JINHUI(SH:603919) Guoyuan Securities·2025-08-25 12:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a total revenue of 1.759 billion yuan in the first half of 2025, reflecting a slight increase of 0.31% year-on-year, while the net profit attributable to shareholders was 298 million yuan, up by 1.12% [1]. - The growth in high-end products priced above 300 yuan continues to lead, with a revenue increase of 21.60% year-on-year, while products priced below 100 yuan saw a significant decline in revenue by 29.78% [2]. - The internet sales channel experienced substantial growth, with a 29.30% increase in revenue in the first half of 2025, indicating a shift in consumer purchasing behavior [3]. Financial Performance Summary - The gross profit margin for the first half of 2025 was 65.65%, an increase of 0.53 percentage points year-on-year, although the second quarter saw a slight decline to 63.67% [4]. - The net profit margin for the first half of 2025 was stable at 16.95%, but decreased to 9.90% in the second quarter due to fluctuations in gross margin and fixed expenses [4]. - The company expects net profits for 2025, 2026, and 2027 to be 397 million, 431 million, and 470 million yuan respectively, with growth rates of 2.34%, 8.53%, and 8.97% [5].