JONJEE(600872) Guoxin Securities·2024-10-29 02:11Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company reported a 2.23% year-on-year revenue growth in Q3 2024, indicating marginal improvement in operational conditions despite a 0.17% decline in total revenue for the first three quarters of 2024 [1][5] - The company’s gross margin increased to 38.8%, up 5 percentage points year-on-year, primarily due to lower raw material costs and a higher proportion of high-margin products [6][8] - The company is undergoing reform measures, with expectations for improved performance in Q4 2024 and 2025 as it continues to implement organizational changes and manage costs effectively [1][6] Financial Performance Summary - For Q3 2024, the company achieved total revenue of 1.328 billion yuan, a 2.23% increase year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [1][5] - The first three quarters of 2024 saw total revenue of 3.946 billion yuan, a slight decrease of 0.17% year-on-year, with a net profit of 576 million yuan, down 145.28% [1][5] - The company’s non-recurring net profit for Q3 2024 was 213 million yuan, reflecting a 27.66% increase year-on-year [1][5] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 5.30 billion, 5.79 billion, and 6.29 billion yuan respectively, with year-on-year growth rates of 3.1%, 9.4%, and 8.6% [8][9] - The net profit forecast for the same period is revised to 700 million, 770 million, and 900 million yuan, with corresponding earnings per share (EPS) of 0.89, 0.98, and 1.15 yuan [8][9]