NHD(002264) 华鑫证券·2025-04-02 09:01Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan respectively, both showing a year-on-year increase of 30% [5] - The company is expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.48, 0.60, and 0.74 yuan, respectively, indicating a strong growth trajectory [8] Summary by Sections Financial Performance - In 2024, total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30%, 30%, and 17% [5] - The fourth quarter of 2024 saw total revenue, net profit, and net profit excluding non-recurring items of 901 million, 70 million, and 45 million yuan, with year-on-year growth rates of 5%, 68%, and 7.06% [5] - The company maintained a gross margin of 25% and a net margin of 7% for 2024, with slight variations in the fourth quarter [5] Product Development and Sales Channels - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, reflecting year-on-year growth of 32.1% and a decline of 38.35% respectively [6] - The company is collaborating with brand partners to develop new products, including limited editions and strategic flagship products, which are expected to enhance sales [6] Earnings Forecast - The company is expected to achieve a revenue growth rate of 30.2% in 2024, with projections of 4.55 billion, 5.59 billion, and 6.76 billion yuan for 2025, 2026, and 2027 respectively [10] - The net profit is forecasted to grow at rates of 29.6%, 31.8%, 26.6%, and 23.4% for the same years, with corresponding net profits of 343 million, 434 million, and 536 million yuan [10]