Group 1 - The company announced a revenue of 2.9 billion in 2024, a year-on-year increase of 6%, with a net profit attributable to shareholders of 400 million, a year-on-year decrease of 12% [1] - In Q4 2024, the company achieved a revenue of 900 million, a year-on-year increase of 30%, while the net profit attributable to shareholders was 90 million, a year-on-year decrease of 28% [1] - The company's gross margin for 2024 was 27.9%, an increase of 1 percentage point year-on-year, primarily due to an increase in the proportion of self-produced non-woven fabrics [1] Group 2 - The company completed the acquisition of 100% equity of Sibao Care on January 20, 2025, enhancing its brand and product layout with well-known female hygiene brands [2] - The company reported overseas revenue of 450 million in 2024, a year-on-year increase of 47%, with a gross margin of 36.7%, an increase of 5 percentage points year-on-year [2] - The company plans to distribute 260 million in dividends for 2024, accounting for approximately 67% of the annual net profit attributable to shareholders [3] Group 3 - The company is expected to achieve net profits attributable to shareholders of 490 million, 550 million, and 600 million in 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [3]

Revenue Growth - The company reported a revenue of 2.929 billion yuan in 2024, representing a year-on-year increase of 6.25% [1][2] - The core business of infant care generated 2.06 billion yuan, accounting for 70.3% of total revenue, with a growth of 4.27% [2] - The fastest-growing segment was non-absorbent hygiene products, which saw a revenue increase of 40% to 318 million yuan [2] Strategic Diversification - The company is diversifying from its reliance on infant diapers due to declining birth rates, expanding into women's care and adult incontinence products [4] - New differentiated products launched in 2024 include menstrual pants and disposable underwear, contributing significantly to revenue growth [4] International Expansion - The company achieved overseas revenue of 472 million yuan, a substantial increase of 53.7%, primarily from Southeast Asia and North America [6] - A new subsidiary in Mexico is planned with an investment of 300 million yuan to establish a production base aimed at the North American market [7] Profitability Challenges - Despite revenue growth, net profit declined by 11.65% to 388 million yuan in 2024, highlighting the "growth without profit" dilemma [1] - The gross margin improved by 0.97 percentage points to 27.91%, mainly due to lower raw material costs, but showed a decline in the fourth quarter [8] Rising Costs - Sales expenses surged by 55.95% to 214 million yuan, with advertising costs increasing by 80% to 150 million yuan, reflecting intense competition in the industry [8][9] - The company's sales expense growth significantly outpaced revenue growth, indicating an imbalance in investment efficiency [8] Market Competition - The declining birth rate has led to a shrinking infant care market, forcing companies to engage in price wars to capture market share [9] - The company is attempting to build its own brands, but the short-term lack of scale effect is increasing sales expenses [9] Aggressive Acquisition Strategy - In 2024, the company initiated an aggressive acquisition strategy, spending 360 million yuan to acquire 100% of Sibao Care and 266 million yuan for the South China factory of Da Wang Paper [10] - Concerns have been raised about the company's ability to absorb the increased production capacity from these acquisitions [10] Brand Overlap Issues - The acquisition of Sibao Care introduces direct competition between its "Jieting" brand and the company's own brands, leading to potential internal resource allocation conflicts [11] - The overlapping product positioning may complicate marketing strategies and increase costs without clear benefits [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Views - The company is expected to benefit from a recovery in industry demand, particularly in the baby pants segment, which is projected to see increased demand due to a rise in birth rates and government policies promoting childbirth [3][5]. - The company has made strategic acquisitions, such as the