KORRUN(300577) 开源证券·2025-04-26 10:23Investment 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 efficiency [5][26] - The forecast for net profit from 2025 to 2027 is 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] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.24 billion yuan, with a net profit of 380 million yuan and a non-GAAP net profit of 290 million yuan, reflecting a significant increase due to one-time gains from the consolidation of Shanghai Jiale [5][12] - The first quarter of 2025 saw a revenue of 1.23 billion yuan (up 35.6% year-on-year) and a net profit of 85 million yuan (up 20.1%) [5][12] OEM Business - The OEM revenue for 2024 reached 3.53 billion yuan (up 45%), accounting for 83% of total revenue, with a gross margin of 22.6% [5][26] - The bag OEM segment generated 2.37 billion yuan in revenue (up 20.3%), with expectations for continued double-digit growth in 2025 [5][26] - The clothing OEM segment saw a significant increase in revenue, with a projected growth of over 25% in 2025 due to new orders from major clients like Adidas and Uniqlo [5][26] Brand Business - The brand business generated 660 million yuan in revenue (up 5%) in 2024, with a gross margin of 25.5% [5][6] - Xiaomi's product line saw a revenue increase of over 30% in the first quarter of 2025 due to the launch of new products and channel optimization [5][6] Operational Efficiency - The company achieved a gross margin of 22.9% in 2024, with a net profit margin of 9% [5][18] - Inventory increased to 870 million yuan (up 76%) primarily due to the consolidation of Shanghai Jiale, while cash and cash equivalents stood at 530 million yuan [5][19]