M&G(603899) 长江证券·2025-03-28 09:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved total revenue of 24.228 billion yuan, a year-on-year increase of 4%, while net profit attributable to shareholders decreased by 9% to 1.396 billion yuan, and net profit excluding non-recurring items fell by 12% to 1.234 billion yuan [2][4] - In Q4 2024, total revenue was 7.114 billion yuan, down 5% year-on-year, with net profit attributable to shareholders declining by 14% to 374 million yuan, and net profit excluding non-recurring items dropping 24% to 306 million yuan [2][4] - The company's gross margin increased by 0.04 percentage points to 18.9%, while net profit margin and net profit margin excluding non-recurring items decreased by 0.8 and 0.9 percentage points to 5.8% and 5.1%, respectively [10] - The company is focusing on its "238" strategy, which aims to enhance retail performance and profitability through the introduction of new product lines and IP collaborations [10] Financial Performance Summary - The company’s total revenue for 2024 is projected to be 24.228 billion yuan, with a breakdown of operating costs at 19.650 billion yuan, resulting in a gross profit of 4.578 billion yuan [14] - The company’s operating profit for 2024 is estimated at 1.759 billion yuan, with a net profit of 1.396 billion yuan, leading to an EPS of 1.51 yuan [14] - The company expects to achieve net profits of 1.56 billion yuan, 1.74 billion yuan, and 1.96 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 18, 16, and 15 [10]