YLT(SH:600197) Xin Lang Cai Jing·2025-05-08 12:29Performance Summary - In 2024, the company's operating revenue, net profit attributable to the parent, and net profit after deducting non-recurring gains and losses were 2.203 billion, 286 million, and 278 million yuan respectively, showing year-on-year declines of 1.27%, 15.91%, and 16.48% [1] - In Q1 2025, the company's operating revenue, net profit attributable to the parent, and net profit after deducting non-recurring gains and losses were 796 million, 144 million, and 144 million yuan respectively, with year-on-year declines of 4.32%, 9.29%, and 9.76% [1] Dividend and Revenue Goals - The dividend payout ratio for 2024 is 54.40%, up from 53.24% in 2023 [2] - The revenue target for 2025 is set at 2.3 billion yuan [2] Product and Market Performance - In 2024, the revenue from high-end, mid-range, and low-end products was 1.529 billion, 506 million, and 134 million yuan respectively, with year-on-year changes of +4.27%, -8.17%, and -20.53% [2] - The proportion of mid-range and low-end products is decreasing, indicating a trend towards structural upgrading [2] - In Q1 2025, the revenue from high-end, mid-range, and low-end products was 620 million, 134 million, and 34 million yuan respectively, with year-on-year changes of +8.77%, -30.75%, and -40.94% [3] - The high-end product proportion reached 78.67% in Q1 2025, continuing to increase [3] Market Dynamics - In Q1 2025, the company's revenue from domestic and external markets was 695 million and 93 million yuan respectively, with year-on-year changes of +3.49% and -37.86% [3] - The domestic market remains stable, while the external market is experiencing a temporary decline [3] Channel Performance - In Q1 2025, revenue from direct sales, online sales, and wholesale agents was 197 million, 43 million, and 548 million yuan respectively, with year-on-year changes of +69.89%, +0.65%, and -17.27% [3] - The number of distributors decreased by 14 to 57 by the end of 2024, while the average distributor scale increased by 3.05% [3] Profitability Metrics - In Q1 2025, the gross profit margin and net profit margin decreased by 3.12 and 1.27 percentage points to 48.77% and 18.04% respectively, attributed to increased discounts during the Spring Festival [4] - The sales expense ratio, management expense ratio, and financial expense ratio changed by -1.42, +0.31, and +0.45 percentage points to 5.21%, 3.34%, and 0.59% respectively [4] Future Outlook - The company is expected to gradually improve its operating conditions following the implementation of a new marketing strategy, with a focus on stabilizing the domestic market [4] - The profit forecasts for 2025 and 2026 are adjusted to 314 million and 348 million yuan respectively, with growth rates of 10% and 11% [4]