Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a 48.2% year-on-year increase in revenue for 2024, reaching 695 million yuan, with a net profit of 45.73 million yuan, reflecting an 11.1% increase [5][8] - The company is focusing on functional skincare products, leveraging strong operational capabilities and partnerships with major brands, resulting in over 1,155 brand clients served by the end of 2024 [8] - The company is expanding its global presence, having established a factory in Indonesia and partnered with over 50 overseas brands, exporting more than 1,000 SKUs to 29 countries [8] - The company has made significant innovations, publishing 10 papers and applying for 29 patents in 2024, with a total of over 130 patents obtained [8] - The company is implementing an AI system based on DeepSeek to enhance supply chain efficiency and overall business intelligence [8] - The profit forecast for 2024 has been slightly adjusted upwards, with expected net profits of 46 million yuan for 2024, 80 million yuan for 2025, and 95 million yuan for 2026 [8] Financial Data and Profit Forecast - The total revenue is projected to grow from 469 million yuan in 2023 to 1,146 million yuan by 2026, with a compound annual growth rate of 13.6% [7][10] - The net profit is expected to increase from 41 million yuan in 2023 to 95 million yuan in 2026, with a significant growth rate of 18.7% in 2026 [7][10] - The company's gross margin is expected to improve from 28.2% in 2024 to 31.1% in 2026 [7]
芭薇股份：接入DeepSeek筑强供应链优势，海外业务启新篇章-20250301