Xiamen Jihong Technology (002803) 开源证券·2025-04-10 08:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced pressure in its main business, but the integration of AI and overseas expansion opens up growth opportunities. The company is expected to benefit from being a leader in cross-border social e-commerce, with a reasonable valuation [4][5] Financial Performance - In 2024, the company reported a revenue of 5.529 billion yuan, a year-on-year decline of 17.4%, and a net profit attributable to shareholders of 182 million yuan, down 47.3%. The fourth quarter of 2024 saw a revenue of 1.632 billion yuan, a decrease of 7.5%, but a significant increase in net profit by 93.8% [4][5] - The revenue forecast for 2025-2027 is set at 6.503 billion yuan, 7.550 billion yuan, and 8.693 billion yuan respectively, with corresponding net profits of 241 million yuan, 310 million yuan, and 384 million yuan [4][8] Business Segments - Cross-border social e-commerce segment achieved a revenue of 3.366 billion yuan in 2024, down 20.9%, with a gross margin of 60.8%. The decline was attributed to the company's proactive control over marketing investments in volatile currency regions [5][6] - The packaging segment reported a revenue of 2.099 billion yuan, a slight increase of 0.1%, with a gross margin of 17.9%. The growth slowdown was due to weakened downstream demand and raw material price adjustments [5][6] Growth Drivers - The company is focusing on AI integration, connecting with mainstream models like ChatGPT and LlamaAI for digital and intelligent management. It is also enhancing brand building with 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] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.81 yuan, and 1.00 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.9, 14.0, and 11.3 [4][8]