JEI(SZ:000600) Yin He Zheng Quan·2025-11-03 09:24Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company has shown significant profit growth, with a proposed cash dividend of 1 yuan per 10 shares based on the Q3 report [6]. - In Q3 2025, the company achieved a revenue of 53.69 billion yuan, a year-on-year decrease of 4.63%, while the net profit attributable to shareholders reached 6.86 billion yuan, reflecting a substantial year-on-year increase of 430.11% [6]. - The report forecasts that the company will achieve net profits of 16.63 billion yuan, 17.40 billion yuan, and 19.88 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 9.92x, 9.48x, and 8.30x [6]. Financial Performance Summary - Revenue Forecasts: - 2024A: 23,517.24 million yuan - 2025E: 23,106.14 million yuan - 2026E: 22,896.47 million yuan - 2027E: 24,128.33 million yuan - Revenue growth rates are projected at 20.09% for 2024, -1.75% for 2025, -0.91% for 2026, and 5.38% for 2027 [2][7]. - Net Profit Forecasts: - 2024A: 531 million yuan - 2025E: 1,663 million yuan - 2026E: 1,740 million yuan - 2027E: 1,988 million yuan - Profit growth rates are expected to be 181.6% for 2024, 213.2% for 2025, 4.6% for 2026, and 14.3% for 2027 [2][7]. - Profitability Metrics: - Gross margin is projected to increase from 15.4% in 2024 to 26.1% in 2027, while net margin is expected to rise from 3.0% to 11.0% over the same period [2][7]. - Cash Flow: - Operating cash flow is forecasted to be 3,771 million yuan in 2024, increasing to 5,781 million yuan by 2027 [8]. - Debt and Equity: - The total liabilities are projected to be 29,558 million yuan in 2024, decreasing to 31,515 million yuan by 2027, indicating a stable financial structure [7]. Market Performance - The company's stock closed at 9.60 yuan on October 30, 2025, with a market capitalization of 105 billion yuan [4].