KORRUN(300577) 新浪财经·2025-04-26 10:38Group 1 - The core viewpoint indicates that the company has exceeded profit expectations for 2024, with a projected revenue of 4.24 billion yuan, representing a year-on-year increase of 36.56%, and a net profit of 380 million yuan, up 229.5% [1] - The company is expanding its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [1] - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 366 million, 459 million, and 555 million yuan respectively, corresponding to PE ratios of 13.1, 10.4, and 8.6 times [1] Group 2 - In the OEM segment, revenue for 2024 is expected to reach 3.53 billion yuan, a 45% increase, with a gross margin of 22.6% [1] - The bag OEM revenue for 2024 is projected at 2.37 billion yuan, a 20.3% increase, with expectations of continued double-digit growth in 2025 [1] - The clothing OEM segment is anticipated to see significant growth, with a projected revenue of 1.16 billion yuan in the second half of 2024, a 146% increase, and a net profit turnaround to 48.92 million yuan [1] Group 3 - The brand business for 2024 is expected to generate revenue of 660 million yuan, a 5% increase, with a gross margin of 25.5% [2] - Xiaomi is launching over ten new bag products and has opened a flagship store on Tmall, leading to a revenue growth of over 30% in Q1 2025 [2] - The company has improved its operational capabilities, with a net profit margin of 9% in 2024, an increase of 5.3% year-on-year [2]