aiyingshi(603214) 长江证券·2025-04-15 05:43Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 3.467 billion yuan for 2024, representing a year-on-year growth of 4%. The net profit attributable to shareholders was 106 million yuan, up 1.61% year-on-year, while the net profit excluding non-recurring items reached 72 million yuan, reflecting a growth of 9.78% [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.467 billion yuan, with a year-on-year increase of 4%. The net profit attributable to the parent company was 106 million yuan, marking a 1.61% increase year-on-year. The net profit after excluding non-recurring items was 72 million yuan, which is a 9.78% increase [2][6] - The revenue growth rates for each quarter in 2024 were +6.4%, -2.3%, +2.6%, and +9.7%, indicating a significant improvement in the fourth quarter [12] Operational Highlights - The company opened 62 new stores in 2024, an increase of 21 stores compared to the previous year, while closing 57 stores, resulting in a net increase of 5 stores. This net opening contributed positively to the annual revenue growth [12] - The sales revenue from physical stores grew by 2% year-on-year, while e-commerce revenue saw a more substantial increase of 16.6% [12] Profitability and Margins - The company's gross margin for 2024 was 26.9%, which showed a slight contraction year-on-year. The decline in gross margin was attributed to lower margins in key product categories such as milk powder and food [12] - Despite the contraction in gross margins, the overall profitability remained stable due to cost savings in sales and management expenses [12] Strategic Initiatives - The company has partnered with the well-known Japanese company Bandai Namco to create new growth avenues, including pop-up stores and the establishment of the first Gundam Base in Jiangsu [12] - The collaboration with popular IPs is expected to enhance brand influence and create new business opportunities [12] Future Outlook - The company is expected to continue its strategy of store integration and optimization, with a stable profitability outlook. The EPS forecasts for 2025, 2026, and 2027 are projected to be 0.90 yuan, 1.16 yuan, and 1.37 yuan, respectively [12]