GUJING(000596) 新浪财经·2025-04-08 23:45Core Viewpoint - The company reported a strong performance for 2024, with total revenue of 23.578 billion yuan, a year-on-year increase of 16.41%, and a net profit attributable to shareholders of 5.514 billion yuan, up 20.15% year-on-year [1] Financial Performance - For the fourth quarter of 2024, the company achieved revenue of 4.509 billion yuan, a year-on-year growth of 4.85%, while net profit attributable to shareholders was 767 million yuan, a decrease of 1.17% year-on-year [1] - The company maintained a steady operational pace throughout the year, with revenue and profit growth rates exceeding 15% [1] - The company’s proactive inventory reduction strategy in Q4 laid a solid foundation for a strong start in Q1 2025 [1] Market Strategy and Product Development - The company has a well-structured product layout and flexible market strategies, leading to sustained growth both domestically and nationally [2] - Key products such as Gu 5 and Gu 8 have stable sales, while efforts to enhance market recognition for Gu 16 are showing strong momentum [2] - The company’s strong control over product lines and regional channels enhances its resilience against market cycles [2] Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 23.58 billion yuan, 26.36 billion yuan, and 29.67 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.4%, 11.8%, and 12.6% [2] - Expected net profits attributable to shareholders are 5.51 billion yuan, 6.35 billion yuan, and 7.29 billion yuan for the same years, with growth rates of 20.1%, 15.2%, and 14.7% [2] - The company is expected to have a price-to-earnings ratio of 14 and 12 for 2025 and 2026, respectively, maintaining a "recommended" rating [2]