Investment Rating - The investment rating for the company is "Accumulate" [1][7]. Core Views - The company's performance in 2024 is under pressure, but there is potential for sales recovery driven by product structure optimization [2][3]. - The company plans to adjust its product structure to increase the supply of mid-range priced products and enhance technological services to boost sales [7]. Financial Summary - In 2024, the company's revenue was 2,077.48 million RMB, a decrease of 20.9% year-on-year [6]. - Operating profit for 2024 was 709.89 million RMB, down 48.3% year-on-year, with an operating profit margin of 34.2%, a decline of 18.0 percentage points [7]. - Net profit for 2024 was 373.13 million RMB, a decrease of 52.8% year-on-year, with a net profit margin of 18.0%, down 12.1 percentage points [7]. - The company plans to distribute a final dividend of 0.0954 HKD per share for 2024 [7].
福寿园（01448）：2024年报业绩点评：产品结构优化调整，提高股东回报