviate pressure from previous high inventory levels, with expectations for gradual recovery in the latter half of the year [2][3]. Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from 5.519 billion yuan in 2024 to 5.933 billion yuan in 2025, with a year-on-year growth rate of 7.5% [2][11]. - Net profit is expected to stabilize around 894 million yuan in 2025, reflecting a slight increase from 893 million yuan in 2024 [2][11]. - Earnings Per Share (EPS): - EPS is forecasted to remain at 1.14 yuan for 2025, with gradual increases to 1.27 yuan in 2026 and 1.41 yuan in 2027 [2][11]. - Valuation Metrics: - The price-to-earnings (P/E) ratio is projected to decrease from 17 in 2025 to 14 in 2027, indicating a potential for valuation recovery as the company improves its fundamentals [2][11]. Market Position and Strategy - The company is adjusting its supply chain and pricing strategies, particularly in the southern and eastern regions, to address market challenges and improve sales performance [2][3]. - The report notes a net increase of 118 distributors in Q1 2025, indicating ongoing efforts to expand market reach despite current challenges [2][3].