Xiamen Jihong Technology (002803) 开源证券·2025-04-10 06:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced pressure in its main business but is expected to benefit from AI empowerment and overseas expansion, which opens up growth opportunities [4][5] - In 2024, the company reported a revenue decline of 17.4% year-on-year, with a net profit drop of 47.3% [4] - The company is positioned as a leader in cross-border social e-commerce and is anticipated to leverage AI and global market expansion for future growth [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 55.29 billion yuan, down 17.4% year-on-year, and a net profit of 1.82 billion yuan, down 47.3% [4] - The fourth quarter of 2024 saw a revenue of 16.32 billion yuan, a decrease of 7.5%, but a significant net profit increase of 93.8% [4] - The projected net profits for 2025-2027 are 2.41 billion yuan, 3.10 billion yuan, and 3.84 billion yuan respectively, with corresponding EPS of 0.63 yuan, 0.81 yuan, and 1.00 yuan [4][8] Business Segment Analysis - Cross-border social e-commerce generated 33.66 billion yuan in revenue in 2024, down 20.9%, with a gross margin of 60.8% [5] - The packaging segment reported a revenue of 20.99 billion yuan, a slight increase of 0.1%, with a gross margin of 17.9% [5] - The overall gross margin for the company in 2024 was 43.9%, down 2.7 percentage points, and the net margin was 3.3%, down 1.6 percentage points [5] Growth Strategy - The company is focusing on AI investments and has integrated mainstream models like ChatGPT and LlamaAI for digital and intelligent management [6] - Brand building efforts are ongoing, with the establishment of proprietary brands such as SenadaBikes and Veimia [6] - The company is actively pursuing international expansion, particularly in the Middle East and Africa, to enhance market influence and competitiveness [6]