Investment Rating - The report upgrades the company to a "Buy" rating, reflecting a positive outlook for the next 6-12 months with expected price increases [3]. Core Insights - The company reported a revenue of 1.56 billion RMB for 2024, representing a year-on-year growth of 13.4%, and a net profit of 161 million RMB, up 14.07% year-on-year [2]. - The growth is driven by the successful launch of high-demand products, particularly in the sensitive teeth segment, and effective marketing strategies leveraging platforms like Douyin [3][2]. - The company is positioned as a leader in the sensitive oral care niche, with a significant market share in various product categories [3]. Performance Analysis - For 2024, the revenue breakdown by product includes adult toothpaste (1.247 billion RMB), adult toothbrushes (161 million RMB), children's toothpaste (72 million RMB), and electric toothbrushes (10 million RMB), with notable growth in sensitive care products [2]. - The revenue from different channels shows a significant increase in e-commerce sales by 51.99%, while direct supply and distribution channels experienced declines [2]. - The gross margin for 2024 is reported at 49.37%, an increase of 5.27 percentage points year-on-year, driven by the introduction of high-end products [3]. Financial Projections - The company is projected to achieve net profits of 200 million RMB, 258 million RMB, and 332 million RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.48, 29.78, and 23.17 [3][7]. - The expected revenue growth rates for the upcoming years are 27.91% for 2025, 20.88% for 2026, and 18.20% for 2027, indicating a strong growth trajectory [7]. Market Position - The company ranks third in retail sales market share for toothpaste in offline channels, and its children's toothpaste and toothbrushes are positioned third and first in their respective categories [2]. - The report highlights the company's ability to leverage social media marketing to enhance brand visibility and drive sales growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported Q1 2025 revenue of 1.73 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was 148 million RMB, showing a significant year-on-year increase of 205%, although it decreased by 25% compared to the previous quarter [2]. - The gross margin for Q1 2025 was 20.4%, up 6.1 percentage points year-on-year, while the net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company is expected to see increased battery sales in Q2 2025, with an annual shipment forecast of over 600 million units [3]. - The company is projected to achieve net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20% [4]. Summary by Relevant Sections Performance Review - Q1 2025 revenue was 1.73 billion RMB, with a year-on-year growth of 21% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was 148 million RMB, reflecting a year-on-year increase of 205% but a quarter-on-quarter decrease of 25% [2]. Operational Analysis - The gross margin for Q1 2025 was 20.4%, which is a 6.1 percentage point increase year-on-year. The net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company anticipates a strong Q2 2025 with increased battery sales and a forecast of over 600 million units shipped for the year [3]. Profit Forecast, Valuation, and Rating - The company is expected to see net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20%. The report maintains a "Buy" rating with a projected PE ratio of 21, 18, and 15 for the respective years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 9.198 billion RMB for 2024, a year-on-year increase of 45.94%, and a net profit of 1.273 billion RMB, up 1.36% year-on-year. However, the first quarter of 2025 saw a revenue decline of 21.90% and a net profit drop of 57.56%, slightly below expectations [2]. - The company is facing short-term profit pressure due to an industry-wide supply-demand imbalance, but it is strategically positioned to navigate through the cycle with various initiatives, including increased R&D investment and international market expansion [2]. - The company plans to distribute a cash dividend of 16.00 RMB per 10 shares, totaling 504 million RMB, which represents 39.6% of the annual profit for 2024, reflecting a commitment to shareholder returns even during industry downturns [3]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 9.198 billion RMB, a 45.94% increase from the previous year, and a net profit of 1.273 billion RMB, which is a 1.36% increase year-on-year. The first quarter of 2025 showed a revenue of 1.534 billion RMB, down 21.90%, and a net profit of 141 million RMB, down 57.56% [2]. Operational Analysis - As of December 31, 2024, the company had an order backlog of 11.831 billion RMB, a decrease of 10.4% year-on-year. New orders signed in 2024 totaled 10.149 billion RMB, down 22.5% year-on-year. The decline in orders is attributed to industry losses leading to slower expansion among downstream customers [2]. - The company recorded a total impairment of 620 million RMB in 2024, primarily from inventory write-downs, reflecting a cautious approach to contract performance cost provisions [2]. - The company increased its R&D expenditure to 4.3 billion RMB in 2024, a 31.5% increase year-on-year, and expanded its R&D workforce by 21.7% to 1,065 employees, focusing on advanced technologies in photovoltaic, lithium battery, and semiconductor sectors [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 788 million RMB and 691 million RMB, respectively, with a new forecast for 2027 at 713 million RMB. The corresponding EPS for these years are projected at 2.500, 2.192, and 2.265 RMB, with current P/E ratios of 14.5, 16.5, and 16.0 times [4].

