RYC(003010) 申万宏源·2025-02-07 12:14Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [6][7]. Core Insights - The company has a solid foundation in e-commerce operations and has successfully expanded into brand management, leading to significant growth in its proprietary brand "Zhanjia" [6][19]. - The company is expected to achieve substantial revenue growth, with projections of 1.818 billion, 2.375 billion, and 2.877 billion yuan for the years 2024, 2025, and 2026 respectively [2][7]. - The proprietary brand "Zhanjia" is anticipated to generate approximately 600 million yuan in GMV in 2024, driven by its differentiated market approach [6][36]. Summary by Sections 1. E-commerce Operations and Brand Management - The company has established itself as a leading third-party e-commerce operator since its inception in 2011, expanding into various categories such as maternal and infant products, beauty, and health [19]. - The transition from e-commerce operations to brand management has been marked by the acquisition of the high-end cleaning brand "Zhanjia" in 2019, which has seen rapid growth since its launch in 2020 [19][20]. 2. Future Prospects - The proprietary brand "Zhanjia" is positioned to capture the high-end cleaning market, appealing to younger consumers who prioritize quality and emotional resonance in their purchases [6][38]. - The brand management segment is expected to grow significantly, with revenue projections of 4.49 billion, 6.74 billion, and 8.09 billion yuan for 2024, 2025, and 2026 respectively [8][30]. 3. Financial Forecasts - The company anticipates a net profit of 112 million, 164 million, and 215 million yuan for the years 2024, 2025, and 2026 respectively, reflecting strong growth rates of 106.1%, 46.4%, and 31.0% [2][7]. - The gross margin is projected to improve from 47.3% in 2024 to 52.1% in 2026, driven by the increasing contribution of high-margin proprietary brand sales [8][26]. 4. Market Dynamics - The domestic cleaning market is expected to grow to approximately 584 billion yuan in 2024, with a focus on high-end and differentiated products appealing to the new generation of consumers [38][40]. - The company is leveraging its extensive e-commerce experience to enhance brand management capabilities, which is expected to drive further growth in its proprietary brands [34][36].