Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The e-commerce business is steadily developing, and the direct supply business is recovering growth. In 2024, the company achieved revenue and net profit attributable to shareholders of 5.60 billion and 770 million yuan, respectively, with year-on-year changes of +0.4% and -4.4% [5][6]. - The company is actively exploring partnerships with well-known brands in related industries, leading to rapid growth in direct supply channel revenue. The online sales through platforms like Tmall, Kuaishou, JD.com, Douyin, and Vipshop have contributed to steady development in e-commerce [6]. - The company is expanding its international market presence with stores in regions such as Hong Kong, Australia, the United States, Canada, and Singapore, forming an initial international sales network [6][8]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 5.60 billion yuan, with a slight increase in mattress revenue but declines in other categories. The revenue from domestic and international markets was 5.45 billion and 160 million yuan, respectively [5][6]. - The gross profit margin for 2024 was 50.1%, a slight decrease of 0.2 percentage points year-on-year. The company’s operating expenses increased, leading to a rise in the expense ratio to 33.8% [7]. Profitability and Forecast - The company’s net profit for 2025 is forecasted to be 794 million yuan, with a slight increase in EPS to 1.99 yuan. The projected revenue for 2025 is 5.91 billion yuan, reflecting a growth rate of 5.5% [9][11]. - The report anticipates a long-term business growth driven by domestic demand policies and international expansion strategies [8]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 16 for 2025, with projections for 2026 and 2027 at 15 and 13, respectively [9][14]. - The report includes a detailed financial forecast, indicating a gradual increase in revenue and net profit over the next few years, with a focus on maintaining competitive advantages in product innovation and brand development [9][11].
慕思股份（001323）：2024年报及2025年一季报点评：电商业务稳步发展，直供业务恢复增长