JINHUI(SH:603919) Soochow Securities·2025-10-25 14:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the gross sales margin continues to improve, and the company is strategically deepening its presence in the Northwest region of China [7] - The company has shown resilience in its sales rhythm despite the overall adjustment in the liquor industry, with a focus on national layout and breakthroughs in key markets [7] - The report maintains profit forecasts for 2025-2027, with net profits projected at 3.77 billion, 4.17 billion, and 4.65 billion RMB respectively, corresponding to current P/E ratios of 26.6, 24.1, and 21.6 [7] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 2.306 billion RMB, a year-on-year decrease of 0.97%, and a net profit attributable to shareholders of 324 million RMB, down 2.78% year-on-year [7] - The sales revenue for Q3 2025 was 546 million RMB, reflecting a year-on-year decline of 4.89%, with net profit attributable to shareholders at 25 million RMB, down 33.02% year-on-year [7] - The proportion of products priced above 300 RMB has increased by 3.37 percentage points to 24.18%, indicating a shift towards higher-end products [7] - The sales gross margin for Q3 2025 improved by 0.31 percentage points to 61.44%, driven by an upgrade in product structure [7] - The company’s cash flow from operating activities for 2024 is projected at 558 million RMB, with a net increase in cash of -177 million RMB [8]