Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 37.44 [8][9]. Core Views - The company achieved a revenue of RMB 2.017 billion in 2024, representing a year-over-year increase of 4.32%, while the net profit attributable to the parent company was RMB 661 million, down 11.77% year-over-year [1]. - In Q1 2025, the company reported a revenue of RMB 301 million, a decrease of 26.39% year-over-year, and a net profit of RMB 91 million, down 39.77% year-over-year, due to channel optimization and price adjustments impacting short-term growth [1]. - The company is expected to regain growth potential after completing channel adjustments and is advised to monitor high-frequency data and new product performance [1]. Revenue and Profitability - The company’s medical device and cosmetics segments are projected to achieve revenues of RMB 853 million and RMB 1.164 billion in 2024, both reflecting a growth of 4.32% year-over-year [2]. - The gross margin for 2024 is reported at 81.73%, a decline of 0.5 percentage points year-over-year, while the net margin is at 32.78%, down 5.98 percentage points year-over-year [4]. Sales and Marketing Strategy - The company employs a multi-channel sales strategy, combining online and offline sales, with online channel revenue reaching RMB 1.108 billion in 2024, accounting for 54.96% of total revenue, an increase of 7.59 percentage points year-over-year [3]. - Online direct sales generated RMB 1.002 billion, up 26.76% year-over-year, while offline distribution revenue was RMB 908 million, down 10.10% year-over-year [3]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is RMB 1.56, RMB 1.71, and RMB 1.87, respectively, reflecting a downward revision from previous estimates [5]. - The report assigns a price-to-earnings (PE) ratio of 24 times for 2025, with a target price of RMB 37.44, down from a previous value of RMB 40 [5].
敷尔佳（301371）：渠道优化及价格梳理短期影响增速-20250423