JGJC(SZ:000799) Huaxin Securities·2025-09-04 09:35Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's performance is under short-term pressure due to weak liquor consumption, but new products have gained market recognition [1][5] - The company is actively adjusting its operational strategies, focusing on cost control and enhancing its product system, which is expected to contribute to revenue growth [8] Summary by Sections Market Performance - The company's total revenue for H1 2025 was 561 million yuan, a decrease of 44% year-on-year, with a net profit of 9 million yuan, down 93% [4][5] - In Q2 2025, total revenue was 217 million yuan, a decline of 57%, with a net loss of 23 million yuan, a decrease of 148% [4][5] Product and Sales Analysis - The company's product revenue for H1 2025 saw declines across various series, with the "Inner Reference" series down 36%, "Jiu Gui" down 51%, and "Xiang Quan" down 36% [6] - The company has streamlined its product offerings, reducing SKUs by over 50% in the "Jiu Gui" series, and implemented measures to address distributor inventory issues [6] Distribution and New Products - The company is accelerating the clearing of its distribution system, with a net reduction of 531 distributors, bringing the total to 805 [7] - A new co-branded product, "Jiu Gui Jiu · Free Love," launched in collaboration with a supermarket chain, has quickly sold out, indicating strong market demand [7] Earnings Forecast - The company forecasts EPS of 0.17 yuan for 2025, 0.44 yuan for 2026, and 0.79 yuan for 2027, with corresponding PE ratios of 391, 147, and 82 times [8][11] - The projected revenue growth rates are -49.7% for 2024, -16.8% for 2025, 9.8% for 2026, and 18.0% for 2027 [11]