By-health(SZ:300146) Guoyuan Securities·2025-03-25 08:19Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - The company announced its 2024 annual report, showing total revenue of 6.838 billion yuan, a decrease of 27.30%, and a net profit attributable to shareholders of 653 million yuan, down 62.62% [2] - The company's core products are experiencing slower iteration than expected, leading to revenue pressure [3] - The overall sales have declined due to various factors including product iteration, strategic adjustments, and industry changes [3][4] Revenue Performance - In 2024, the company's main brand, including key products, reported revenues of 3.737 billion yuan, 808 million yuan, 314 million yuan, 872 million yuan, and 1.107 billion yuan, with year-on-year declines of 30.79%, 31.51%, 29.38%, 11.80%, and 20.55% respectively [3] - Online and offline sales for 2024 were 3.363 billion yuan and 3.418 billion yuan, reflecting year-on-year declines of 25.35% and 29.79% respectively [3] - The company's domestic and overseas revenues were 5.699 billion yuan and 1.139 billion yuan, with year-on-year declines of 28.16% and 22.72% respectively [4] Profitability Analysis - The company's gross margin for 2024 was 66.69%, down 2.20 percentage points, and the net profit margin was 9.55%, down 9.02 percentage points [5] - In Q4 2024, the gross margin was 60.26%, down 4.95 percentage points, and the net profit margin was -19.53% [5] Future Projections - The company is expected to achieve net profits of 861 million yuan, 1.002 billion yuan, and 1.124 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 31.87%, 16.38%, and 12.19% [6][8]