Shanghai Jahwa(600315) 天风证券·2025-04-27 13:18Investment Rating - The investment rating for the company is "Buy" with a target price of 22.8 CNY [6][17]. Core Insights - The company reported better-than-expected performance in Q1 2025, with a revenue of 17.04 billion CNY, down 10.59% year-on-year, and a net profit of 2.17 billion CNY, down 15.25% year-on-year [1]. - The company plans to implement an equity incentive plan, aiming to revitalize its operations and improve profitability over the next three years [4]. - The strategic adjustments have led to short-term pressure across various segments, but the company is expected to recover as it optimizes its business structure and channels [3]. Financial Performance Summary - For 2024, the company reported a revenue of 56.79 billion CNY, down 13.93% year-on-year, and a net profit of -8.33 billion CNY, down 266.60% year-on-year [1]. - The gross margin for 2024 was 57.60%, a decrease of 1.37 percentage points year-on-year, while the net profit margin was -14.67%, down 22.25 percentage points year-on-year [2]. - The company expects revenues of 62.3 billion CNY in 2025, 66.7 billion CNY in 2026, and 71.2 billion CNY in 2027, with corresponding net profits of 3.4 billion CNY, 4.9 billion CNY, and 5.5 billion CNY respectively [4]. Segment Performance Summary - Personal care products (including Six God and Meijiajing brands) generated 23.79 billion CNY in revenue for 2024, down 3.42% year-on-year, with a gross margin of 63.59% [3]. - The beauty segment (including Yuze, Baicaojing, Shuangmei, and Diancui brands) saw revenues of 10.50 billion CNY, down 29.81% year-on-year, with a gross margin of 69.67% [3]. - Online sales accounted for 44.74% of total revenue, generating 25.39 billion CNY, down 9.66% year-on-year, while offline sales accounted for 55.26%, generating 31.36 billion CNY, down 16.97% year-on-year [3].