UE(603600) 信达证券·2025-04-25 08:15Investment 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 first quarter of 2025 showed a revenue of 1.010 billion yuan, up 17.9% year-on-year, with a net profit of 58 million yuan, an increase of 34.8% year-on-year [1][4]. - 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, showing growth rates of 33.5% and 20.2% year-on-year. The new category of height-adjustable desks saw a revenue of 91 million yuan, a significant 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. The Romanian base is set to accelerate production in 2025 [3]. - The company's own brand revenue reached 933 million yuan in 2024, reflecting a growth of 30.9%. The domestic online and offline brands are expected to maintain high growth, while cross-border e-commerce faces some pressure [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 increased by 0.7 percentage points to 5.7% [4]. - The company forecasts net profits of 380 million yuan, 490 million yuan, and 590 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 8.6X, 6.7X, and 5.6X [4]. Summary by Sections Financial Performance - In 2024, Yongyi Co., Ltd. achieved total revenue of 4.749 billion yuan, with a year-on-year growth of 34.2%. The net profit attributable to the parent company was 296 million yuan, showing a slight decline of 0.6% year-on-year. The first quarter of 2025 reported a revenue of 1.010 billion yuan, up 17.9% year-on-year, and a net profit of 58 million yuan, an increase of 34.8% year-on-year [1][4]. Product and Market Expansion - The company has successfully expanded its product offerings, with office chairs and sofas generating revenues of 3.416 billion yuan and 645 million yuan respectively in 2024. The height-adjustable desks category saw a remarkable growth of 137.6% year-on-year, indicating strong market demand [2]. Overseas Strategy - Yongyi Co., Ltd. has established a strong overseas production capacity, particularly in Vietnam and Romania, which are expected to enhance production efficiency and market share in the U.S. market [3]. Brand Development - The company's own brand revenue reached 933 million yuan in 2024, with expectations for continued high growth in domestic online and offline sales channels [3]. Profitability Metrics - The gross profit margin for Q1 2025 was reported at 20.7%, while the net profit margin improved to 5.7%. The company anticipates significant growth in net profits over the next few years [4].