SKSHU(603737) 新浪财经·2025-04-27 02:40Core Viewpoint - The company reported a revenue of 12.11 billion yuan in 2024, a year-on-year decrease of 3.0%, while the net profit attributable to shareholders was 330 million yuan, an increase of 91.3% [1] Financial Performance - In Q1 2025, the company achieved a revenue of 2.13 billion yuan, a year-on-year increase of 3.1%, and a net profit of 110 million yuan, a year-on-year increase of 123.3%. The non-recurring net profit was -15 million yuan, a reduction in losses by 63 million yuan year-on-year [1] - The 2024 annual report reclassified categories such as wood coatings and adhesives into basic materials, affecting revenue growth rates for the year and Q1 2025 [1] Operational Analysis - The retail new business model showed strong growth, with home decoration and engineering wall paint revenues of 2.97 billion yuan and 4.08 billion yuan in 2024, reflecting year-on-year increases of 12.8% and a decrease of 12.7%, respectively. In Q1 2025, revenues were 650 million yuan and 590 million yuan, with year-on-year increases of 8.0% and 9.4% [2] - The gross margin stabilized and improved, with a gross margin of 32.5% in Q4 2024, an increase of 0.44 percentage points year-on-year, and 31.05% in Q1 2025, an increase of 2.67 percentage points year-on-year [2] Cost Management - The expense ratio decreased to 25.7% in 2024, down 0.5 percentage points year-on-year, with the sales expense ratio decreasing by 0.8 percentage points. In Q1 2025, the expense ratio was 31.4%, down 2.4 percentage points year-on-year [3] - The company reduced its workforce to 8,996 employees by the end of 2024, a decrease of 836 employees year-on-year, including a reduction of 516 sales personnel [3] Cash Flow and Growth Strategy - The company achieved positive cash flow for the first time in Q1, with operating cash flow of 1.1 billion yuan, compared to -260 million yuan in the same period last year. The operating cash flow for 2024 was 1.01 billion yuan [4] - The shift from large B to C and small B channels has led to stable cash flow performance, highlighting the retail focus and true "consumption" attributes [4] Profit Forecast and Valuation - The company is expected to maintain stable profitability in its new growth phase, with revised net profit forecasts for 2025 and 2026 at 900 million yuan and 1.25 billion yuan, respectively [5] - The current stock price corresponds to a PE ratio of 28.5 and 20.5 times for 2025 and 2026, respectively, maintaining a "buy" rating [5]