Peacebird(603877) 天风证券·2025-03-31 08:16Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.69 CNY [6] Core Viewpoints - The company reported a revenue of 2.3 billion CNY in Q4 2024, a year-on-year decrease of 12%, and a net profit attributable to the parent company of 150 million CNY, down 29% year-on-year [1] - For the full year 2024, the company achieved a revenue of 6.8 billion CNY, a decline of 13% year-on-year, primarily due to a decrease in retail sales [1] - The company is focusing on enhancing brand strength and product quality despite facing retail environment pressures, resulting in a gross margin of 56% for 2024, an increase of 1.4 percentage points year-on-year [2] - The company is actively closing inefficient stores to improve operational quality and profitability, with a total of 3,373 offline stores at the end of 2024, having closed 358 stores during the year [3] - The company is restructuring its channels and enhancing online and offline integration, aiming to build a comprehensive retail network and improve retail operational efficiency [4] Financial Performance Summary - The company's revenue for 2024 was 6.8 billion CNY, with a year-on-year growth rate of -12.7% [13] - The net profit attributable to the parent company for 2024 was 258.46 million CNY, reflecting a year-on-year decrease of 38.75% [13] - The company’s gross margin for 2024 was 56%, with a projected gross margin of 56% for the following years [14] - The company’s total assets at the end of 2024 were 8.42 billion CNY, with a debt-to-asset ratio of 46.44% [14] Brand Strategy - The company plans to upgrade its three major brands in 2025, focusing on different target demographics to enhance brand value [5][11] - The main brand, Peacebird, will target the 25-35 age group, while the LEDiN brand will focus on young urban women aged 18-28, and MiniPeace will cater to children under 14 [5][11] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 7 billion CNY, 7.3 billion CNY, and 7.7 billion CNY respectively [12] - The projected net profits for 2025-2027 are 390 million CNY, 480 million CNY, and 510 million CNY respectively, with corresponding EPS of 0.82 CNY, 1.00 CNY, and 1.08 CNY [12]