Investment Rating - The report upgrades the company to a "Buy" rating, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 1.56 billion RMB for 2024, a year-on-year increase of 13.4%, and a net profit of 161 million RMB, up 14.07% year-on-year, with a net profit margin of 10.33% [2]. - The growth is driven by the popularity of Douyin and the rapid expansion of key products, enhancing brand strength [2][3]. - The company is positioned as a leader in the sensitive oral care segment, leveraging product upgrades to increase customer spending and attract new customers [3]. Performance Analysis - For 2024, revenue from adult toothpaste, adult toothbrushes, children's toothpaste, children's toothbrushes, electric toothbrushes, and oral medical and beauty care products is reported as 1.247 billion, 161 million, 72 million, 30 million, 10 million, and 38 million RMB respectively, with growth rates of 16.09%, 3.30%, -0.48%, -5.09%, -14.33%, and +35.45% [2]. - The company achieved a gross margin of 49.37% in 2024, an increase of 5.27 percentage points year-on-year, driven by high-end product series [3]. - The sales expense ratio for 2024 is 31.96%, up 3.88 percentage points, primarily due to marketing efforts on platforms like Douyin [3]. Revenue and Profit Forecast - The company is expected to achieve net profits of 200 million, 258 million, and 332 million RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.48, 29.78, and 23.17 [3][7]. - The projected revenue growth rates for the next few years are 27.91% for 2025, 20.88% for 2026, and 18.20% for 2027 [7]. Market Position - The company ranks third in retail market share for toothpaste products in offline sales channels, and its children's toothpaste and toothbrushes rank third and first in their respective categories [2]. - The company holds a 64.72% market share in the sensitive segment of offline retail [2]. Channel Performance - Revenue from distribution, direct supply, and e-commerce for 2024 is reported as 1.032 billion, 41 million, and 481 million RMB respectively, with year-on-year growth rates of 3.69%, -24.01%, and +51.99% [2]. - The introduction of the medical research 7-day repair series is expected to continue driving the trend of popular products across various channels [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue grew by 19.1% to 1.675 billion RMB [2][3]. - The company has successfully launched new product lines, such as the BARF series and the "fresh meat precise nutrition" cat food series, which contributed to significant sales growth during promotional events [2][3]. Business Analysis - Revenue from the main food, snacks, and health products for 2024 reached 2.690 billion RMB, 2.484 billion RMB, and 46 million RMB respectively, with year-on-year growth rates of 28.9%, 14.7%, and a decline of 18.9% [3]. - The gross margin for 2024 improved to 42.27%, an increase of 5.4 percentage points, primarily driven by the company's high-end branding strategy [3]. - The company is recognized as a leading domestic pet food brand with a clear growth trajectory, leveraging strong consumer insights for product innovation and effective online operations [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 800 million RMB, 1.026 billion RMB, and 1.333 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 29%, 28%, and 29% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 50x for 2025, 40x for 2026, and 31x for 2027, indicating a favorable valuation outlook [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a total revenue of 4.72 billion RMB for 2024, a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 1.00 billion RMB, up 2.0% year-on-year [2]. - The smart distribution and renewable energy sectors show significant growth potential, benefiting from the global upgrade of smart grids [5]. - The company achieved a revenue of 4.54 billion RMB in the smart distribution business, reflecting a 13.4% year-on-year growth, with a gross margin of 45.3%, up 2.1 percentage points [3][4]. Summary by Sections Performance Review - In Q4, the company recorded a revenue of 1.31 billion RMB, a decrease of 1.5% year-on-year, and a net profit of 210 million RMB, down 32.9% year-on-year, primarily due to increased expenses and foreign exchange losses [2]. Operational Analysis - **Smart Distribution Business**: - Overseas revenue reached 2.94 billion RMB, up 9.8% year-on-year, with new production bases in Europe, Latin America, and Africa [3]. - Domestic revenue was 1.59 billion RMB, a 20.6% increase, with significant wins in government tenders [4]. - **Renewable Energy Business**: - Revenue was 140 million RMB, down 12.3% year-on-year, but long-term prospects remain positive with ongoing investments [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.33 billion RMB, 1.62 billion RMB, and 1.93 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 32%, 22%, and 19% [5]. - Current stock price corresponds to a PE ratio of 12, 10, and 8 for the years 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue reached 1.675 billion RMB, growing 19.1% year-on-year [2][3]. - The company has successfully launched new product lines, such as the BARF series under the main brand Maifudi, and has achieved significant sales growth during promotional events