EDIFIER(002351) 中邮证券·2025-01-06 10:55Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6]. Core Insights - The company is enhancing its brand influence and accelerating the introduction of new products. It is expanding its traditional online channels while also investing in social e-commerce platforms like Douyin and Xiaohongshu to boost sales. Internationally, the company is developing direct online channels on platforms such as Amazon and Lazada, alongside leveraging social media for brand promotion [4]. - The company is actively launching new products, particularly in the open-ear headphone market, which is experiencing rapid growth. It has introduced 11 models in this category and plans to diversify its offerings further. The company is also focusing on integrating AI technologies into its products [5]. - Financial projections indicate a steady increase in net profit, with estimates of 5.1 billion, 6.0 billion, and 7.0 billion yuan for the years 2024 to 2026, respectively [6]. Company Overview - The latest closing price of the company's stock is 16.24 yuan, with a total market capitalization of 144 billion yuan. The company has a debt-to-asset ratio of 20.1% and a price-to-earnings ratio of 34.55 [3]. - The largest shareholder is Zhang Wendong [3]. Financial Forecasts - The company is expected to achieve revenues of 3,105 million yuan in 2024, growing at a rate of 15.25%. By 2026, revenues are projected to reach 4,003 million yuan, with a growth rate of 13.98% [8][10]. - The EBITDA is forecasted to increase from 629.74 million yuan in 2024 to 850.57 million yuan in 2026, indicating a positive trend in operational profitability [8][10]. - The net profit attributable to the parent company is expected to grow from 507.78 million yuan in 2024 to 695.08 million yuan in 2026, reflecting a robust growth trajectory [8][10].