Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4]. Core Insights - The company is expected to achieve a 15% year-on-year growth in net profit excluding non-recurring items in 2024, driven by a focus on major clients and flagship products amidst the domestic beauty wave [4][5]. - The company reported a revenue of 695 million yuan for 2024, representing a 48.24% year-on-year increase, and a net profit attributable to the parent company of 45.73 million yuan, up 11.10% year-on-year [4][7]. - The company is transitioning towards a digital strategy empowered by AI, with the initial deployment of an AI system based on the DeepSeek model [5][6]. Financial Summary - Revenue is projected to grow from 469 million yuan in 2023 to 695 million yuan in 2024, and further to 966 million yuan in 2025 [7][11]. - The net profit attributable to the parent company is expected to increase from 41 million yuan in 2023 to 46 million yuan in 2024, and reach 76 million yuan in 2025 [7][11]. - The gross margin is forecasted to decline slightly from 33.2% in 2023 to 28.4% in 2024, before recovering to 30.0% in 2025 [7][12]. - The company’s earnings per share (EPS) are projected to rise from 0.48 yuan in 2023 to 0.53 yuan in 2024, and further to 0.89 yuan in 2025 [7][11]. Strategic Initiatives - The company is actively expanding its domestic and international market presence while implementing a large client and large product strategy [5][6]. - The company has been recognized as the "Most Influential ODM Company of the Year" at the CiE Beauty Innovation Awards, highlighting its strong market position and innovative product offerings [6].
芭薇股份：北交所信息更新：坚持大客户+大单品战略，2024年扣非净利润同比+15%突围美妆国货浪潮-20250228