NHD(002264) 华鑫证券·2025-04-02 10:23Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan, respectively, reflecting year-on-year increases of 30% [5]. - The company is actively expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6]. - The earnings forecast for 2025-2027 indicates a steady increase in earnings per share (EPS), projected at 0.48, 0.60, and 0.74 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 times [8][10]. Summary by Sections Financial Performance - In 2024, the company's total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30% for revenue and net profit [5]. - The fourth quarter of 2024 saw total revenue of 901 million yuan, with net profit increasing by 68% year-on-year [5]. - The gross margin and net margin for 2024 were 25% and 7%, respectively, showing slight declines compared to the previous year [5]. Product Development and Sales Channels - The company is focusing on developing new products in collaboration with well-known brands, which is expected to enhance growth [6]. - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, with internet sales growing by 32.1% year-on-year [6]. Earnings Forecast - The company is projected to achieve a revenue growth rate of 30.2% in 2024, with net profit growth of 29.6% [10]. - The forecast for 2025-2027 indicates continued growth in both revenue and net profit, with expected figures of 4.55 billion and 343 million yuan in 2025 [10].