FLYCO(603868) 天风证券·2025-01-19 01:12Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [4][3]. Core Views - The company's performance is significantly under pressure due to the dual impact of strategic adjustments in its dual-brand structure and changes in the consumer environment. The expected net profit attributable to the parent company for 2024 is 460 million yuan, a year-on-year decrease of 54.45% [1][3]. - The shaving industry is experiencing a decline in sales growth, with a projected year-on-year decrease of 10.5% for 2024. The hair dryer segment shows better performance but is also slowing down in Q4 2024 [2][3]. - The company anticipates a recovery in revenue performance with the launch of new products in the shaving and hair dryer categories in the future [3]. Financial Summary - The expected net profit for 2024 is 460 million yuan, with projections of 510 million yuan for 2025 and 560 million yuan for 2026. The corresponding dynamic PE ratios are 36.1x, 32.9x, and 30x respectively [3][8]. - The company's revenue for 2024 is projected to be 4.26 billion yuan, reflecting a year-on-year decline of 15.79%. The revenue growth rates for 2025 and 2026 are expected to be 4.58% and 6.76% respectively [8][10]. - The company’s total market capitalization is approximately 16.75 billion yuan, with a current share price of 38.45 yuan [5][4].