Vatti(002035) 天风证券·2025-04-30 02:10Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].