JONJEE(600872) 天风证券·2025-05-20 08:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][2]. Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with revenue at 1.1 billion and net profit at 181 million, representing year-on-year decreases of 25.81% and 24.24% respectively. This performance was below expectations [1][2]. - Despite the overall decline, the company's gross margin improved by 1.75 percentage points to 38.73%, and net margin decreased by 1.17 percentage points to 16.46% [2]. - The company anticipates stable growth for the full year, projecting revenues of 6.06 billion, 6.66 billion, and 7.32 billion for 2025, 2026, and 2027 respectively, each reflecting a 10% year-on-year increase. Net profit is expected to reach 990 million, 1.09 billion, and 1.20 billion for the same years, also showing a 10% increase [2]. Financial Data Summary - For 2025, the company expects revenue of 6.06 billion with a growth rate of 9.89%, and net profit of 986 million, reflecting a growth rate of 10.42% [7]. - The company's earnings per share (EPS) is projected to be 1.26 yuan in 2025, with a price-to-earnings (P/E) ratio of 15.46 [7]. - The total market capitalization is approximately 15.24 billion, with a circulating market value of about 15 billion [3]. Sales and Regional Performance - The company's main product lines, including soy sauce, chicken essence, and cooking oil, saw revenue declines of 32%, 29%, and 50% respectively in Q1 2025 [1]. - The company reported a net increase of 491 distributors, bringing the total to 2,672, although average distributor revenue fell by 42% to 380,000 yuan per distributor [1].