purchase of Hubei Sibao, which is anticipated to enhance brand recognition and market share [4]. - The financial outlook has been adjusted, with expected net profits for 2025-2027 projected at 5.0 billion, 5.6 billion, and 6.2 billion respectively, reflecting a recovery trajectory [5]. Financial Performance Summary - For Q4 2024, the company reported revenues of 890 million, a year-on-year increase of 30.2%, while net profit decreased by 27.6% to 93 million [1]. - The total revenue for 2024 is projected at 2.93 billion, a 6.3% increase year-on-year, with net profit expected to decline by 11.7% to 390 million [1]. - The gross margin for 2024 is reported at 27.9%, an increase of 1 percentage point year-on-year, while the net profit margin is 13.2%, down by 2.7 percentage points [1]. Product and Regional Performance - Revenue from baby hygiene products in 2024 is expected to reach 2.06 billion, a 4.3% increase, with a gross margin of 23.9% [2]. - Adult hygiene products are projected to generate 550 million in revenue, a slight decline of 0.6%, while other products, including wet wipes, are expected to see significant growth with a 57.6% increase in revenue to 230 million [2]. - Domestic revenue is anticipated to be 2.39 billion, a 1.0% increase, while international revenue is expected to grow by 46.7% to 450 million, driven by strong performance in Thailand [2]. Strategic Initiatives - The company has established diverse customer relationships, including partnerships with global brands and emerging domestic e-commerce channels, which are expected to enhance product promotion and brand image [3]. - The company is focusing on expanding its overseas market share and improving its production capacity through strategic acquisitions [3]. - The anticipated increase in demand for high-value products, such as pull-up pants for older infants, is expected to optimize the company's product structure [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5][18]. Core Views - The company is expected to benefit from a recovery in industry demand and supportive fertility policies, indicating an improvement in its fundamentals [5]. - The growth in revenue is primarily driven by significant increases in overseas income, while profit declines are attributed to increased marketing expenses and higher financial costs [1][2]. - The company has a strong focus on developing its own brands, which is anticipated to enhance growth potential [4]. Financial Performance Summary - For Q4 2024, the company reported revenue of 0.89 billion, a year-on-year increase of 30.2%, while net profit attributable to shareholders was 0.093 billion, down 27.6% [1]. - The total revenue for 2024 is projected at 2.93 billion, reflecting a 6.3% year-on-year growth, with a net profit of 0.39 billion, down 11.7% [1][10]. - The gross margin for 2024 is reported at 27.9%, an increase of 1 percentage point year-on-year [1]. Product Segment Analysis - Revenue from baby hygiene products in 2024 reached 2.06 billion, up 4.3% year-on-year, with a gross margin of 23.9% [2]. - Adult hygiene products generated 0.55 billion in revenue, a slight decline of 0.6%, with a gross margin of 28.9% [2]. - Other products, including wet wipes, saw a significant revenue increase of 57.6%, totaling 0.23 billion, although the gross margin decreased to 47.5% [2]. Regional Performance - Domestic revenue for 2024 was 2.39 billion, a modest increase of 1.0%, while overseas revenue surged by 46.7% to 0.45 billion, driven by substantial growth in Thailand [2]. Strategic Developments - The company has established diverse customer relationships, including partnerships with major multinational corporations and emerging domestic brands, which are expected to enhance its market presence [3]. - The acquisition of Hubei Sibao Co., which owns well-known brands in the female hygiene sector, is anticipated to improve brand recognition and market share [4]. Future Outlook - The company expects to see a gradual improvement in the demand for high-value products, particularly in the baby pants segment, as the birth rate is projected to increase [3]. - The implementation of government policies to promote childbirth and provide childcare subsidies is expected to further benefit the company [3].

