Jiajiayue(SH:603708) Changjiang Securities·2025-05-20 07:25Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - The company reported a revenue of 18.26 billion yuan in 2024, representing a year-on-year growth of 2.8%. The net profit attributable to the parent company was 130 million yuan, a decline of 3.3% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, an increase of 17.2% [2][4] - In the first quarter of 2025, the company achieved a revenue of 4.94 billion yuan, a year-on-year decline of 4.8%, with a net profit attributable to the parent company of 140 million yuan, down 3.6% year-on-year, and a net profit excluding non-recurring items of 140 million yuan, an increase of 3.9% [2][4] - The company is focusing on high-quality transformation and optimizing its network layout and resource allocation, with a total of 1,095 stores as of the first quarter of 2025, including 945 direct-operated stores and 150 franchise stores [11] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a gross profit margin of 23.3%, a decrease of 0.6 percentage points year-on-year, primarily due to operational optimization and product mix adjustments [11] - The company’s operating expenses for 2024 were 18.5% for sales, 2.0% for management, and 1.4% for financial expenses, reflecting a slight decrease in expense ratios due to improved operational efficiency [11] Strategic Initiatives - The company is actively enhancing its supply chain and has completed the second phase of the Huai Bei comprehensive industrial park project, which is expected to improve logistics efficiency [11] - The company is also focusing on product development, with self-owned and customized products accounting for 13.63% of total sales in 2024, showing a steady increase [11] Future Outlook - The company aims to transition from scale retail to quality retail, with plans to optimize store layouts and ensure high-quality openings for new stores [11] - Earnings per share (EPS) are projected to reach 0.32 yuan, 0.40 yuan, and 0.49 yuan for the years 2025, 2026, and 2027 respectively [11]