JONJEE(600872)2025-04-09 06:29Investment Rating - The report maintains a "Recommendation" rating for the company [2] Core Views - The company's profitability has significantly improved, and there is a continuous focus on the pace of transformation [1] - The company achieved a revenue of 55.2 billion yuan in 2024, representing a year-on-year growth of 7.4%, while the net profit attributable to shareholders was 8.9 billion yuan, down 47.4% year-on-year [5] - The report anticipates revenue growth rates of 10.1%, 12.2%, and 12.35% for 2025, 2026, and 2027 respectively, with net profit growth rates of 17.5%, 12.9%, and 13.0% for the same years [5] Financial Forecast Summary - Revenue Forecast (in million yuan): - 2024A: 5518.76 - 2025E: 6076.15 - 2026E: 6817.44 - 2027E: 7659.40 - Net Profit Forecast (in million yuan): - 2024A: 893.07 - 2025E: 1048.94 - 2026E: 1184.34 - 2027E: 1338.77 - Earnings Per Share (EPS): - 2024A: 1.14 - 2025E: 1.34 - 2026E: 1.51 - 2027E: 1.71 - Price-to-Earnings Ratio (PE): - 2024A: 17.44 - 2025E: 14.85 - 2026E: 13.15 - 2027E: 11.64 [2][7] Operational Insights - The company has seen a significant improvement in its main business, with a revenue increase of 2.9% for the year, and a notable 56.7% increase in revenue from the parent company due to land income recognition [5] - The overall gross margin for the company improved to 39.8%, up 7.1 percentage points year-on-year, driven by lower raw material costs and enhanced production efficiency [5] - The company aims to achieve a revenue target of 10 billion yuan for its flagship product by 2026, focusing on refined marketing, continuous innovation, and lean operations [5]