GUJING(000596) 华安证券·2025-04-09 09:32Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is prioritizing channel health by actively slowing down growth in response to high inventory levels, with expectations of double-digit growth for certain products due to domestic consumption upgrades [7] - Profitability is impacted by increased expenditure aimed at reducing inventory, with a slight decline in net profit margin expected in Q4 2024, but overall profitability is projected to improve due to product mix enhancement and efficiency gains [8] - The company is strategically enhancing its product lineup in the 100 yuan price range to meet market demand, transitioning from a price rebate model to a naked price model to alleviate financial pressure on distributors [9] Financial Performance Summary - For Q4 2024, revenue is reported at 4.51 billion yuan (+4.8%), with a net profit of 770 million yuan (-1.2%) [11] - For the full year 2024, revenue is projected at 23.58 billion yuan (+16.4%), with a net profit of 5.51 billion yuan (+20.2%) [11] - The company’s financial forecasts for 2024-2026 include revenues of 23.58 billion yuan, 26.03 billion yuan, and 29.02 billion yuan, respectively, with corresponding net profits of 5.51 billion yuan, 6.27 billion yuan, and 7.20 billion yuan [9][12]