销售费增56%营收仅增6.25% 并购之后，豪悦护理（605009）（605009.SH）交出的业绩答卷为"增收不增利"。 4月14日晚，豪悦护理披露了2024年年度报告，公司报告期实现营业收入29.29亿元，同比增长6.25%； 归属于母公司股东的净利润（以下简称"归母净利润"）3.88亿元，同比下降11.65%。 2020年9月，豪悦护理通过IPO登陆A股市场，当年，公司归母净利润为6.02亿元，同比增长90.90%。然 而，2021年，公司业绩变脸，到2024年的四个年度，公司归母净利润均在4亿元左右徘徊。 2024年，公司收购合肥花王生产线，并将丝宝护理收入囊中。这些动作，并未提升公司盈利能力。 2024年，豪悦护理加大了营销推广力度，销售费用2.14亿元，同比增长55.95%。对应的营业收入，是弱 增长。 尽管经营业绩增长乏力，但不影响豪悦护理加大分红力度。2024年，公司将派发现金红利2.60亿元，分 红率67.16%。 数据显示，上市以来，豪悦护理将累计派发现金红利9.79亿元。 李志彪一家三口是豪悦护理的实际控制人。9.79亿元现金分红，李志彪一家将分得6.31亿元。 豪悦护理交出了一份低于市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business in baby pants has stabilized and is showing signs of recovery, while the acquisition of the Jieting brand is expected to drive growth [5] - The company reported a revenue of 2.93 billion yuan for 2024, a year-on-year increase of 6.3%, but a net profit of 390 million yuan, a decrease of 11.7% year-on-year [1][11] - The company continues to provide high dividend returns to shareholders, proposing a cash dividend of 8.5 yuan per 10 shares and a capital reserve transfer of 4 shares for every 10 shares [1] Revenue Breakdown - Baby hygiene products generated 2.06 billion yuan in revenue for 2024, up 4.3% year-on-year, with a sales volume of 3.04 billion pieces, an increase of 12.3% [2] - Adult hygiene products saw revenue of 550 million yuan, a slight decrease of 0.6% year-on-year, while other products experienced significant growth with a revenue of 230 million yuan, up 57.6% [2] - Domestic revenue in the second half of 2024 was 1.27 billion yuan, up 6.3% year-on-year, while overseas revenue reached 260 million yuan, a substantial increase of 67.2% [2] Profitability Analysis - The company's gross margin for 2024 was 27.91%, an increase of 0.97% year-on-year, primarily due to reduced material costs from increased in-house production [3] - The net profit margin for 2024 was 13.2%, down 2.7 percentage points year-on-year, with a significant decline in the fourth quarter [3] - Sales expenses increased significantly due to enhanced marketing for the company's own brands, with online promotion costs rising by 88.5% year-on-year [4] Future Outlook - The acquisition of Hubei Sibao Care is expected to significantly enhance the company's performance, with Sibao achieving a revenue of 680 million yuan in 2024, up 26% year-on-year [5] - The company is expanding production capacity and has acquired production lines from major brands to improve its market share [5] - Revenue projections for 2025-2027 are 3.74 billion, 4.20 billion, and 4.66 billion yuan, respectively, with corresponding net profits of 486 million, 547 million, and 617 million yuan [11]

收购丝宝切入卫生巾赛道，品牌焕新打法升级。24 年10 月公司发布收购丝宝意向协议公告，25 年1 月 顺利完成股权交割。洁婷线下渠道布局深入，河南、湖北、河北、山东等省份为其优势市场；根据久 谦，25Q1 洁婷电商GMV 0.71 亿元（同比+43.7%），保持较好增长势头，3 月在卫生巾行业舆情之下逆 势同比+62.4%。我们认为，伴随公司完成对其整合、逐步形成赋能，洁婷品牌有望焕新成长。 代工主业表现稳健，自主品牌&海外市场增长靓丽。24 年公司婴儿卫生用品业务收入20.60 亿元（同比 +4.3%）、毛利率23.9%（同比+0.8pct），其中24H2 收入11.62 亿元（同比+18.7%）、毛利率22.9%（同 比-0.8pct）；成人用品业务收入5.52 亿元（同比-0.6%）、毛利率28.9%（同比+1.3pct），其中24H2收 入2.88 亿元（同比-1.3%）、毛利率30.5%（同比+1.9pct）。 代工业务：24H2 公司纸尿裤代工业务增长提速，主要系大促期间公司绑定的头部客户增长靓丽，根据 久谦，24Q4 Babycare/帮宝适GMV 分别为18.67 亿元/10.44 亿元（同 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the analysis of growth and profitability trends. Core Viewpoints - The company reported a revenue of 2.929 billion yuan in 2024, reflecting a year-on-year growth of 6.3%, while the net profit attributable to the parent company was 388 million yuan, down 11.7% year-on-year [1] - The company has shown strong growth in its main business of OEM, with a notable performance in its own brands and overseas markets [2] - The acquisition of Silk Treasure is expected to enhance the company's position in the sanitary napkin market, with the brand "Jieting" showing promising growth in both offline and online channels [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.929 billion yuan, with a net profit of 388 