JONJEE(SH:600872) Soochow Securities·2024-12-08 13:26Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has acquired a 20% stake in Chubang Company, which will now be a wholly-owned subsidiary, enhancing actual profits and shareholder returns [2][3] - The average net profit of Chubang Company from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [2] - The acquisition is expected to improve earnings per share and return on equity, creating greater value for all shareholders [2] - The company is focusing on high-margin products and expanding into the catering market, which is anticipated to lead to continuous performance improvement [3] Financial Forecasts and Valuation - Revenue projections for 2024-2026 are set at 54.99 billion yuan, 62.70 billion yuan, and 71.70 billion yuan, reflecting year-on-year growth of 7%, 14%, and 14% respectively [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to 7.6 billion yuan, 9.8 billion yuan, and 11.9 billion yuan, with year-on-year growth rates of 55%, 28%, and 22% [4] - Corresponding P/E ratios for 2024-2026 are projected to be 24x, 19x, and 15x [4]