NHD(002264) 新浪财经·2025-03-29 04:41Core Insights - The company reported a revenue of 3.676 billion yuan for 2024, representing a year-on-year increase of 30.2% [1] - The net profit attributable to shareholders reached 260 million yuan, up 29.6% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, reflecting a 16.9% increase [1] Group 1: Sales Performance - The company experienced strong sales during peak seasons such as the New Year Festival and Double Eleven, with stable growth in its core business [2] - For 2024, internet sales and internet service revenues were 3.629 billion yuan and 474 million yuan, respectively, showing a year-on-year increase of 32.1% and a decrease of 38.4% [2] - The total Gross Merchandise Volume (GMV) for the year was 8.2 billion yuan, a 7% increase year-on-year [2] Group 2: Profitability Analysis - The overall gross margin for 2024 was 24.9%, a decrease of 0.5 percentage points year-on-year, while Q4 gross margin improved to 28.1%, a 2.8 percentage point increase quarter-on-quarter [3] - The company achieved a net profit margin of 7.7% in Q4, up 2.9 percentage points year-on-year, and maintained a net profit margin of 7.1% for the entire year [3] - The total expense ratio for 2024 was 16.0%, down 1.3 percentage points year-on-year, with significant improvements in sales expense ratio in Q4 [3] Group 3: Future Outlook - The company is expected to deepen relationships with major manufacturers, which may lead to the gradual release of incremental business opportunities [4] - The company plans to expand its overseas market presence through platforms like TikTok and Shopee, with a live streaming base in Jakarta, Indonesia [4] - Revenue projections for 2025 and 2026 are estimated at 4.53 billion yuan and 5.58 billion yuan, respectively, with net profits of 340 million yuan and 440 million yuan [4]