UE(603600) 信达证券·2025-04-25 07:18Investment Rating - The investment rating for Yongyi Co., Ltd. (603600) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Viewpoints - Yongyi Co., Ltd. reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year increase of 34.2%, while the net profit attributable to the parent company was 296 million yuan, a slight decrease of 0.6% year-on-year. The adjusted net profit was 293 million yuan, showing a significant increase of 40.1% year-on-year [1] - The company is expanding its overseas channels and product matrix, with office chairs and sofas generating revenues of 3.416 billion yuan and 645 million yuan respectively in 2024, reflecting year-on-year growth of 33.5% and 20.2%. The new category of height-adjustable desks saw a revenue of 91 million yuan, marking a substantial increase of 137.6% year-on-year [2] - The overseas production capacity is robust, with strategic locations in Vietnam and Romania. The Vietnam base is enhancing production efficiency and is expected to capture more market share in the U.S. in 2025. The Romanian base is also anticipated to ramp up production in 2025 [3] - The company's self-owned brand revenue reached 933 million yuan in 2024, a year-on-year increase of 30.9%. The domestic online and offline brands are expected to maintain high growth, while cross-border e-commerce may stabilize due to overseas production advantages [3] - The gross profit margin for Q1 2025 was 20.7%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 5.7%, an increase of 0.7 percentage points year-on-year. The company is optimizing its expense allocation, with a total expense ratio of 15.5% in Q1 2025, down 1.4 percentage points year-on-year [4] Summary by Relevant Sections Financial Performance - In 2024, the total revenue was 4.749 billion yuan, with a growth rate of 34.2% year-on-year. The net profit attributable to the parent company was 296 million yuan, with a slight decline of 0.6% year-on-year. The gross profit margin was 21.6% [5] - The projected net profits for 2025 to 2027 are 383 million yuan, 492 million yuan, and 585 million yuan respectively, with corresponding P/E ratios of 8.58X, 6.68X, and 5.62X [4][5] Operational Efficiency - The company is focusing on improving operational efficiency through lean production and local supply chain management in its overseas bases. The inventory turnover days were 66.24 days, an increase of 11.05 days year-on-year, while accounts receivable turnover days were 51.87 days, a decrease of 3.85 days year-on-year [4][5] Market Positioning - The company is solidifying its brand positioning and accelerating strategic transformation, with a focus on expanding its presence in both domestic and international markets. The flagship products have shown strong market acceptance, and the company is optimizing its marketing expenses [3][4]