JONJEE(SH:600872) Tianfeng Securities·2024-04-30 07:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 29.48 yuan, indicating an expected return of over 20% within the next six months [4][13]. Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 2024 were 1.485 billion, 239 million, and 237 million yuan respectively, showing year-on-year increases of 8.64%, 59.70%, and 63.91% [1]. - The company has set a three-year plan aiming for 10 billion yuan in revenue and 1.5 billion yuan in operating profit by 2026, with an expected growth of 12% for the full year of 2024 [1][4]. - The company has experienced significant growth in its soy sauce and chicken essence products, with revenue from these segments increasing by 13.44% and 16.83% respectively in Q1 2024 [1]. - The eastern region has shown rapid growth, with a year-on-year revenue increase of 24.48%, and the total number of distributors has increased by 126 to 2,181 [1]. Financial Summary - The company's revenue for 2024 is projected to be 5.768 billion yuan, with a growth rate of 12.23%, followed by 6.817 billion yuan in 2025 and 8.047 billion yuan in 2026, both showing growth rates of 18% [3][7]. - The net profit attributable to shareholders is expected to be 803.4 million yuan in 2024, increasing to 954.5 million yuan in 2025 and 1.146 billion yuan in 2026, with growth rates of -52.66%, 18.81%, and 20.02% respectively [3][7]. - The company's gross margin and net margin improved significantly in Q1 2024, with gross margin at 36.98% and net margin at 17.63%, reflecting a year-on-year increase of 5.57 and 5.96 percentage points respectively [2].