JONJEE(SH:600872) Soochow Securities·2025-05-01 12:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in performance due to proactive adjustments, with expectations for the release of reform benefits [1] - The first quarter of 2025 saw a significant drop in revenue and net profit, attributed to the timing of the Spring Festival and strategic adjustments in inventory and expenses [7] - The company is focusing on channel reforms and promotional plans to stimulate growth in key markets [7] Financial Performance Summary - For 2023, total revenue is projected at 5,139 million yuan, with a year-on-year decrease of 3.78% [1] - The net profit attributable to shareholders is expected to be 1,696.95 million yuan in 2023, reflecting a substantial increase of 386.53% compared to the previous year [1] - The earnings per share (EPS) for 2023 is estimated at 2.17 yuan, with a price-to-earnings (P/E) ratio of 8.90 [1] Revenue and Profit Forecast - Revenue forecasts for 2025 to 2027 are adjusted to 54 billion yuan, 59 billion yuan, and 64 billion yuan respectively, with year-on-year growth rates of -1.7%, +8.2%, and +9.6% [7] - The net profit forecasts for the same period are revised to 8.5 billion yuan, 9.5 billion yuan, and 10.7 billion yuan, with year-on-year growth rates of -4.8%, +12.3%, and +12.3% [7] Market Data - The closing price of the stock is 19.29 yuan, with a market capitalization of 15,108.36 million yuan [5] - The company has a price-to-book (P/B) ratio of 2.60 and a net asset value per share of 7.41 yuan [5][6]