FIYTA(000026) 华福证券·2025-03-18 00:14Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [7][10]. Core Views - The company is positioned as a leading player in the domestic watch industry, focusing on its own brand development and precision technology to foster new growth points. It emphasizes shareholder returns through dividends [7][6]. - The traditional watch consumption market is facing challenges such as demand contraction and intensified competition, with luxury goods and discretionary spending under pressure. The report cites a significant decline in personal luxury goods sales in mainland China, particularly in the watch category, which has been impacted by increased overseas consumption [5][4]. Financial Performance Summary - In 2024, the company achieved revenue of 3.941 billion yuan, a year-on-year decrease of 13.77%. The net profit attributable to shareholders was 220 million yuan, down 33.86% year-on-year [3][9]. - The gross profit margin for 2024 was 37.16%, reflecting a slight increase of 0.74 percentage points year-on-year. The net profit margin was 5.59%, down 1.7 percentage points year-on-year [6][9]. - The company's retail service business for watches generated revenue of 2.935 billion yuan, a decrease of 15.4% year-on-year, while the watch brand business revenue was 722 million yuan, down 9.5% year-on-year [5][3]. Future Earnings Forecast - The report slightly lowers the company's growth rate expectations, forecasting revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027. The net profit growth is projected at 8% in 2025, 7% in 2026, and 10% in 2027 [7][9]. - The expected earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.62 yuan in 2026, and 0.68 yuan in 2027 [7][9].