Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - 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 in 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] - The company is recognized as a leading player in the ODM (Original Design Manufacturer) segment of skincare products, with strong detection capabilities and growth potential [4][6] Financial Summary - Revenue is projected to grow from 469 million yuan in 2023 to 695 million yuan in 2024, with a year-on-year growth rate of 48.2% [7] - Net profit attributable to the parent company is expected to increase from 41 million yuan in 2023 to 46 million yuan in 2024, reflecting a growth rate of 11.4% [7] - The gross margin is forecasted to decline from 33.2% in 2023 to 28.4% in 2024, while the net margin is expected to decrease from 8.8% to 6.6% [7] - Earnings per share (EPS) are projected to rise from 0.48 yuan in 2023 to 0.53 yuan in 2024 [7] Strategic Initiatives - The company is actively expanding its domestic and international markets while implementing a strategy focused on major clients and flagship products [5] - The company has initiated the deployment of an AI system based on the DeepSeek model, marking a significant shift towards digital transformation [5] - The company aims to promote its own brand in foreign trade, leveraging its strong R&D and delivery capabilities [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-20250301