Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is expected to benefit from the growing demand for smart sleep products, particularly with the launch of the AI smart mattress T11PRO, which has already surpassed sales of 100 million yuan by December 2024 [2][3] - The e-commerce channel has shown resilience, with revenue reaching 1.093 billion yuan, a year-on-year increase of 6%, contributing to 19.51% of total revenue [2] - The company is optimizing its offline channels by upgrading existing stores and eliminating underperforming ones, leading to a slight decline in direct sales revenue [2] - The membership community has seen significant growth, with 1.4837 million new registered members in the year, doubling from the previous year, enhancing customer loyalty [2] - The company is accelerating its brand expansion overseas, completing the acquisition of Maxcoil's Singapore sales headquarters and production assets [3] Financial Performance Summary - In 2024, the company achieved revenue of 5.6 billion yuan (up 0.43% year-on-year) and a net profit of 767 million yuan (down 4.36%) [1] - For Q4 2024, the company reported a revenue of 1.725 billion yuan (down 2.72%) and a net profit of 245 million yuan (down 13.7%) [1] - In Q1 2025, revenue was 1.121 billion yuan (down 6.66%) with a net profit of 118 million yuan (down 16.43%) [1] - The company is projected to achieve revenues of 6.002 billion yuan, 6.434 billion yuan, and 6.946 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 803 million yuan, 876 million yuan, and 956 million yuan [5][11]
慕思股份（001323）：毛利率表现稳健，25年看好智慧睡眠推广