million yuan, and a non-recurring net profit of 376 million yuan [1] - The fourth quarter of 2024 saw a revenue of 888 million yuan, a significant increase of 30.2% year-on-year, although net profit decreased by 27.6% due to credit impairment losses and increased sales expenses [1] Business Segments - The baby hygiene products segment generated 2.060 billion yuan in revenue, up 4.3% year-on-year, with a gross margin of 23.9% [2] - The adult hygiene products segment reported a revenue of 552 million yuan, down 0.6% year-on-year, but with an improved gross margin of 28.9% [2] Strategic Developments - The acquisition of Silk Treasure was completed in January 2025, which is expected to revitalize the "Jieting" brand and enhance its market presence [3] - The company has made significant strides in its e-commerce performance, with "Jieting" achieving a GMV of 71 million yuan in Q1 2025, marking a year-on-year increase of 43.7% [3] Profitability and Operational Efficiency - The gross margin for Q4 2024 was reported at 27.0%, down 2.1 percentage points year-on-year, while the net profit margin was 10.5%, down 8.4 percentage points [3] - The company has optimized its operational efficiency, with a net operating cash flow of 334 million yuan, reflecting a slight increase year-on-year [4] Future Projections - The company is projected to achieve net profits of 466 million yuan, 553 million yuan, and 667 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 17.76, 14.98, and 12.40 [4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the performance metrics and growth prospects discussed. Core Viewpoints - The company reported a revenue of 2.929 billion yuan for 2024, reflecting a year-on-year growth of 6.3%, while the net profit attributable to the parent company was 388 million yuan, down 11.7% year-on-year [1] - The fourth quarter of 2024 saw a significant revenue increase of 30.2% year-on-year, amounting to 888 million yuan, although net profit decreased by 27.6% due to credit impairment losses and increased sales expenses [1] - The company is expanding its business through acquisitions, such as the acquisition of Sibao, and enhancing its brand presence in the market [3] Summary by Sections Financial Performance - In 2024, the company's baby hygiene products generated revenue of 2.060 billion yuan, up 4.3% year-on-year, with a gross margin of 23.9% [2] - The adult hygiene products segment reported revenue of 552 million yuan, down 0.6% year-on-year, with a gross margin of 28.9% [2] - The company’s gross margin for Q4 2024 was 27.0%, a decrease of 2.1 percentage points year-on-year, while the net profit margin was 10.5%, down 8.4 percentage points [3] Business Segments - The company’s contract manufacturing business saw robust growth, particularly in the diaper segment, with significant sales figures reported for major brands [3] - The company’s own brand, Jieting, has shown strong growth in e-commerce, with a GMV of 71 million yuan in Q1 2025, up 43.7% year-on-year [3] - The overseas market revenue reached 451 million yuan in 2024, a 46.7% increase year-on-year, with a gross margin of 36.7% [3] Future Projections - The company is projected to achieve net profits of 466 million yuan, 553 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.76, 14.98, and 12.40 [4] - The expected revenue growth rates for the next few years are 42.0% for 2025, 19.4% for 2026, and 13.7% for 2027 [5]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-019 杭州豪悦护理用品股份有限公司 本次回购注销完成后，公司总股本将由 154,321,352 股减少至 154,309,352 股；公司注册资本也将相应由 154,321,352 元减少至 154,309,352 元。由于公司本 次回购注销部分限制性股份将涉及注册资本减少，将导致公司注册资本减少，根 据《中华人民共和国公司法》等相关法律、法规的规定，公司债权人自接到公司 通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，可凭有效债权文件 及相关凭证依法要求公司清偿债务或者提供相应担保。债权人未在规定期限内行 使前述权利的，不会影响其债权的有效性，相关债务将由公司继续履行。若债权 人在上述期限内无异议的，本次回购注销将按法定程序继续实施，届时公司将按 程序办理减少注册资本的变更登记手续。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托 ...