JLSG(SH:600189) ZHONGTAI SECURITIES·2026-04-01 04:50Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to maintain strong resilience in its main business, with a positive target for 2026 [1][6] - The mineral water business achieved a revenue of 1.002 billion yuan in 2025, representing a year-on-year growth of 22.05%, with a sales volume of 1.5034 million tons, up 33.84% year-on-year [6] - The company aims for a sales target of 2 million tons in 2026, with an expected growth rate of approximately 33% [6] - The company is focusing on optimizing its operations in non-core businesses, with a successful reduction in losses from its wood door business and an orderly divestment of its landscaping business [6] Financial Summary - Revenue projections for the company are as follows: - 2024: 1.198 billion yuan - 2025: 1.258 billion yuan - 2026: 1.522 billion yuan - 2027: 1.837 billion yuan - 2028: 2.225 billion yuan - Year-on-year growth rates for revenue are projected at 7% for 2024, 5% for 2025, and 21% for 2026 to 2028 [2] - Net profit forecasts are as follows: - 2024: 60 million yuan - 2025: 150 million yuan - 2026: 330 million yuan - 2027: 410 million yuan - 2028: 510 million yuan - Year-on-year growth rates for net profit are projected at 101% for 2024, 146% for 2025, and 121% for 2026, with 24% and 25% for 2027 and 2028 respectively [2][6] - The company's gross profit margin for 2025 is expected to be 36.43%, an increase of 4.52 percentage points year-on-year [6] Market Position - The company maintains a strong market position in its home province, with a sales growth rate of 20.31% in Jilin, and aims to expand its market presence in other regions such as Shenyang and Dalian [6] - The company is expected to continue its high growth trajectory in the northeastern provinces while pursuing national expansion to unlock further sales potential [6]