supor(002032) 天风证券·2025-02-27 10:44Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, reflecting a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year. In Q4 2024, revenue was 5.92 billion yuan, down 0.4% year-on-year, and net profit was 812 million yuan, down 0.7% year-on-year [1][2]. - Domestic sales faced slight declines due to a complex market environment and more rational consumer demand. However, the company managed to increase its market share in core categories through continuous innovation and strong channel advantages. In contrast, external sales orders from major clients showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in the amount of OEM transactions for 2025, projected at 7.37 billion yuan [1]. - Profitability remained stable due to effective measures to maintain gross margins, improve marketing efficiency, and strict cost control. The company also continued to invest in R&D and product innovation, leading to a broader product range [1]. Financial Data Summary - For 2024, the company forecasts revenues of 22.43 billion yuan, with a growth rate of 5.27%. The net profit is expected to be 2.24 billion yuan, with a growth rate of 2.97% [7]. - The projected earnings per share (EPS) for 2024 is 2.80 yuan, with a price-to-earnings (P/E) ratio of 19.21x [7]. - The company’s total assets are projected to be 12.73 billion yuan in 2024, with a debt-to-asset ratio of 50.67% [10].