MCLON(300945) 信达证券·2025-04-27 04:25Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth projections [1]. Core Insights - The company achieved a revenue of 2.357 billion yuan in 2024, representing a year-over-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-over-year [1]. - In Q1 2025, the company reported a revenue of 714 million yuan, a year-over-year increase of 42.87%, and a net profit of 43 million yuan, up 33.52% year-over-year [1]. - The company is focusing on an omnichannel strategy, leveraging online capabilities to enhance offline sales, with e-commerce contributing significantly to revenue growth [2]. - The company has expanded its store network, increasing the total number of stores to 235, with a net addition of 67 stores in 2024 [2]. - The company is targeting the Z generation with a dual strategy of "classic national trend + light luxury fashion," which has helped in building a differentiated product advantage in the gold jewelry sector [3]. Financial Summary - The company’s total revenue is projected to reach 3.047 billion yuan in 2025, with a year-over-year growth of 29% [4]. - The net profit attributable to shareholders is expected to be 128 million yuan in 2025, reflecting a year-over-year increase of 32.9% [4]. - The gross margin is projected to decline slightly from 13.4% in 2024 to 13.0% in 2025 [6]. - The company’s earnings per share (EPS) is expected to increase from 0.37 yuan in 2024 to 0.49 yuan in 2025 [6].