KORRUN(300577) 新浪财经·2025-04-26 10:38Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 4.24 billion, 0.381 billion, 0.291 billion, and 0.232 billion yuan, respectively, with year-on-year growth of 36.56%, 229.52%, 109.67%, and a decline of 47.16%, aligning with performance forecasts [1] - The significant growth in performance was primarily driven by: 1) inventory replenishment in the 2B bag OEM industry and improved capacity utilization leading to net profit margin recovery; 2) changes in Xiaomi's profit model enhancing net profit margins; 3) consolidation of Jia Le starting from June [1] - The operating cash flow was lower than net profit due to increased investment income and rising operating receivables [1] Financial Performance - For Q4 2024, revenue, net profit, and net profit excluding non-recurring items were projected to be 1.215 billion, 0.060 billion, and 0.066 billion yuan, respectively, with year-on-year growth of 47.91%, 1198.61%, and 7846.95% [1] - In Q1 2025, revenue, net profit, and net profit excluding non-recurring items were expected to be 1.234 billion, 0.085 billion, and 0.083 billion yuan, respectively, with year-on-year growth of 35.57%, 20.12%, and 6.64% [1] - The growth in revenue and profit was mainly attributed to the contribution from Jia Le's consolidation and steady growth in bag OEM business [1] Dividend Policy - The company plans to distribute a cash dividend of 1.91 yuan for every 10 shares, resulting in a total dividend of 0.34 yuan per share for 2024, with a dividend payout ratio of 21% and a dividend yield of 1.88% [2] Business Segments - The 2B bag OEM segment benefited from inventory replenishment, achieving a revenue of 3.534 billion yuan in 2024, a year-on-year increase of 44.61% [4] - The revenue from bag and clothing OEM was 2.372 billion and 1.162 billion yuan, respectively, with year-on-year growth of 20.27% and 146.43% [4] - The total capacity for bags in 2024 was 41.8245 million units, a year-on-year increase of 10.95%, with a capacity utilization rate of 91.16%, up 5.06 percentage points [4] Jia Le Acquisition - Jia Le was consolidated in June 2024, contributing to a turnaround in profitability, with revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81% [5] - The clothing OEM revenue growth was primarily driven by the acquisition of Jia Le, with contributions from clients such as Uniqlo, Adidas, Puma, and MUJI [5] 2C Business Growth - The 2C business revenue was 0.658 billion yuan, with a year-on-year growth of 5.07%, driven mainly by Xiaomi [6] - The online and distribution revenues were 0.160 billion and 0.498 billion yuan, with year-on-year changes of -25.19% and 20.79% [6] - The 2C gross margin was 25.52%, a year-on-year decrease of 1.03 percentage points, mainly due to product and channel structure adjustments [6] Financial Ratios - In 2024, the company's gross margin was 22.86%, a year-on-year decrease of 1.49 percentage points, while the net profit margin attributable to shareholders was 8.99%, an increase of 5.27 percentage points [7] - For Q1 2025, the gross margin and net profit margin were 24.71% and 6.92%, respectively, with year-on-year changes of 0.55 and -0.89 percentage points [8] Inventory and Receivables - By the end of 2024, the company's inventory amounted to 0.868 billion yuan, a year-on-year increase of 76%, primarily due to increased stocking of bags and the impact of Jia Le's consolidation [9] - Accounts receivable reached 1.051 billion yuan, a year-on-year increase of 78%, with accounts receivable turnover days of 70 days, an increase of 8 days [9] Investment Outlook - The company is expected to benefit from its strategic position in Indonesia, with a focus on the 2B bag OEM business, which is projected to achieve double-digit growth in 2025 [10] - The acquisition of Jia Le opens up a new growth avenue in the clothing OEM sector, with potential for margin recovery [10] - Revenue forecasts for 2025 and 2026 have been adjusted to 6.069 billion and 6.970 billion yuan, respectively, with net profit estimates of 0.461 billion and 0.565 billion yuan [10]