GUJING(000596) 东吴证券·2025-04-09 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 23.58 billion yuan for FY 2024, representing a year-on-year increase of 16.4%. The net profit attributable to shareholders reached 5.514 billion yuan, up 20.2% year-on-year. The performance is generally in line with market expectations, although tax impacts have slightly hindered net profit growth [7] - The company continues to strengthen its market presence both domestically and in selected external markets, with a focus on product segmentation and regional growth strategies. The company is expected to maintain strong growth in its core products, particularly in the domestic market [7] - The net profit margin for FY 2024 increased by 0.7 percentage points to 23.4%, with an estimated actual increase of nearly 2 percentage points after adjusting for tax impacts. This improvement is attributed to enhanced efficiency in resource allocation and marketing expenditures [7] Summary by Sections Financial Performance - Total revenue for FY 2024 is projected at 23.58 billion yuan, with a year-on-year growth of 16.41% for FY 2025 and 11.01% for FY 2026. The net profit attributable to shareholders is expected to reach 6.314 billion yuan in FY 2025, reflecting a 14.52% increase [1][8] - The earnings per share (EPS) for FY 2024 is estimated at 10.43 yuan, with projections of 11.95 yuan for FY 2025 and 14.02 yuan for FY 2026 [1][8] Market Strategy - The company is focusing on deepening its market penetration in both domestic and external markets, with a particular emphasis on enhancing the sales of its premium products. The company aims to leverage its brand strength to drive growth in the face of a challenging market environment [7] - The company plans to continue its strategy of product diversification and innovation, including the introduction of new products priced below 100 yuan to capture additional market share [7] Profitability Outlook - The company is expected to see improvements in its net profit margin in FY 2025, with a projected net profit margin of 24.12% for FY 2026. The overall profitability is anticipated to benefit from ongoing efficiency improvements and cost management strategies [7][8]