JINHUI(603919) 申万宏源证券·2025-04-16 08:14Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company reported Q1 2025 revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit of 234 million yuan, up 5.77% year-on-year, indicating that performance met expectations [6]. - The company focuses on enhancing product structure and regional market reforms, particularly in the Gansu area, which is expected to drive future growth [6]. - The report forecasts net profits for 2025, 2026, and 2027 to be 418 million, 455 million, and 503 million yuan respectively, with year-on-year growth rates of 7.7%, 8.9%, and 10.4% [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 3.279 billion yuan, with a year-on-year growth rate of 8.5% [5]. - The gross profit margin for Q1 2025 is reported at 66.81%, an increase of 1.41 percentage points year-on-year, attributed to improved product structure [6]. - The company’s operating cash flow for Q1 2025 is 269 million yuan, a decrease of 21.56% year-on-year, with cash received from sales amounting to 1.180 billion yuan, down 4.68% year-on-year [6]. Product Structure and Market Performance - The revenue from products priced above 300 yuan increased by 28.14% year-on-year, while products priced between 100-300 yuan saw a 14.24% increase [6]. - The company’s market share in its core products continues to rise, with domestic revenue accounting for 78.26% of total revenue in Q1 2025 [6]. - The number of domestic distributors increased to 291, while the number of external distributors rose to 673, indicating ongoing market expansion efforts [6].