齐心集团(002301)：B2B企稳回升 好视通轻装上阵 品牌新文具稳步推进

Core Viewpoint - The company experienced a mixed financial performance in 2024, with total revenue increasing by 3% but a significant decline in net profits, indicating challenges in certain business segments [1][2][3]. Financial Performance - In 2024, the company achieved total revenue of 11.397 billion yuan, with a net profit attributable to shareholders of 630 million yuan, reflecting a year-on-year decrease of 18% [1]. - The fourth quarter of 2024 saw total revenue of 3.001 billion yuan, with net losses reported at 960 million yuan, indicating a challenging market environment [1][3]. - For the first quarter of 2025, total revenue is projected at 2.212 billion yuan, with a slight increase of 1% year-on-year, and net profit expected to be 490 million yuan [1][4]. Business Segments - The B2B business segment is estimated to have stable growth, contributing to the overall revenue increase in 2024, with revenue of 11.352 billion yuan, also up 3% year-on-year [2]. - The SAAS business segment faced a significant decline, with revenue dropping by 42% to 45 million yuan in 2024, as the company refocused its efforts on the smart education sector [2][3]. - The gross profit margin for 2024 was reported at 8.6%, a slight increase of 0.2 percentage points, with B2B and SAAS margins at 8.58% and 10.40%, respectively [3]. Future Outlook - The company anticipates a recovery in B2B revenue in the first quarter of 2025, with improvements in order volumes and profitability expected from the adjustments made in the SAAS segment [4]. - The gross profit margin for the first quarter of 2025 is projected to be 9.7%, although this represents a decrease of 0.4 percentage points year-on-year [4]. - The company is focusing on optimizing its B2B customer structure and leveraging AI tools to enhance efficiency and profitability, with expectations for growth in the comprehensive procurement service platform [5]. Strategic Initiatives - The company is investing in the development of new stationery products, aiming to enhance product quality and emotional value through collaborations with premium IPs [5]. - There is an expectation for the SAAS business adjustments to yield positive contributions to profits in the near future [5]. - The company projects net profits of 200 million, 250 million, and 320 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 25, 20, and 16 times, respectively [5].