Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 3.885 billion yuan in 2024, representing a year-over-year growth of 34.6%, with a net profit of 881 million yuan, also showing a growth of 33.0% [4] - The company has demonstrated strong online growth, improved member repurchase rates, and maintained high net profit margins [5] - The company is expected to continue its growth trajectory with projected net profits of 1.201 billion yuan, 1.532 billion yuan, and 1.928 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 43x, 34x, and 27x [6] Financial Performance - In 2024, the company's revenue from cosmetics, skincare, and training was 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan respectively, with year-over-year growth rates of 42%, 23%, and 46% [5] - The gross margin for the company in 2024 was 84.4%, a slight decrease of 0.5 percentage points year-over-year, primarily due to increased logistics costs [6] - The company plans to expand its store presence and has a total of 409 counters by the end of 2024, with a net increase of 25 counters [5] Revenue Projections - The projected revenue for the company is 5.212 billion yuan in 2025, 6.687 billion yuan in 2026, and 8.455 billion yuan in 2027, with growth rates of 34.17%, 28.30%, and 26.43% respectively [8] - The expected EBITDA for the company is 1.533 billion yuan in 2025, 1.956 billion yuan in 2026, and 2.451 billion yuan in 2027 [8] Profitability Metrics - The company's net profit margin is projected to be 22.7% in 2024, with a slight increase in adjusted net profit margin to 23.8% [6] - The earnings per share (EPS) is expected to be 2.45 yuan in 2025, 3.13 yuan in 2026, and 3.93 yuan in 2027 [8]
毛戈平：线上高增，复购率提升，保持高净利率-20250328