JGJC(000799) 天风证券·2024-12-24 11:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.39 CNY and a projected PE ratio of 106X for 2024 [4][9]. Core Insights - The company has initiated a comprehensive marketing transformation in 2023, adjusting its market strategy and marketing expenditure. However, the overall industry is entering an adjustment phase in 2024, leading to intensified competition and continued pressure on performance. The return of Mr. Cheng Jun, who previously contributed to significant profit growth, is expected to help the company navigate through this challenging period and return to growth [2][4][7]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to generate revenues of 1.74 billion CNY, 1.95 billion CNY, and 2.14 billion CNY for the years 2024, 2025, and 2026 respectively. Corresponding net profits are expected to be 172.48 million CNY, 202.76 million CNY, and 233.31 million CNY for the same years [4][6][17]. - Historical Performance: In 2022, the company reported a revenue of 4.05 billion CNY, with a net profit of 1.05 billion CNY. However, in 2023, revenue dropped to 2.83 billion CNY, and net profit fell to 547.81 million CNY, reflecting a significant decline [6][14]. - Valuation Metrics: The company’s PE ratio is projected to decrease from 106.23 in 2024 to 78.53 in 2026, indicating a potential recovery in earnings [6][17]. Management Changes - The company announced the return of Mr. Cheng Jun as the new General Manager, following the resignation of Mr. Zheng Yi. Mr. Cheng previously served as Vice General Manager and is expected to leverage his experience to stabilize and grow the company [7][9].