aiyingshi(603214) 开源证券·2025-04-09 09:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 106 million yuan, up by 1.6% [4][5] - The company is a leading player in the maternal and infant retail sector, with stable growth in its core business and potential for further expansion through partnerships, such as the collaboration with Bandai [4][6] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 139 million, 169 million, and 202 million yuan respectively, with corresponding EPS of 1.01, 1.22, and 1.45 yuan [4][7] Financial Performance Summary - In 2024, the company achieved revenue of 34.67 billion yuan, with a net profit of 1.06 billion yuan and a non-recurring net profit of 720.9 million yuan [4][5] - The revenue breakdown by channel shows that physical stores generated 24.84 billion yuan, e-commerce 7.20 billion yuan, maternal and infant services 3.56 billion yuan, and supplier services 223 million yuan [5] - The gross margin for 2024 was 26.9%, a decrease of 1.5 percentage points, while the expense ratios for sales, management, and financial costs improved slightly [5][6] Growth Strategy - The company plans to continue expanding its offline presence, having opened 62 new maternal and infant stores in shopping centers in 2024, and is focusing on enhancing online sales through multiple platforms and live streaming [6] - The collaboration with Bandai is expected to create a second growth curve, with the first Bandai base opening in Suzhou in December 2024 [6][7] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 22.2, 18.2, and 15.3 respectively, indicating a favorable valuation compared to historical levels [4][7] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2025, with net profit growth projected at 30.9% for the same period [7][10]