Fuanna(002327) 华西证券·2025-04-29 11:29Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to increase online investments, leveraging product strength and effective management to enhance live e-commerce and drive revenue and profit growth [7] - The company plans to expand its franchise stores, targeting high-end brand demand in lower-tier cities, while enhancing brand image through direct store empowerment [7] - The company maintains a high dividend payout ratio of 95.8% for 2024, with a dividend per share of 6.2 yuan, resulting in a dividend yield of 7.4% [3] Financial Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 3.011 billion yuan, 542 million yuan, and 504 million yuan, respectively, showing year-on-year declines of 0.6%, 5.2%, and 3.47% [2] - The company's gross margin improved by 0.4 percentage points to 56.1% in 2024, while the net profit margin decreased by 0.9 percentage points to 18.0% [5] - For Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 536 million yuan, 56 million yuan, and 49 million yuan, respectively, reflecting year-on-year declines of 17.8%, 54.12%, and 53.43% [3] Operational Insights - The company's direct sales efficiency declined, while franchise efficiency remained stable in 2024, with revenue from direct sales, franchises, e-commerce, group purchases, and others being 736 million yuan, 836 million yuan, 1.121 billion yuan, 173 million yuan, and 147 million yuan, respectively [4] - The company experienced a significant increase in accounts receivable, which grew by 41.2% year-on-year, leading to longer turnover days [6] Future Projections - The company forecasts revenues of 3.176 billion yuan, 3.339 billion yuan, and 3.511 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 559 million yuan, 592 million yuan, and 622 million yuan for the same years [9][11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.67 yuan, 0.71 yuan, and 0.74 yuan, respectively [9][11]