Core Viewpoint - The company is experiencing accelerated growth in its main business, driven by the expansion of major clients and the rapid growth of its own brand, maintaining a "Buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 2.237 billion yuan, a year-on-year increase of 16.8%, with net profit attributable to shareholders of 95 million yuan, up 15.2% [1] - In Q1 2025, the company reported revenue of 608 million yuan, a year-on-year increase of 39.1%, with net profit attributable to shareholders of 30 million yuan, up 48.6% [1] - The company has revised its net profit forecasts for 2025-2027 to 133 million, 160 million, and 187 million yuan, respectively, with corresponding EPS of 0.75, 0.90, and 1.05 yuan [1] Group 2: Business Segments - The product business continues to grow, with revenue from rolled materials and products in 2024 at 709 million and 1.509 billion yuan, respectively, showing a decline of 1.2% and an increase of 27.8% [1] - The subsidiary Hangzhou Guoguang generated revenue of 1.393 billion yuan in 2024, a year-on-year increase of 26.6%, due to the company's efforts to expand into the domestic market [1] - The own brand "Xiaozhijia" saw significant growth, with revenue of 30 million yuan in 2024, up 80.6% [1] Group 3: Operational Efficiency - In 2024, the company's gross margin and net profit margin were 14.80% and 4.26%, respectively, showing a slight decline due to an increase in low-margin client revenue [2] - In Q1 2025, the gross margin and net profit margin improved to 15.73% and 5.00%, respectively, with a decrease in the expense ratio to 7.51% [2] - The company's inventory at the end of Q1 2025 was 311 million yuan, up 21.7%, with inventory turnover days reduced to 48.8 days [2]
诺邦股份(603238):主业加速增长 新拓大客户+自有品牌双轮驱动