Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is expected to turn profitable in Q4 2024, with a projected net profit of 0.26-0.34 billion yuan, representing a year-on-year increase of 29-68% [1]. - The adult incontinence products market in China is experiencing increasing penetration rates, driven by government support for elderly care and the expansion of long-term care insurance [2]. - The company plans to enhance its self-owned brands and product offerings, focusing on cost reduction and efficiency improvements to drive stable growth [3]. - The financial forecast has been adjusted upwards, with expected revenues of 1.07 billion, 1.16 billion, and 1.3 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 0.32 billion, 0.39 billion, and 0.46 billion yuan [4]. Summary by Sections Financial Performance - The company anticipates a net profit of 0.04-0.12 billion yuan in Q4 2024, compared to a loss of 0.007 billion yuan in Q4 2023 [1]. - The 2024 forecasted net profit after deducting non-recurring items is estimated at 0.03-0.12 billion yuan, improving from a loss of 0.008 billion yuan in the previous year [1]. - The company’s revenue for 2024 is projected to be 1.067 billion yuan, with a slight decline from 2023, but expected to grow in subsequent years [9]. Market Trends - The adult incontinence products market is set to grow due to increased government focus on elderly care and the expansion of long-term care insurance, with over 1.8 billion people insured in pilot cities [2]. - The company is positioned to benefit from the growing demand for elderly care products as the aging population increases [2]. Brand Strategy - The company is focusing on its self-owned brands such as "Reliable," "Absorbent Treasure," and "An Nurse," aiming to enhance brand recognition and market position [3]. - Plans include increasing R&D investment, accelerating product innovation, and expanding both online and offline distribution channels [3].
可靠股份：24Q4预计同比扭亏，成人失禁用品渗透率逐年提高