JINHUI(SH:603919) Guoxin Securities·2025-08-24 07:59Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][21] Core Views - The company demonstrated operational resilience with a slight increase in revenue and net profit in H1 2025 despite demand pressures, achieving total revenue of 1.759 billion yuan (up 0.3% YoY) and a net profit of 298 million yuan (up 1.1% YoY) [1][4] - The product structure continues to upgrade, with revenue from products priced above 300 yuan increasing by 11.3% YoY in Q2 2025, while lower-priced products saw a decline [2][4] - The company is focusing on multiple products and scenarios to maintain stable operations amid uncertain demand recovery in the second half of the year [4][10] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 1.759 billion yuan, a 0.3% increase YoY, and a net profit of 298 million yuan, reflecting a 1.1% increase YoY [1] - Q2 2025 revenue was 651 million yuan, down 4.0% YoY, with net profit at 64 million yuan, down 12.8% YoY [1][2] Product and Market Analysis - The revenue from products priced above 300 yuan reached 136 million yuan in Q2 2025, up 11.3% YoY, while products priced below 100 yuan saw a significant decline of 26.6% YoY [2] - The company is increasing its investment in dining scenarios and small-scale banquets to counteract the decline in lower-priced products [2][4] Cost and Profitability - The gross profit margin in Q2 2025 decreased by 1.0 percentage points, attributed to the decline in lower-priced products [3] - The company is implementing precise cost control measures, with a reduction in advertising expenses by 26% YoY in H1 2025 [3][4] Future Outlook - The revenue forecast for 2025-2027 has been adjusted downwards, with expected revenues of 3.065 billion yuan, 3.302 billion yuan, and 3.702 billion yuan, reflecting growth rates of 1.4%, 7.7%, and 12.1% respectively [4][10] - The net profit forecast for the same period is adjusted to 381 million yuan, 402 million yuan, and 463 million yuan, with growth rates of -1.9%, 5.6%, and 15.2% respectively [4][10]