Shanghai Jahwa(SH:600315) Guoyuan Securities·2026-04-01 05:48Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa [4] Core Insights - The company's 2025 performance met expectations, with a significant recovery in operational quality, achieving a revenue of 6.317 billion yuan, a year-on-year increase of 11.25%, and a net profit of 268 million yuan, successfully turning a profit [1] - The gross margin improved to 62.6%, up by 5.0 percentage points year-on-year, indicating enhanced profitability [1] - The company aims for double-digit revenue growth in 2026, focusing on high-potential segments and expanding its portfolio of billion-yuan products [2][4] Financial Performance - In 2025, the personal care segment generated 2.419 billion yuan, a growth of 1.65%, while the beauty segment saw a remarkable increase of 53.70%, reaching 1.613 billion yuan [2] - The overseas business reported a revenue of 1.471 billion yuan, up by 3.9% [2] - The company’s online sales grew by 21.89%, with an improved gross margin of 3.28 percentage points year-on-year, while offline sales increased by 4.60% with a gross margin rise of 5.75 percentage points [3] Profit Forecast - The profit forecast for 2026-2028 has been adjusted, with expected net profits of 422 million yuan, 529 million yuan, and 649 million yuan respectively, translating to EPS of 0.63, 0.79, and 0.96 yuan per share [4]