KORRUN(300577) 开源证券·2025-04-26 08:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30]. Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12]. - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve profitability [5][26]. - The forecast for net profit from 2025 to 2027 is set at 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26]. Financial Summary - In 2024, the company's revenue is projected to be 4.24 billion yuan, with a gross profit margin of 22.9% and a net profit margin of 9% [5][18]. - The company reported a significant increase in its operating cash flow, with a net cash flow from operating activities of 232 million yuan in 2024 [27]. - The company's total assets are expected to grow from 5.15 billion yuan in 2024 to 7.33 billion yuan in 2027, indicating a strong growth trajectory [27].