like Double 11, with a 190% increase in total sales [2][3]. Performance Analysis - In Q4 2024, the company achieved a revenue of 1.573 billion RMB, a 29.6% increase year-on-year, and a net profit of 154 million RMB, up 34.8% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.480 billion RMB, reflecting a 34.9% year-on-year growth, and a net profit of 204 million RMB, which is a 37.7% increase year-on-year [2]. - The gross margin for 2024 was 42.27%, an increase of 5.4 percentage points year-on-year, driven by the company's high-end brand strategy [3]. Financial Forecast - The company is expected to achieve net profits of 800 million RMB, 1.03 billion RMB, and 1.33 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 29%, 28%, and 29% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 50x, 40x, and 31x, respectively, indicating a favorable valuation trend [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 23.34 billion RMB in 2024, a year-on-year increase of 18.97%, while the net profit attributable to shareholders was 560 million RMB, a decrease of 14.78% due to increased R&D expenses and provisions for bad debts [2]. - The company achieved a record high operating cash flow of 2.495 billion RMB in 2024, indicating strong operational efficiency [2]. - In Q1 2025, the company generated revenue of 4.658 billion RMB, reflecting a year-on-year growth of 27.74%, although it reported a net loss of 193 million RMB, which is a 35.68% reduction in losses compared to the previous year [2]. Revenue and Profitability Analysis - The company’s revenue from smart education, healthcare, and automotive sectors grew by 29.94%, 28.18%, and 42.16% respectively in 2024 [3]. - The AI solutions segment, leveraging the Spark large model, secured 91 projects with a total bid amount of 848 million RMB, generating revenue of 643 million RMB, which is a 122.56% increase year-on-year [3]. - The company’s gross margin showed a slight decrease of 0.03% in 2024 but improved by 2.12% in Q1 2025 [4]. Cost and Expense Management - The company’s sales expense ratio decreased by 0.75% in 2024 and by 1.00% in Q1 2025, while the management expense ratio also saw a decline of 0.74% and 2.83% respectively [4]. - R&D expenses for 2024 were 4.58 billion RMB, an increase of 19.37% compared to the previous year, indicating a commitment to innovation [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 28.01 billion RMB, 34.25 billion RMB, and 41.93 billion RMB respectively, with expected growth rates of 20.00%, 22.28%, and 22.42% [5][10]. - The net profit attributable to shareholders is forecasted to be 776 million RMB, 975 million RMB, and 1.193 billion RMB for the years 2025, 2026, and 2027, reflecting growth rates of 38.48%, 25.71%, and 22.34% respectively [5][10].

业绩简评 4 月 21 日，公司发布 2024 年年报，2024 年实现营业总收入 47.2 亿元，同比+12.3%；归母净利润 10.0 亿元，同比+2.0%；扣 非归母净利润 9.7 亿元，同比+2.9%。Q4 实现营业总收入 13.1 亿 元，同比-1.5%；归母净利润 2.1 亿元，同比-32.9%；扣非归母净 利润 1.9 亿元，同比-39.9%，受费用增长及汇兑损失影响，业绩 略低于预期。 经营分析 智能配用电业务：海外加快本土化布局，国内业务快速增长。24 年实现营收 45.4 亿元，同比+13.4%；毛利率 45.3%，同比+2.1pct。 1）海外：实现收入 29.4 亿元，同比+9.8%，欧洲、拉美、非洲均 有新生产基地启动建设或投入生产运营。①用电领域：落地多个 AMI、STS2.0 预付费项目，解决方案的营收占比超过 60%。同时公 司在智能计量领域进行业务延伸，在水、气计量产品和 AMI 系统 解决方案领域取得新的突破，并持续获取订单；②配电领域：加 快推进配网产品在海外市场的业务拓展，重合器、环网柜、中置 柜、柱上断路器、智能箱变等产品在拉美、非洲、中东等区域实 现批量中标，看好公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [13]. Core Views - The company's performance in Q1 aligns with expectations despite ongoing pressure on downstream demand. Key factors include the continuous improvement of domestic channel networks and successful collaborations in high-tech electronics and equipment manufacturing [9]. - The revenue forecast for FY25-27 has been adjusted to 1.022 billion, 1.177 billion, and 1.356 billion RMB respectively, with corresponding net profit estimates of 0.75 billion, 0.98 billion, and 1.34 billion RMB [8]. Financial Summary - **Revenue and Profit Growth**: - FY24 revenue is projected at 888 million RMB, reflecting a year-on-year growth of 7.31%. The net profit for FY24 is estimated at 63.96 million RMB, with a growth rate of 4.17% [7][8]. - **Earnings Per Share (EPS)**: - The diluted EPS is expected to increase from 0.506 RMB in 2023 to 1.108 RMB by 2027, indicating a strong upward trend [7]. - **Return on Equity (ROE)**: - The ROE is projected to rise from 2.29% in 2023 to 4.63% in 2027, showcasing improved profitability [7]. - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to decrease from 196.63 in 2023 to 85.41 in 2027, suggesting a more attractive valuation over time [7]. Product and Market Analysis - **Product Performance**: - The standard general software segment generated 769 million RMB in FY24, with a growth of 9.93%. The 3D product line saw a significant increase of 29.21%, contributing to 27.34% of total revenue [8]. - **Geographical Revenue Breakdown**: - Domestic revenue reached 685 million RMB in FY24, growing by 2.74%, while overseas revenue surged by 28.77% to 202 million RMB, indicating strong international demand [8]. Cost and Expense Management - **R&D and Operating Expenses**: - R&D expenses accounted for 50.23% of revenue in FY24, reflecting a commitment to innovation. Sales and management expenses were effectively controlled, with sales expenses decreasing by 5.96% year-on-year [8].