Fuling Zhacai(SZ:002507) KAIYUAN SECURITIES·2025-04-01 06:50Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company is expected to face short-term profit pressure in 2024, but stable growth is anticipated in 2025 [4][5] - The revenue for 2024 is projected at 2.39 billion yuan, with a net profit of 800 million yuan, reflecting a year-on-year decline of 2.6% and 3.3% respectively [4][6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 890 million yuan and 960 million yuan, representing year-on-year growth of 11.6% and 7.8% respectively [4][6] Financial Summary - 2024 Revenue: 2.39 billion yuan, Net Profit: 800 million yuan [4][9] - 2025 Estimated Revenue: 2.59 billion yuan, Net Profit: 892 million yuan [9] - 2024 Gross Margin: 51.0%, expected to increase to 51.8% in 2025 [9][10] - 2024 Operating Expenses: Sales, management, and R&D expenses increased by 0.20, 0.35, and 0.20 percentage points respectively [6][9] Market Outlook - The company plans to achieve an 8% revenue growth in 2025, with a gross margin of 51.78% [7] - The company has implemented several reforms to support sales, including launching a new product line and enhancing marketing strategies [5][6]