JINHUI(603919) 浙商证券·2025-04-23 14:09Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 23.73 times for 2025 [5]. Core Views - The company achieved a revenue of 1.108 billion yuan in Q1 2025, representing a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 234 million yuan, up 5.77% year-on-year [1]. - The product structure is improving, with products priced above 100 yuan accounting for 80% of total sales in Q1 2025, and the proportion of products priced above 300 yuan increasing by 4.43 percentage points to 22.35% [2]. - The company is focusing on consumer cultivation and product structure upgrades in its home province while targeting model market development in other provinces [3]. - Financial indicators show an increase in gross margin to 66.81% and net margin to 20.79%, driven by product structure upgrades [4]. Summary by Sections Performance Overview - In Q1 2025, the company reported revenues of 1.108 billion yuan and a net profit of 234 million yuan, reflecting growth of 3.04% and 5.77% respectively [1]. Product Structure - The product structure is on an upward trend, with high-end products leading sales growth. The revenue from products priced above 300 yuan increased by 28.14% year-on-year [2]. Regional Performance - Revenue from the home province reached 857 million yuan, up 1.05%, while revenue from outside the province grew by 9.48% to 238 million yuan [3]. Financial Metrics - The gross margin improved to 66.81%, and the net margin increased to 20.79%, attributed to product structure upgrades and effective marketing strategies [4]. Earnings Forecast and Valuation - The company is expected to achieve 3.28 billion yuan in revenue and 408 million yuan in net profit for the full year, with projected revenue growth rates of 10.20%, 10.46%, and 10.71% for 2025 to 2027 [5][6].