JINHUI(603919) Minsheng Securities·2024-04-20 17:30Investment Rating - The report maintains a "Recommended" rating for the company [7][8]. Core Insights - The company achieved a revenue of 1.076 billion yuan in Q1 2024, representing a year-on-year growth of 20.41%. The net profit attributable to the parent company was 221 million yuan, up 21.58% year-on-year [7]. - The product structure optimization is significant, with high-end products showing remarkable growth. The revenue from high-end, mid-range, and low-end products in Q1 2024 was 191 million, 551 million, and 324 million yuan, respectively, with growth rates of 86.48%, 24.13%, and -4.20% [7]. - The company continues to strengthen its market presence in Gansu province while expanding into new markets in the Northwest and East China regions [7]. Financial Summary - The company forecasts revenue growth from 2.548 billion yuan in 2023 to 3.076 billion yuan in 2024, with a growth rate of 20.7% [3]. - The net profit attributable to the parent company is expected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.9% [3]. - The earnings per share (EPS) is projected to rise from 0.65 yuan in 2023 to 0.79 yuan in 2024 [3]. - The company’s sales gross margin for Q1 2024 was 65.40%, an increase of 0.43 percentage points year-on-year, while the net profit margin was 20.39%, up 0.11 percentage points [7]. - The total assets are expected to grow from 4.402 billion yuan in 2023 to 4.771 billion yuan in 2024 [5].