Juewei Food (603517) 东方证券·2025-02-17 02:51Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.36 CNY, based on an 18x P/E ratio for 2025 [3][6][8]. Core Insights - The company is expected to experience a decline in revenue for 2024 and 2025 due to weak downstream demand, leading to adjusted earnings per share (EPS) forecasts of 0.93, 1.02, and 1.13 CNY for 2024, 2025, and 2026 respectively [3][8]. - The company has initiated several strategic moves, including launching new products like milk tea and enhancing logistics through partnerships, which are aimed at driving growth [7][8]. - The company has also embraced AI technology to improve operational efficiency and customer engagement through platforms like WeChat [7][8]. Financial Summary - The company's revenue for 2022 was 6,623 million CNY, with a projected revenue of 6,546 million CNY for 2024, reflecting a year-on-year decline of 9.9% [5][11]. - Operating profit is expected to increase from 541 million CNY in 2023 to 820 million CNY in 2024, representing a growth of 51.4% [5][11]. - The net profit attributable to the parent company is forecasted to rise from 344 million CNY in 2023 to 563 million CNY in 2024, indicating a growth of 63.5% [5][11]. - The gross margin is projected to improve from 24.8% in 2023 to 27.97% in 2024, while the net margin is expected to increase from 4.7% to 8.6% in the same period [5][11].