JINHUI(603919) 民生证券·2025-04-16 06:23Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.35 yuan [6]. Core Views - The company demonstrates steady growth with a revenue of 1.108 billion yuan in Q1 2025, reflecting a year-on-year increase of 3.04%. The net profit attributable to shareholders reached 234 million yuan, up 5.77% year-on-year [1]. - The product structure continues to optimize, with high-end products (priced above 300 yuan) achieving a revenue increase of 28.14%, while products priced between 100-300 yuan grew by 14.24%. However, products below 100 yuan saw a decline of 31.72% [2]. - The company is expanding its market presence, with a revenue of 857 million yuan from its home province, Gansu, representing a 1.05% increase, while revenue from outside the province grew by 9.48% to 238 million yuan [2]. - Cost control measures have led to improved profitability, with a gross margin of 66.81%, up 1.41 percentage points year-on-year, and a net profit margin of 21.09%, an increase of 0.54 percentage points [3]. - The company plans to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, indicating year-on-year growth of 8.56% and 5.11%, respectively [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net cash flow from operating activities of 269 million yuan, a decrease of 21.56% year-on-year. The ending contract liabilities were 583 million yuan, down 7.65% [1][3]. - The company’s sales revenue from distribution channels reached 1.035 billion yuan, with a year-on-year increase of 2.83% [2]. Product and Market Strategy - The company is focusing on upgrading its product structure, with high-end products leading the growth. The market strategy emphasizes nationwide layout while deepening its presence in the northwest region [2][4]. - The company has increased its market share in Gansu, with notable growth in regions like Hexi Corridor and Zhangye [2]. Future Outlook - The company forecasts revenues of 3.289 billion yuan, 3.601 billion yuan, and 3.980 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 409 million yuan, 441 million yuan, and 481 million yuan [5][10].