SYG(300740) 新浪财经· Xin Lang Cai Jing·2025-05-19 02:41Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, driven by its own brand and CP brand strategies focusing on high-end and global markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.237 billion yuan, a year-on-year decrease of 5.7%, with a net profit attributable to shareholders of 110 million yuan, down 62.6% [1]. - For Q1 2025, the company reported revenue of 1.085 billion yuan, an increase of 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% [1]. - The non-recurring net profit for 2024 was 118 million yuan, reflecting a decline of 56.7% year-on-year, while for Q1 2025, it was 41 million yuan, down 22.8% [1]. Group 2: Business Strategy - The company has completed the initial transformation of its own brand system towards high-end and global markets, with own brand revenue reaching 1.651 billion yuan, maintaining a stable proportion of overall revenue [1]. - The high-end self-owned brand revenue proportion is continuously increasing, and the product structure of self-owned brands has been further optimized, leading to improved gross margin levels [1]. - The CP brand segment includes skincare, makeup, personal care, perfume, and health food categories, with ongoing improvements in brand matrix layout and a focus on resource allocation and quality [1][2]. Group 3: External Factors and Profit Pressure - In 2024, the company increased investments in high-end brands like EDB and PA, but the conversion effect of these investments fell short of expectations due to external environmental impacts [2]. - Non-business factors such as hedging losses, reduced government subsidies, and decreased investment income have also pressured profits in 2024 [2]. - Despite these challenges, the company is seeing a continuous increase in the revenue share of high-margin brands and products, leading to a noticeable improvement in overall gross margin [2]. Group 4: Future Outlook - The company is expected to continue its "high-end and global" strategy, with projected revenues of 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan for 2025-2027, corresponding to growth rates of 8.3%, 6.5%, and 5.3% respectively [3]. - The net profit attributable to shareholders is forecasted to be 247 million yuan, 322 million yuan, and 363 million yuan for the same period, with growth rates of 124.4%, 30.4%, and 13.0% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.83 yuan, and 0.94 yuan for 2025-2027 [3].