JONJEE(600872) 民生证券·2025-04-30 12:39Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a total revenue of 1.1 billion yuan in Q1 2025, a year-on-year decrease of 25.8%, with a net profit attributable to shareholders of 180 million yuan, down 24.2% year-on-year [1][2]. - The revenue decline is attributed to the timing of the Spring Festival, adjustments in supply chain management, and strategic control over major product expenditures to stabilize market pricing [2][3]. - The company is focusing on inventory reduction and expects improvements from ongoing adjustments and potential acquisitions [3][4]. Revenue Breakdown - Product revenue for Q1 2025: soy sauce (650 million yuan, -31.6%), chicken essence (130 million yuan, -28.6%), cooking oil (50 million yuan, -50.0%), and other products (200 million yuan, -6.9%) [2]. - Regional revenue: Eastern region (190 million yuan, -47.7%), Southern region (420 million yuan, -19.6%), Central and Western regions (230 million yuan, -29.1%), Northern region (180 million yuan, -18.7%) [2]. - Channel revenue: distribution (970 million yuan, -30.7%) and direct sales (60 million yuan, +33.3%) [2]. Profitability Analysis - The company achieved a gross margin of 38.7%, an increase of 1.8 percentage points year-on-year, due to lower costs of soybeans and packaging materials, as well as improved production efficiency [3]. - The net profit margin for Q1 2025 was 16.4%, up 0.3 percentage points year-on-year, with a non-recurring net profit margin also at 16.4%, up 0.4 percentage points [3]. Future Outlook - The company anticipates revenue growth driven by both internal and external factors, with ongoing reforms, expansion into traditional and e-commerce channels, and new product promotions [3][4]. - Revenue projections for 2025-2027 are 5.72 billion yuan, 6.25 billion yuan, and 6.82 billion yuan, respectively, with year-on-year growth rates of 3.6%, 9.2%, and 9.2% [4][5].