JH Group(603518) 天风证券·2025-04-01 07:46Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [5] Core Insights - The company reported a revenue of 1.5 billion in Q4 2024, a 2% year-on-year increase, and a net profit attributable to shareholders of 140 million, a 35% year-on-year increase [1] - For the full year 2024, the company expects a revenue of 4.4 billion, a 3% decrease year-on-year, and a net profit of 300 million, a 3% increase year-on-year [1] - The company is focusing on the potential of its IP licensing business, particularly through the Teenie Weenie brand, which has a rich IP asset reserve [2][3] Financial Performance Summary - In Q4 2024, revenue by brand showed Teenie Weenie at 3.5 billion (down 1%), Vgrass at 800 million (down 19%), and Yun Jin at 80 million (up 64%) [1] - The gross margin for Teenie Weenie was 67% (down 1 percentage point), Vgrass at 75% (up 0.3 percentage points), and Yun Jin at 75% (up 1.4 percentage points) [1] - The direct sales model generated 2.2 billion (down 10%) with a gross margin of 73% (down 1.1 percentage points), while franchise revenue was 400 million (up 21%) with a gross margin of 62% (up 4.3 percentage points) [1] IP Asset Development - The company is making significant progress in diversifying and monetizing its IP assets, particularly through the Teenie Weenie brand, which includes 18 anthropomorphized cartoon bear characters [2] - The company is leveraging data analytics to identify consumer-preferred product categories that align with the lifestyle of the bear family, establishing strategic licensing partnerships with quality suppliers and distributors [2][3] Channel Ecosystem Reconstruction - The company is enhancing market penetration and operational efficiency through offline store structure adjustments and online content ecosystem reconstruction [4] - New store formats have been introduced, including brand concept stores and city flagship stores, which have significantly increased foot traffic and customer engagement [4]