卡罗特：Still subject to numerous macro risks-20250331

31 Mar 2025 Still subject to numerous macro risks FY24 net profit was inline but sales was under pressure. For FY25E, even though management has maintained the sales growth target of 30%+, we are still rather cautious on both sales growth and GP margin, given the macro headwinds. As a result, we are now forecasting a 7% net profit drop in FY25E and 5% net profit growth in FY26E, and maintain BUY due to its market share gain story in the long run. Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26 ...