Zheng Quan Zhi Xing·2025-05-09 05:59Core Viewpoint - The report highlights that Beijiajie (603059) is experiencing steady revenue growth, with expansion opportunities through strategic acquisitions and product development, despite facing pressure on net profits due to operational challenges in its subsidiaries [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.3 billion yuan, a year-on-year increase of 21.8%, but reported a net loss attributable to shareholders of 77.3 million yuan, a decline of 183.6% [2]. - For Q1 2025, revenue was 320 million yuan, up 13.3% year-on-year, with a net profit of 12.4 million yuan, down 34.5% [2]. Profitability Metrics - The overall gross margin for 2024 was 23.9%, an increase of 0.7 percentage points year-on-year, while the net margin was -6% [3]. - In Q1 2025, the gross margin improved to 25.7%, up 3.9 percentage points year-on-year, but the net margin was 4.1%, down 2.5 percentage points [3]. Product Segment Performance - Revenue from oral care products, wet wipes, and other businesses in 2024 was 840 million yuan, 390 million yuan, and 10 million yuan, respectively, with year-on-year growth of 16.8%, 15.3%, and 48.5% [4]. - The company has a production capacity of 672 million toothbrushes and 18 billion wet wipes annually, with sales volumes of 420 million toothbrushes and 5.28 billion wet wipes in 2024, reflecting growth of 14.7% and 19% year-on-year [4]. Geographic Revenue Growth - Domestic and overseas revenues were 510 million yuan and 790 million yuan, respectively, with year-on-year increases of 16.8% and 25.3% [5]. - The establishment of a wholly-owned subsidiary in Singapore and a project company in Vietnam aims to enhance production capabilities amid international trade tensions [5]. Strategic Acquisitions - The company holds a 33.9% stake in Weimeizi and has completed the acquisition of 52% of Shanenkang, enhancing its product portfolio and competitive edge in the probiotics market [5]. Earnings Forecast - EPS forecasts for 2025, 2026, and 2027 are projected at 0.89 yuan, 1.09 yuan, and 1.36 yuan, with corresponding PE ratios of 24x, 20x, and 16x [5].