Fuanna(002327) Xin Lang Cai Jing·2025-05-06 02:43Core Viewpoint - The company reported a revenue of 3.01 billion in 2024, a year-on-year decrease of 0.6%, and a net profit attributable to shareholders of 540 million, down 5.22% year-on-year. The first quarter of 2024 saw a significant decline in revenue and net profit, falling 17.8% and 54.1% respectively, which was below market expectations [1][2]. Revenue Breakdown - Online Channel: Revenue decreased by 7.4% year-on-year, but gross margin improved by 2.3 percentage points to 50.3%. The company maintains a strategic focus on high-quality online development, establishing a core competitive advantage through "refined operations + flexible supply chain + comprehensive marketing" [1]. - Direct Sales Channel: Revenue increased by 1.8% year-on-year, while gross margin decreased by 2.3 percentage points to 67.9%. The company opened one new direct store, with average annual sales per store at 1.517 million, a year-on-year increase of 1.57% [1]. - Franchise Channel: Revenue grew by 1.4% year-on-year, with gross margin declining by 0.6 percentage points to 55.6%. The company closed 23 franchise stores during the year, enhancing the franchise management system through organizational restructuring and risk control mechanisms [1]. - Group Purchase: Revenue increased by 5.1% year-on-year, with gross margin down by 2.2 percentage points to 41.6% [1]. Financial Metrics - The company's gross margin increased by 0.4 percentage points to 56.1% in 2024. The expense ratios for sales, management, and R&D increased by 1.5 percentage points, decreased by 0.2 percentage points, and decreased by 0.4 percentage points respectively. The net profit margin decreased by 0.9 percentage points to 18% [2]. - As of the end of 2024, inventory turnover days increased by 4 days to 199 days, and net cash flow from operating activities was 366 million, down from 766 million in the same period last year [2]. Future Outlook - Despite short-term performance fluctuations, the company continues to maintain a high dividend policy to reward investors, which remains attractive. In the medium to long term, the company is expected to gradually improve its operations due to strong brand recognition and adjustments in both online and offline channels, alongside ongoing domestic consumption policy enhancements [2]. - The company has adjusted its earnings forecast and introduced projections for 2027, estimating EPS for 2025-2027 at 0.64, 0.69, and 0.76 respectively. The DCF target valuation is set at 11.48, maintaining a "buy" rating [3].