EDIFIER(002351) 华西证券·2025-04-24 14:33Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's Q1 2025 performance slightly declined, primarily due to a slowdown in the headphone segment, but new product launches are expected to drive revenue growth in the upcoming quarters [2] - The gross margin improved to 40.94%, up by 0.87 percentage points year-on-year, attributed to enhanced brand strength and product structure optimization [3] - The company is focusing on OWS and AI headphones, with 11 models launched across various product forms, indicating a commitment to innovation and new revenue streams [4] - A robust brand strategy is in place, leveraging social media marketing and collaborations to enhance brand influence and reach [5] Financial Performance - In Q1 2025, the company reported revenue of 658 million yuan, a year-on-year decrease of 3.04%, and a net profit of 102 million yuan, down 6.53% year-on-year [1] - The company maintains its revenue forecasts for 2025-2027, expecting revenues of 3.369 billion, 3.883 billion, and 4.564 billion yuan, representing year-on-year growth rates of 14.47%, 15.25%, and 17.53% respectively [10] - The projected net profit for 2025-2027 is 518 million, 612 million, and 725 million yuan, with corresponding growth rates of 15.32%, 18.13%, and 18.41% [10] Product and Market Strategy - The company has developed a diverse product matrix to meet various customer needs, including brands targeting audiophiles and fashion-conscious consumers [9] - It is actively expanding its online marketing channels and increasing its presence in international markets, leveraging platforms like Amazon and social media for sales growth [9]