JENKEM(SH:688356) EBSCN·2025-05-09 10:19Investment Rating - The report maintains a "Buy" rating for the company, considering the significant growth in overseas revenue in Q1 2025 and the promising application space for its drug and device projects [4][6]. Core Insights - The company is undergoing a performance transformation period, with a notable increase in overseas revenue in Q1 2025, while domestic orders have decreased significantly due to price pressures and competition [2][3]. - In 2024, the company reported a revenue of 227 million yuan, a decrease of 22.26% year-on-year, and a net profit of 30 million yuan, down 74.22% year-on-year [1]. - The first quarter of 2025 saw a revenue of 69 million yuan, an increase of 6.66% year-on-year, but the net profit decreased by 17.79% year-on-year [1]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 227 million yuan, with a net profit of 30 million yuan and a significant decline in both metrics compared to the previous year [1]. - For Q1 2025, the operating revenue was 69 million yuan, with a net profit of 12 million yuan, indicating a mixed performance with revenue growth but profit decline [1][3]. Market Dynamics - Domestic market orders have decreased significantly due to price competition and pressure from downstream commercialization products [2]. - Internationally, the customer structure has shifted, with a slight overall revenue decrease; however, orders from overseas pharmaceutical clients have increased significantly due to new drug launches [2][3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been significantly reduced, with expected net profits of 53 million yuan and 124 million yuan respectively, down 68% and 37% from previous estimates [4]. - The report projects a net profit of 172 million yuan for 2027, with an estimated EPS of 0.88, 2.05, and 2.83 yuan for 2025, 2026, and 2027 respectively [4].