JONJEE(600872) ZHONGTAI SECURITIES·2024-10-29 03:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a rebound in operations, with profit growth exceeding expectations [1] - The report indicates that the company has reached a turning point after experiencing a low in operations, and future improvements are anticipated [2] Financial Performance Summary - Revenue Forecasts: - 2022A: 5,341 million - 2023A: 5,139 million (down 4% YoY) - 2024E: 5,433 million (up 6% YoY) - 2025E: 6,234 million (up 15% YoY) - 2026E: 7,027 million (up 13% YoY) [1] - Net Profit Forecasts: - 2022A: -592 million - 2023A: 1,697 million (up 387% YoY) - 2024E: 767 million (down 55% YoY) - 2025E: 903 million (up 18% YoY) - 2026E: 1,072 million (up 19% YoY) [1] - Earnings Per Share (EPS): - 2022A: -0.75 - 2023A: 2.16 - 2024E: 0.98 - 2025E: 1.15 - 2026E: 1.36 [1] - Return on Equity (ROE): - 2022A: -17% - 2023A: 33% - 2024E: 13% - 2025E: 14% - 2026E: 15% [1] - Price-to-Earnings (P/E) Ratio: - 2022A: -31.6 - 2023A: 11.0 - 2024E: 24.4 - 2025E: 20.7 - 2026E: 17.4 [1] - Price-to-Book (P/B) Ratio: - 2022A: 6.2 - 2023A: 4.0 - 2024E: 3.6 - 2025E: 3.3 - 2026E: 2.9 [1] Recent Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 39.46 billion, with a year-on-year growth of -0.17% and a net profit of 5.76 billion, showing a year-on-year increase [1] - For Q3 2024, the company reported revenue of 13.28 billion, a year-on-year increase of 2.23%, and a net profit of 2.26 billion [1] - The company’s gross margin improved significantly, with a control over expense ratios [1]