SCSF(600779) 东吴证券·2025-01-27 00:15Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company successfully achieved positive growth targets for 2024, with revenue expected to reach approximately 5.217 billion yuan, a year-on-year increase of about 5.3%, and net profit attributable to shareholders projected at around 1.341 billion yuan, a year-on-year increase of about 5.7% [8] - The performance of mid-to-high-end products has been stable, with significant sales growth in products priced at 300 yuan and below, particularly the flagship product "Zhenniang Eight" [8] - The company is actively embracing digital transformation and enhancing its marketing strategies, focusing on both online and offline channels to increase brand exposure and consumer engagement [8] Financial Summary - Total revenue (in million yuan) for 2022A was 4,673, 2023A was 4,953, 2024E is 5,217, 2025E is 4,904, and 2026E is 5,450 [1] - Net profit attributable to shareholders (in million yuan) for 2022A was 1,216, 2023A was 1,269, 2024E is 1,341, 2025E is 1,178, and 2026E is 1,347 [1] - The latest diluted EPS (in yuan/share) for 2022A was 2.49, 2023A was 2.60, 2024E is 2.75, 2025E is 2.41, and 2026E is 2.76 [1] - The current P/E ratio (based on latest diluted EPS) is 17.90 for 2023A, 16.94 for 2024E, 19.28 for 2025E, and 16.86 for 2026E [1]