Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights that the company achieved a year-on-year revenue growth of 12.6% to 1.82 billion RMB and a net profit growth of 13% to 195 million RMB in 2024, with a gross margin of 49.14%, an increase of 4.68 percentage points year-on-year [6][10]. - The company is expected to continue its multi-brand and multi-category channel development strategy, enhancing its competitive advantages through product innovation and channel optimization [10]. Revenue and Profit Growth - The home care product segment showed stable growth, with revenue reaching 1.634 billion RMB, a year-on-year increase of 11%, and a gross margin improvement from 45.0% in 2023 to 49.2% in 2024 [7]. - The pet product segment experienced rapid growth, with revenue of 127 million RMB, a year-on-year increase of 64.49%, and a gross margin increase from 43.2% to 54.7% [7]. Channel Development - Online sales channels achieved revenue of 671 million RMB, a year-on-year increase of 22.1%, with gross margins rising from 47.8% to 55.8% [7]. - Offline sales channels generated 1.149 billion RMB in revenue, a year-on-year increase of 7.8%, with gross margins improving from 42.7% to 45.2% [7]. Research and Innovation - The company has a strong focus on research and development, with over 172 patents by the end of 2024, and notable product performance in various categories [7][10]. - Key products such as the "Super Mosquito Repellent Green Bottle" and "Pet Food Fresh Package" have seen significant sales growth, indicating strong market demand [7]. Financial Projections - The company is projected to achieve revenues of 2.006 billion RMB, 2.206 billion RMB, and 2.420 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 225 million RMB, 247 million RMB, and 271 million RMB [10][11]. - The expected price-to-earnings (P/E) ratios for the next three years are 12, 11, and 10 respectively, indicating a favorable valuation outlook [10].
朝云集团（06601）2024年报点评：营收利润同比双增长，看好履带式爆品矩阵增长可持续