JINHUI(603919) 新浪财经·2025-03-25 12:30Core Viewpoint - The company, Jin Hui Jiu, reported a strong performance in its 2024 annual report, with revenue and net profit both showing significant year-on-year growth, indicating successful product structure upgrades and national expansion efforts [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.02 billion yuan, a year-on-year increase of 18.6%, and a net profit of 390 million yuan, up 18.0% year-on-year [1]. - For Q4 2024, revenue reached 690 million yuan, reflecting a year-on-year growth of 31.1%, while net profit was 60 million yuan, a slight decline of 2.1% [1]. Product Segmentation - Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 570 million yuan, 1.49 billion yuan, and 850 million yuan, respectively, with year-on-year growth rates of 41.2%, 15.4%, and 4.0% [2]. - The high-end product series, particularly the Jin Hui 28-year product, showed strong sales growth, contributing to an increase in the mid-to-high-end product share to 70.8% [2]. Regional Performance - Revenue from domestic and external markets in 2024 was 2.23 billion yuan and 670 million yuan, respectively, with year-on-year growth of 16.1% and 14.7% [2]. - In Q4 2024, domestic revenue grew by 24.5% year-on-year, while external revenue increased by 10.4% [2]. Cost Efficiency - The gross profit margin for 2024 decreased by 1.5 percentage points to 60.9%, primarily due to increased promotional activities [3]. - The sales and management expense ratios were 19.7% and 10.1%, respectively, both showing a decrease year-on-year, indicating improved cost efficiency [3]. - The net profit margin remained stable at 12.9%, with a slight year-on-year decline of 0.1 percentage points [3]. Marketing Strategy - The company is actively pursuing a national expansion strategy while deepening its presence in the northwest region, focusing on consumer engagement and product upgrades [4]. - The company has successfully established model markets in northern and eastern China, optimizing its business model and consumer cultivation efforts [4]. Future Outlook - The company expects strong growth in high-end products priced above 300 yuan, with a clear growth path supported by national expansion and product structure upgrades [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.81 yuan, 0.91 yuan, and 1.05 yuan, with corresponding price-to-earnings (PE) ratios of 23x, 21x, and 18x [4].