Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company's performance in Q4 2024 met expectations, with revenue of HKD 11.8 billion, a year-on-year increase of 6%, and a net profit of HKD 1.3 billion, a year-on-year decrease of 21% [9] - The decline in net profit is attributed to a 1.3 percentage point drop in gross margin due to changes in product mix and a 3.1 percentage point increase in sales expense ratio due to increased marketing investments in proprietary brands [9] - The company is focusing on long-term strategies, continuous R&D investments, and strengthening its technological moat while binding with international leading clients [9] Financial Summary - Revenue and profit figures for the company from 2021 to 2027 are as follows: - Revenue: HKD 13,755 million (2021), HKD 12,157 million (2022), HKD 11,177 million (2023), HKD 11,799 million (2024), projected HKD 12,423.9 million (2025E), HKD 14,311 million (2026E), HKD 16,699 million (2027E) [7] - Net Profit: HKD 5,287 million (2021), HKD 2,510 million (2022), HKD 1,645 million (2023), HKD 1,303 million (2024), projected HKD 1,300 million (2025E), HKD 1,653 million (2026E), HKD 2,178 million (2027E) [7] - The company’s PE ratio is projected to be 58.0 (2024E), 46.0 (2025E), and 34.7 (2026E) [7] Business Segments - The company's OEM business showed positive growth in H2 2024, with revenue increasing by 11% year-on-year, particularly in the U.S. market, which saw a 5% increase [9] - The proprietary brand segment continued to grow, with an 11% year-on-year increase in revenue in H2 2024, driven by product line expansion and enhanced brand recognition in the U.S. and U.K. markets [9]
思摩尔国际（06969）：2024年报点评：2024Q4业绩符合预期，HNB商业化提速