Group 1 - The company reported a revenue of 2.017 billion yuan for 2024, representing a year-on-year increase of 4.3%, while the net profit attributable to shareholders was 661 million yuan, a decrease of 11.8% year-on-year [1] - In Q1 2025, the company achieved a revenue of 301 million yuan, down 26.4% year-on-year, and a net profit of 91 million yuan, down 39.8% year-on-year [1] - The decline in net profit for 2024 was primarily due to increased sales and marketing expenditures, while the Q1 2025 revenue and profit drop was attributed to channel optimization and higher promotional costs [1] Group 2 - The company plans to launch several new skincare products in 2024, including "Fuerjia Fermentation Comfort Water" and "Fuerjia Lactobionic Acid Oil Control Mask and Essence," and has completed the registration of three new raw materials [2] - In the medical device sector, the company is progressing with four Class II medical device projects and has entered the mid-design confirmation stage for a Class III humanized collagen freeze-dried fiber product [2] Group 3 - Revenue projections for the company from 2025 to 2027 are estimated at 2.199 billion yuan, 2.374 billion yuan, and 2.536 billion yuan, with corresponding growth rates of 9.04%, 7.96%, and 6.81% [3] - The net profit attributable to shareholders is expected to be 664 million yuan, 678 million yuan, and 721 million yuan for the same period, with growth rates of 0.44%, 2.16%, and 6.25% respectively [3] - The company maintains an "overweight" rating based on these forecasts [3]
敷尔佳(301371)：渠道结构调整延续 “妆械协同”战略深化