Shanghai Jahwa(SH:600315) Xinda Securities·2024-04-23 09:30Investment Rating - The investment rating for Shanghai Jahwa (600315) is "Buy" [1] Core Views - The company reported a 29% year-on-year increase in net profit attributable to the parent company for Q1 2024, driven by organizational efficiency improvements that enhanced gross margin and optimized expense ratios [2][19] - The gross margin and net profit margin for Q1 2024 were 63.27% and 13.45%, respectively, reflecting a year-on-year increase of 2.07 and 1.81 percentage points [19] - The report anticipates continued revenue and performance growth due to new product launches and enhanced operational capabilities, projecting net profits of 605 million, 702 million, and 790 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.0%, 16.0%, and 12.5% [28] Financial Summary - For the fiscal year 2022, total revenue was 7,106 million yuan, with a year-on-year decrease of 7.1%. The projected revenue for 2023 is 6,598 million yuan, with a further increase to 7,242 million yuan in 2024 [18] - The net profit attributable to the parent company for 2022 was 472 million yuan, with a projected increase to 500 million yuan in 2023 and 605 million yuan in 2024, reflecting a year-on-year growth of 5.9% [18] - The gross margin is expected to improve from 57.1% in 2022 to 59.0% in 2023 and 59.8% in 2024 [18] - The earnings per share (EPS) for 2022 was 0.70 yuan, projected to rise to 0.74 yuan in 2023 and 0.89 yuan in 2024 [18]