By-health(SZ:300146) Xin Lang Cai Jing·2025-05-13 04:43Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in its operational performance and market conditions [1][2]. Financial Performance - Total revenue for 2024 was 6.838 billion yuan, a decrease of 27% year-on-year, with a net profit of 653 million yuan, down 63% [1]. - In Q4 2024, total revenue was 1.105 billion yuan, a decline of 32%, with a net loss of 216 million yuan compared to a loss of 155 million yuan in Q4 2023 [1]. - For Q1 2025, total revenue was 1.792 billion yuan, down 32%, with a net profit of 455 million yuan, a decrease of 37% [1]. Margin Analysis - Gross margin for 2024 and Q1 2025 decreased by 2 percentage points and 1 percentage point to 66.69% and 68.66%, respectively, primarily due to changes in product mix and reduced scale effects [1]. - The net profit margin decreased by 9 percentage points and 1 percentage point to 9.47% and 26.04%, respectively, with expectations of gradual improvement in profitability through better cost control [1]. Product Strategy - In 2024, revenue from tablets, powders, and capsules was 1.049 billion yuan, 625 million yuan, and 1.103 billion yuan, reflecting declines of 41%, 42%, and 26%, respectively [2]. - The company is piloting a new low-cost, high-volume model for its calcium product, which has exceeded expectations, with plans to launch new products under this model in Q2 2025 [2]. Channel Strategy - Revenue from online and offline channels in 2024 was 1.222 billion yuan and 3.125 billion yuan, down 28% and 32%, respectively [2]. - The company is enhancing the differentiation between online and offline products, focusing on consumer benefits and increasing the proportion of high-end online offerings [2]. Earnings Forecast - The company is adjusting its task allocation to smooth out quarterly fluctuations and expects gradual release of scale effects [3]. - EPS forecasts for 2025-2027 are 0.46, 0.52, and 0.59 yuan, with corresponding PE ratios of 24, 21, and 19 times [3].