ZJQY(SH:600210) Xinda Securities·2025-10-16 02:07Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Zijang Enterprises, has shown excellent profit performance with a projected net profit of 8.97 to 10.02 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 70.0% to 90.0% [2] - The third quarter net profit is expected to be between 4.24 and 5.30 billion yuan, indicating a significant year-on-year growth of 145.0% to 205.9% [2] - The strong profit performance in Q3 is attributed to the sale of shares in Shanghai Zijang New Materials, contributing approximately 240 million yuan to the reported profits [2] - The company is positioned as a leader in the packaging industry, with a diversified business model that includes beverage, paper-plastic, and aluminum-plastic film packaging [2][3] - The company is actively expanding both organically and through acquisitions, with a focus on strategic partnerships and new product development [2] Financial Performance Summary - The total revenue for 2023 is reported at 9.116 billion yuan, with a projected increase to 10.637 billion yuan in 2024 and 11.121 billion yuan in 2025, reflecting a year-on-year growth rate of 16.7% [4] - The net profit attributable to the parent company is expected to rise from 560 million yuan in 2023 to 1.095 billion yuan in 2025, with a significant growth rate of 35.3% [4] - The gross profit margin is projected to stabilize around 23.1% in 2025, with a return on equity (ROE) expected to reach 16.5% [4] - Earnings per share (EPS) is forecasted to increase from 0.37 yuan in 2023 to 0.72 yuan in 2025, indicating a positive trend in profitability [4] Business Segment Performance - The beverage and paper-plastic packaging segments accounted for 47.9% and 28.3% of total revenue, respectively, in the first half of 2025 [2] - The aluminum-plastic film segment is expected to grow by 24.7% year-on-year, contributing 6.2% to total revenue in the first half of 2025 [3] - The real estate development segment is projected to contribute approximately 6.9% to total revenue, with ongoing projects expected to generate additional income [3]