Jiajiayue(SH:603708) CAITONG SECURITIES·2025-11-18 08:29Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is strengthening its supply chain optimization, leading to improved profitability. A strategic partnership with Delisi Group aims to enhance supply chain efficiency and product development [7] - The company reported a revenue of 13.59 billion yuan for the first nine months of 2025, a year-on-year decrease of 3.8%, while the net profit attributable to shareholders was 210 million yuan, an increase of 9.4% year-on-year [7] - The company is expected to achieve revenues of 18.27 billion yuan, 18.76 billion yuan, and 19.48 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 222 million yuan, 242 million yuan, and 245 million yuan [7] Financial Performance - For 2023, the company reported a revenue of 17.76 billion yuan, with a revenue growth rate of -2.3%. The net profit attributable to shareholders was 136 million yuan, reflecting a net profit growth rate of 127% [6][8] - The earnings per share (EPS) for 2025 is projected to be 0.35 yuan, with a price-to-earnings (PE) ratio of 30.9 [6][8] - The return on equity (ROE) is expected to be 9.0% in 2025, with a price-to-book (PB) ratio of 2.8 [6][8] Store Optimization - As of September 2025, the company had a total of 1,090 stores, including 921 direct-operated stores and 169 franchise stores. The company opened 7 direct-operated stores and 13 franchise stores in the third quarter [7] - The company is focusing on optimizing its store layout and enhancing customer service experience, which has contributed to an increase in store foot traffic [7]