SFY(002572) Guolian Securities·2025-05-18 16:15Investment Rating - The investment rating for the company is "Buy" (maintained) [6][14]. Core Insights - In 2024, the company achieved revenue of 10.494 billion yuan, a year-on-year decrease of 10.04%, while the net profit attributable to shareholders was 1.371 billion yuan, an increase of 8.69% year-on-year. The first quarter of 2025 saw revenue of 2.038 billion yuan, down 3.46% year-on-year, and a net profit of 12 million yuan, down 92.69% year-on-year [3][12][19]. - The company's retail brand revenue declined by 10.46% year-on-year, while the Milan brand continued to grow in lower-tier markets with an increase of 8.09% year-on-year. The integrated channel showed strong growth with a 16.22% year-on-year increase [3][12][14]. - The company sold its stake in Minsheng Securities, generating investment income that affected the apparent performance. The "old-for-new" policy in 2025 is expected to boost home consumption, leading the industry to accelerate its transformation towards the stock market [3][12][14]. Financial Performance Summary - For 2024, the company reported a revenue of 10.494 billion yuan, with a year-on-year growth rate of -10.04%. The net profit attributable to shareholders was 1.371 billion yuan, with a growth rate of 8.69% [15][30]. - The projected revenues for 2025, 2026, and 2027 are 11.232 billion yuan, 12.099 billion yuan, and 13.090 billion yuan, respectively, with year-on-year growth rates of 7.03%, 7.72%, and 8.19% [14][15]. - The earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 1.34 yuan, 1.49 yuan, and 1.63 yuan, respectively, with a three-year compound annual growth rate (CAGR) of 4.59% [14][15].