JINYU(SH:600201) Huachuang Securities·2025-05-19 08:15Investment Rating - The report adjusts the investment rating to "Recommended" with a target price of 7.8 CNY [2][8] Core Views - The company is facing operational pressure with a significant decline in revenue and net profit for 2024, but there are signs of improvement in Q1 2025 [2][8] - The company has been focusing on R&D and innovation to diversify its product offerings, which is expected to enhance its resilience and future growth potential [8] Financial Performance Summary - For 2024, the company reported total revenue of 1.255 billion CNY, a year-on-year decrease of 21.45%, and a net profit of 109 million CNY, down 61.58% [2][4] - In Q1 2025, the company achieved revenue of 352 million CNY, a slight increase of 1.06% year-on-year, while net profit was 76.48 million CNY, down 27.57% [2][4] - The gross margin for 2024 was 53.86%, a decline of 5.33 percentage points, marking the lowest level since 2011 [8] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 1.514 billion CNY, 1.750 billion CNY, and 2.018 billion CNY, respectively, with expected growth rates of 20.6%, 15.6%, and 15.3% [4][8] - Forecasted net profits for the same years are 197 million CNY, 250 million CNY, and 316 million CNY, with growth rates of 80.7%, 27.2%, and 26.2% [4][8] Product Development and Market Strategy - The company is actively investing in R&D to develop new products across various categories, including non-oral vaccines and pet vaccines, which is expected to diversify its product matrix and improve its market position [8] - The company aims to reduce reliance on a single product line, particularly the foot-and-mouth disease vaccine, which has seen significant sales declines [8]