xilinmen(SH:603008) Xin Lang Cai Jing·2025-05-11 00:29Core Viewpoint - In Q1 2025, the company's revenue decreased by 1.76% year-on-year, with stable performance expected from its own brand, showing a decline in offline sales but over 30% growth online, while engineering business grew steadily by over 10% [1][3] - The net profit attributable to shareholders in Q1 2025 decreased by 4.02% year-on-year, mainly due to the pre-expensing of brand costs [1][3] - The mattress products led growth in 2024, with national subsidies accelerating online growth and offline channels turning positive in Q4 2024 [1][4] Financial Performance - In 2024, the company achieved revenue of 8.729 billion yuan, an increase of 0.59%, while the net profit attributable to shareholders was 322 million yuan, a decrease of 24.84% [2] - In Q1 2025, the company reported revenue of 1.73 billion yuan, down 1.76% year-on-year, and a net profit of 71 million yuan, down 4.02% [2][3] - The basic EPS for Q1 2025 was 0.19 yuan, remaining flat compared to the previous year [2][3] Business Segments - In 2024, the company's mattress, soft bed and supporting products, sofa, and wooden furniture revenues were 5.27 billion, 2.44 billion, 720 million, and 170 million yuan, respectively, with the mattress segment showing steady growth [4][5] - The online revenue for the company's own brand in 2024 was 1.98 billion yuan, an increase of 9.9%, with Q4 growth exceeding 20% [5] Cost and Profitability - The gross margin for 2024 was 33.67%, a decrease of 0.70 percentage points, with the mattress segment gross margin at 38.40% [6] - The net profit margin for 2024 was 3.69%, down 1.25 percentage points, primarily due to increased sales expenses [6] - The company plans to optimize its expense allocation strategy, expecting an improvement in profitability [1][6] Future Outlook - The company aims to focus on the retail sector, optimizing offline channels and enhancing store efficiency while expanding online channels to new platforms [1] - Revenue projections for 2025-2027 are 9.46 billion, 10.11 billion, and 10.76 billion yuan, with expected year-on-year growth rates of 8.3%, 6.9%, and 6.4% respectively [6]