JENKEM(SH:688356) 光大证券研究·2025-05-09 14:12Core Viewpoint - The company is undergoing a performance transformation period, with significant declines in revenue and profit in 2024, while showing some recovery in Q1 2025, particularly in overseas markets [3][4]. Group 1: 2024 Financial Performance - In 2024, the company achieved operating revenue of 227 million, a year-on-year decrease of 22.26%. The net profit attributable to shareholders was 30 million, down 74.22%, and the net profit after deducting non-recurring items was 19 million, down 82.64% [3]. - The decline in domestic orders and sales revenue was attributed to price pressures and intense competition in the market [4]. Group 2: Q1 2025 Financial Performance - In Q1 2025, the company reported operating revenue of 69 million, a year-on-year increase of 6.66%. The net profit attributable to shareholders was 12 million, down 17.79%, and the net profit after deducting non-recurring items was 9 million, down 19.51% [3]. - The revenue from overseas customers saw significant growth, with foreign product sales revenue reaching 59.65 million, a year-on-year increase of 51.52%, driven by new drug launches [5]. Group 3: Market Dynamics - The international customer structure has undergone significant adjustments, with a notable decrease in orders from overseas medical device clients due to inventory plan adjustments, while orders from overseas pharmaceutical clients increased significantly [4]. - In Q1 2025, the company's direct exports to the U.S. accounted for 17.36% of total revenue, indicating a low impact from tariff policies on overall revenue and profit [5].