Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and strategic initiatives [1]. Core Viewpoints - The company reported a revenue of 5.603 billion yuan in 2024, a slight increase of 0.4% year-on-year, with a net profit attributable to the parent company of 767 million yuan, down 4.4% year-on-year [1]. - The decline in revenue for Q1 2025 is attributed to a high base effect from Q1 2024 and a lag in revenue transmission from offline national subsidies [1]. - The company is actively expanding its AI mattress product line and overseas market presence, with a focus on enhancing its competitive position [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 26.79 million yuan from mattresses, 16.65 million yuan from bed frames, 4.32 million yuan from sofas, and 3.04 million yuan from bedding, with mattress revenue showing a stable growth of 3.8% year-on-year [2]. - The gross margin for mattresses in 2024 was 61.4%, reflecting stable profitability [2]. - The company’s total revenue for 2025 is projected to reach 6.157 billion yuan, with a year-on-year growth rate of 9.9% [6]. Strategic Initiatives - The company is launching the AI smart mattress T11+, which incorporates advanced technology to enhance user experience [3]. - The company has established a diverse sales network with over 5,400 offline stores and is expanding into international markets, including North America, Australia, and Europe [2]. - The company is also exploring new e-commerce platforms such as TikTok and Shein, and has acquired a well-known home brand in Singapore to strengthen its overseas operations [3]. Profitability and Cost Management - The gross margin and net profit margin for Q1 2025 were 51.8% and 10.5%, respectively, indicating a slight improvement in gross margin year-on-year [3]. - The company is maintaining a controlled pace in its new business investments, with sales, management, and R&D expense ratios showing manageable changes [3].
慕思股份：国补驱动订单回暖，AI床垫&出海快速推进