JINHUI(603919) 天风证券·2025-04-23 10:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown a strong revenue growth in the premium segment, with a year-on-year increase of 28.14% for products priced above 300 yuan, indicating a rapid upgrade in product structure [1]. - The company is focusing on expanding its market presence outside its home province, with a notable revenue increase of 9.48% in external markets [2]. - The gross margin has improved due to structural upgrades, with a gross margin of 66.81% in Q1 2025, reflecting a 1.41 percentage point increase year-on-year [3]. Summary by Sections Performance - In Q1 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.108 billion, 234 million, and 231 million yuan respectively, showing year-on-year growth of 3.04%, 5.77%, and 4.30% [1]. - Revenue from products priced above 300 yuan reached 245 million yuan, contributing to 22.35% of total revenue, an increase of 4.43 percentage points year-on-year [1]. Market and Channel - In Q4 2024, the company's revenue from the domestic market was 857 million yuan, while revenue from external markets was 238 million yuan, with year-on-year growth rates of 1.05% and 9.48% respectively [2]. - The company has increased its number of distributors by 72 to a total of 964, indicating a push for marketing transformation [2]. Financial Metrics - The company reported a gross margin of 66.81% and a net margin of 20.79% in Q1 2025, with both margins showing improvement compared to the previous year [3]. - The company expects net profit attributable to the parent to grow to 410 million, 452 million, and 521 million yuan in 2025, 2026, and 2027 respectively, with corresponding growth rates of 5.72%, 10.23%, and 15.19% [3].