Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company reported a revenue of 516 million yuan for 2024, a decrease of 2.96% year-on-year, while the non-net profit attributable to the parent company increased by 17.61% year-on-year to 24.06 million yuan [3] - The decline in revenue is attributed to a reduction in government subsidies compared to 2023, which impacted the net profit [3] - The company has adjusted its profit forecasts for 2024 and maintained forecasts for 2025-2026, expecting net profits of 28 million yuan, 44 million yuan, and 53 million yuan for the respective years [3] Financial Summary - Total revenue for 2024 is projected at 516 million yuan, with a year-on-year change of -2.9% [6] - The net profit attributable to the parent company for 2024 is expected to be 28 million yuan, reflecting a year-on-year decrease of 17.2% [6] - The gross margin is projected to be 38.5% in 2024, with a net margin of 5.5% [6] - Earnings per share (EPS) for 2024 is estimated at 0.53 yuan, with a price-to-earnings (P/E) ratio of 45.1 [6][11] Operational Strategies - The company is focusing on enhancing operational efficiency through strategies such as opening flagship stores in key markets and optimizing online marketing channels [4] - Participation in national subsidy activities for home decoration has led to significant sales during promotional events, with several products ranking first in sales on major e-commerce platforms [5]
太湖雪：北交所信息更新：积极参与国补活动，2024年扣非净利润同比+18%-20250228