JINHUI(603919) 开源证券·2025-04-18 01:13Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year. The revenue and profit are in line with expectations, and the forecast for net profit from 2025 to 2027 is maintained at 440 million yuan, 500 million yuan, and 580 million yuan, respectively, with year-on-year growth rates of 12.8%, 14.1%, and 16.7% [4][5][10] Financial Performance - The company's product structure continues to upgrade, with revenue from products priced above 300 yuan reaching 245 million yuan, a year-on-year increase of 28.14%. Revenue from products priced between 100-300 yuan was 630 million yuan, up 14.24%, while revenue from products below 100 yuan dropped significantly by 31.72% to 221 million yuan [5] - The company maintains a high level of advance payments, with 580 million yuan in advance payments at the end of Q1 2025, a slight decrease from the previous quarter but still at a historically high level. Sales receipts were 1.18 billion yuan, down 5% year-on-year, indicating a solid cash flow situation [6] - The gross profit margin for Q1 2025 was 66.81%, an increase of 1.41 percentage points year-on-year, while the net profit margin was 21.09%, up 0.54 percentage points year-on-year. The company is expected to see a release in profitability as the product structure continues to improve [7] Market Outlook - The company is expected to maintain a steady growth trajectory, with a clear trend towards high-quality development. The management and organizational capabilities are continuously improving, contributing to a strong certainty in future growth [4][5]