GUJING(000596) 东吴证券·2025-04-09 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 23.58 billion yuan for FY 2024, representing a year-on-year increase of 16.4%. The net profit attributable to shareholders reached 5.514 billion yuan, up 20.2% year-on-year. The performance is generally in line with market expectations, although tax impacts have slightly hindered net profit growth [7] - The company continues to strengthen its market presence both domestically and in selected external markets, with a focus on product segmentation and regional growth strategies. The company is expected to maintain strong growth in its core products, particularly in the domestic market [7] - The net profit margin for FY 2024 increased by 0.7 percentage points to 23.4%, with an estimated actual increase of nearly 2 percentage points after adjusting for tax impacts. This improvement is attributed to enhanced efficiency in resource allocation and marketing strategies [7] Summary by Sections Financial Performance - Total revenue for FY 2024 is estimated at 23.58 billion yuan, with a year-on-year growth of 16.4% - Net profit attributable to shareholders is projected at 5.514 billion yuan, reflecting a 20.2% increase year-on-year - The company expects to achieve double-digit revenue growth in FY 2025, with net profit margin showing potential for improvement [7][8] Product and Market Strategy - The company is focusing on deepening its market penetration in both domestic and external markets, with a strong emphasis on product structure and regional performance - Key products such as Gu 8 and Gu 16 are anticipated to maintain robust growth, while new product launches are expected to contribute to revenue [7][8] Profitability and Efficiency - The company’s net profit margin has improved, with a significant contribution from cost management and marketing efficiency - The overall gross margin is expected to show a slight increase, although growth may be more moderate compared to previous years [7][8]