JGJC(SZ:000799) Guolian Securities·2024-05-09 07:30Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a focus on monitoring the company's performance due to potential recovery in the industry [5]. Core Viewpoints - The company reported a significant decline in revenue and net profit for 2023 and Q1 2024, with revenues of 2.83 billion and 0.494 billion respectively, representing year-on-year decreases of 30.14% and 48.80% [2][3]. - The company is actively managing inventory, leading to a decrease in both revenue and profit, with Q4 2023 and Q1 2024 combined revenue of 1.181 billion, down 65.20% year-on-year [2]. - The performance of the company's product lines varies, with the "Jiugui" series showing relatively better results compared to others, and the company is expanding its dealer network [3]. - Profitability is under pressure, with a gross margin of 78.35% in 2023, down 1.28 percentage points year-on-year, and a net profit margin of 19.36%, down 6.53 percentage points [3]. - The company anticipates a gradual recovery in revenue and profit from 2024 to 2026, with projected revenues of 2.854 billion, 3.300 billion, and 3.783 billion respectively, indicating a compound annual growth rate (CAGR) of 11.85% [3][4]. Financial Summary - In 2023, the company achieved a revenue of 2.83 billion, a decrease of 30.14% from the previous year, and a net profit of 548 million, down 47.77% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.69, 2.03, and 2.36 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 33.3, 27.8, and 23.9 [4][5]. - The company's gross margin is expected to decline further in Q1 2024 to 71.08%, down 10.46 percentage points year-on-year, while the net profit margin is projected at 14.86%, down 16.26 percentage points [3].