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爱婴室（603214）：2024年报业绩点评报告：主业稳健增长，携手万代南梦宫打造第二增长曲线
603214aiyingshi(603214) 华龙证券·2025-04-21 09:45

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Viewpoints - The company has achieved steady growth in its main business, with a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06%. The net profit attributable to the parent company was 106 million yuan, up 1.61% year-on-year [3][4] - The company is collaborating with Bandai Namco to create a second growth curve, successfully entering the IP retail market and targeting younger consumer groups [9] Financial Performance Summary - In 2024, the company's revenue by product categories was as follows: milk powder (2.097 billion yuan, +9.45%), food (312 million yuan, +0.38%), supplies (504 million yuan, -2.78%), cotton products (223 million yuan, -6.92%), toys and travel (70 million yuan, -11.27%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - Revenue by sales channels included: store sales (2.484 billion yuan, +2.03%), e-commerce (720 million yuan, +16.62%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - The company opened 62 new maternal and infant stores in competitive regions, with a 21-store increase compared to the previous year, focusing on shopping centers with an optimal area of 200-250 square meters [4] - Online sales reached 719.64 million yuan in 2024, a growth of 17% year-on-year [6][9] Earnings Forecast - The company is expected to achieve revenues of 3.801 billion yuan in 2025, 4.177 billion yuan in 2026, and 4.603 billion yuan in 2027, with corresponding growth rates of 9.64%, 9.90%, and 10.19% respectively [7][9] - The net profit attributable to the parent company is projected to be 127 million yuan in 2025, 153 million yuan in 2026, and 186 million yuan in 2027, with growth rates of 19.58%, 20.27%, and 21.34% respectively [7][9] - The company's price-to-earnings ratio (P/E) is expected to be 26.4X in 2025, 22.0X in 2026, and 18.1X in 2027 [9]