JONJEE(600872) 中银证券·2025-02-07 07:26Investment Rating - The report maintains an "Accumulate" rating for the company, with a market price of RMB 21.13 and an industry rating of "Outperform" compared to the market [1][3]. Core Insights - The company, Zhongju Gaoxin, is expected to achieve a net profit attributable to shareholders of approximately RMB 679 million to RMB 1.018 billion in 2024, representing a decrease of about 40%-60%. However, the non-recurring net profit is projected to increase by 20%-40% year-on-year, reaching RMB 629 million to RMB 734 million [3][7]. - The company is actively pursuing internal reforms and recovering minority interests, which are expected to enhance the financial performance in the coming years [3][7]. Summary by Sections Financial Performance - The company’s main revenue for 2022 was RMB 5.341 billion, with a projected decline to RMB 5.139 billion in 2023, followed by an expected increase to RMB 5.502 billion in 2024 and further growth to RMB 6.279 billion in 2025 [6][8]. - The EBITDA is forecasted to rise from RMB 749 million in 2023 to RMB 1.046 billion in 2024, and to RMB 1.295 billion in 2025 [6][8]. - The net profit attributable to shareholders is expected to recover from a loss of RMB 592 million in 2022 to a profit of RMB 1.697 billion in 2023, followed by RMB 710 million in 2024 and RMB 903 million in 2025 [6][8]. Market Dynamics - The company is experiencing fluctuations in quarterly performance due to price adjustments and a challenging external consumption environment. The first quarter of 2024 is expected to show a revenue growth of 10.2%, while the second quarter may see a decline of 12.1% [7]. - The company is implementing cost reduction and efficiency improvement measures, benefiting from lower raw material prices, which are expected to positively impact the non-recurring net profit in 2024 [7]. Strategic Initiatives - The company is recovering minority interests, which is anticipated to significantly contribute to the profit in 2025. The acquisition of a 20% stake in Chubang Company is expected to add approximately 6.31% to the net profit [7]. - The company has outlined a strategic plan to achieve RMB 10 billion in revenue for its main product line, Meiwai Xian, by 2026, although achieving this target may be challenging due to team integration and external conditions [7].