MCLON(SZ:300945) Xin Lang Cai Jing·2025-04-29 02:53Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by online sales and channel expansion [1][2] Financial Performance - In 2024, the company achieved revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% [1] - For Q1 2025, revenue reached 714 million yuan, reflecting a year-on-year growth of 42.87%, with a net profit of 43 million yuan, up 33.52% [1] - The company plans to distribute a cash dividend of 0.14 yuan per share, totaling 37 million yuan, with a dividend payout ratio of 38.17% [1] Sales Channels and Strategy - The company implemented an online strategy to empower offline sales, achieving a multi-channel development approach [2] - In 2024, revenue from various sales channels was as follows: direct stores 270 million yuan, counters 410 million yuan, franchises 380 million yuan, and e-commerce 1.29 billion yuan, with e-commerce contributing 54.83% of total revenue [2] - The e-commerce channel saw a year-on-year revenue increase of 40.76%, significantly driving overall revenue growth [2] Store Expansion and Performance - By the end of 2024, the company operated 235 stores, netting an increase of 67 stores, covering 15 provinces and 2 cities [2] - Revenue from offline channels (including franchises) was 1.056 billion yuan, up 5.92%, primarily due to channel expansion [2] - The company’s strategy of online empowerment for offline operations led to a 87.28% revenue increase in out-of-province areas [2] Product Performance - In 2024, the company’s single-store revenue for direct and counter sales decreased by 1.92% to 6.37 million yuan, while single-store gross profit increased by 6.15% to 1.6973 million yuan [3] - The revenue from gold jewelry increased by 29% to 2.28 billion yuan, while embedded jewelry revenue fell by 54% to 68 million yuan [3] - The company focuses on appealing to Generation Z aesthetics, enhancing brand differentiation in the gold jewelry sector [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 3 billion yuan, 3.9 billion yuan, and 4.8 billion yuan, representing year-on-year growth of 29%, 28%, and 24% respectively [4] - Net profit projections for the same years are 128 million yuan, 165 million yuan, and 210 million yuan, with corresponding year-on-year growth rates of 33%, 29%, and 27% [4]