CHJ(SZ:002345) Shenwan Hongyuan Securities·2026-03-31 04:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported 2025 performance that met expectations, with revenue of 9.318 billion yuan, a year-on-year increase of 43.0%, and a net profit attributable to shareholders of 497 million yuan, a year-on-year increase of 156.7% [6] - The company is benefiting from channel expansion and a strategic focus on brand diversification and internationalization, which opens up long-term growth potential [6] - The financial forecast for 2026-2028 shows a strong growth trajectory, with net profit expected to grow by 52% in 2026, 21% in 2027, and 20% in 2028, with corresponding P/E ratios of 12X, 10X, and 8X [6] Financial Data Summary - Total revenue projections for the company are as follows: - 2024: 6.518 billion yuan - 2025: 9.318 billion yuan - 2026E: 11.460 billion yuan - 2027E: 13.610 billion yuan - 2028E: 16.220 billion yuan [5][7] - Net profit attributable to shareholders is projected to be: - 2024: 194 million yuan - 2025: 497 million yuan - 2026E: 753 million yuan - 2027E: 912 million yuan - 2028E: 1.091 billion yuan [5][7] - The company achieved a gross margin of 22.1% in 2025, with a return on equity (ROE) of 13.2% [5][6]