Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is experiencing temporary pressure on performance due to increased marketing expenditures, with a projected revenue of 2.017 billion yuan for 2024, representing a year-on-year growth of 4.32%, while the net profit attributable to the parent company is expected to decline by 11.77% to 661 million yuan [1]. - The company is focusing on a dual-line development strategy in medical devices and cosmetics, aiming to enrich its product matrix for growth, with revenue forecasts for 2025-2027 at 2.354 billion, 2.618 billion, and 2.940 billion yuan respectively [5]. Financial Performance Summary - For 2024, the company reported a gross margin of 81.73%, a decrease of 0.50 percentage points year-on-year, and a net profit margin of 32.78%, down by 5.98 percentage points [2]. - The sales expense ratio increased significantly to 37.1% in 2024, up by 9.56 percentage points, primarily due to increased online marketing costs [2]. - In Q1 2025, the company reported a revenue of 301 million yuan, a year-on-year decline of 26.39%, with a net profit of 91 million yuan, down 39.77% [1]. Product Performance Summary - The cosmetics segment showed strong performance with a revenue of 1.164 billion yuan in 2024, a year-on-year increase of 7.49%, accounting for 57.72% of total revenue [3]. - The medical device segment generated 853 million yuan in revenue, a slight increase of 0.27%, representing 42.28% of total revenue [3]. - The company has established a solid product matrix with six products generating over 100 million yuan in sales each, including various medical and cosmetic products [4]. Research and Development Summary - The company increased its R&D investment to 34.82 million yuan in 2024, a growth of 6.04% year-on-year, and has launched a new R&D center in Shanghai [5]. - The company has received approval for two invention patents and registered 13 new cosmetic products in the year [5].
敷尔佳（301371）：营销推广投入加大，25Q1业绩暂时承压