FLYCO(SH:603868) Xin Lang Cai Jing·2025-05-10 00:35Core Viewpoint - The company reported significant declines in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, with improvements in net profit margin and cost management [1][2][3] Financial Performance - 2024 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 4.1 billion, 460 million, and 360 million yuan, representing year-on-year declines of 18%, 55%, and 60% respectively [1] - Q4 2024 figures were particularly poor, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 800 million, -70 million, and -180 million yuan, showing year-on-year declines of 22%, 104%, and 111% respectively [1] - Q1 2025 showed improvement with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.2 billion, 180 million, and 160 million yuan, with year-on-year changes of -1%, +49%, and -80% respectively [1] Product and Brand Performance - All product categories faced significant pressure in 2024, with personal care appliances, household appliances, and other products generating revenues of 3.96 billion, 60 million, and 110 million yuan, reflecting year-on-year declines of 17%, 39%, and 36% respectively [1] - The Broye brand generated 880 million yuan in revenue for 2024, a year-on-year increase of 2%, but saw a 24% decline in H2 2024 due to strategic adjustments [1] Cost Management and Profitability - Gross profit margins for 2024 and Q1 2025 were 54.6% and 56.2%, with year-on-year changes of -1.91 and -0.57 percentage points, attributed to competitive pricing pressures [2] - The company improved its sales and management expense ratios in Q1 2025 to 33.0% and 3.4%, down from 35.8% and 4.4% in 2024, indicating better cost management [2] Future Outlook - The company is positioned as a leader in the domestic personal care appliance market, focusing on upgrading product structure, optimizing channels, and enhancing marketing strategies [3] - Expected net profits for 2025 and 2026 are projected at 640 million and 720 million yuan, with corresponding EPS of 1.5 and 1.7 yuan, leading to PE ratios of 24.6 and 21.9 times [3]