aiyingshi(SH:603214) Xin Lang Cai Jing·2025-04-06 13:12Core Viewpoint - The company reported a steady growth in revenue and net profit for the year 2024, driven by strong performance in offline and online sales channels, particularly in the milk powder and food categories [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.47 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 110 million yuan, up 1.6% year-on-year [1]. - For Q4 2024, revenue reached 1 billion yuan, reflecting a year-on-year growth of 9.7%, with a net profit of 60 million yuan, an increase of 1.3% year-on-year [2]. - The company's gross profit margin decreased by 1.5 percentage points to 26.9% due to price adjustments and changes in product mix, but profitability remained stable due to cost optimization [3]. Business Segments - Offline store revenue for 2024 was 2.48 billion yuan, up 2.0% year-on-year, while e-commerce revenue grew by 16.6% to 720 million yuan [2]. - The company opened 6 new offline stores, bringing the total to 475, while comparable store sales remained stable with a slight decline of 0.7% [2]. - Milk powder revenue was 2.1 billion yuan, up 9.5% year-on-year, while food revenue was 310 million yuan, a modest increase of 0.4% [2]. Strategic Initiatives - The company partnered with Bandai Namco to create new growth opportunities, opening its first Gundam base in Suzhou and planning to establish more stores in high-tier cities [3]. - The management aims for double-digit growth in the number of stores in 2025, with a focus on expanding the collaboration with Bandai Namco across the country [3]. Future Outlook - The company anticipates a return to expansion in its maternal and infant business channels, supported by expected government subsidies for childbirth in 2025 [3]. - Profit forecasts for 2025 and 2026 are projected at 140 million yuan and 180 million yuan, respectively, maintaining a strong buy recommendation [3].