Haoyue Care(605009) Xinda Securities·2025-04-15 07:26Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the performance metrics and growth prospects discussed. Core Viewpoints - The company reported a revenue of 2.929 billion yuan for 2024, reflecting a year-on-year growth of 6.3%, while the net profit attributable to the parent company was 388 million yuan, down 11.7% year-on-year [1] - The fourth quarter of 2024 saw a significant revenue increase of 30.2% year-on-year, amounting to 888 million yuan, although net profit decreased by 27.6% due to credit impairment losses and increased sales expenses [1] - The company is expanding its business through acquisitions, such as the acquisition of Sibao, and enhancing its brand presence in the market [3] Summary by Sections Financial Performance - In 2024, the company's baby hygiene products generated revenue of 2.060 billion yuan, up 4.3% year-on-year, with a gross margin of 23.9% [2] - The adult hygiene products segment reported revenue of 552 million yuan, down 0.6% year-on-year, with a gross margin of 28.9% [2] - The company’s gross margin for Q4 2024 was 27.0%, a decrease of 2.1 percentage points year-on-year, while the net profit margin was 10.5%, down 8.4 percentage points [3] Business Segments - The company’s contract manufacturing business saw robust growth, particularly in the diaper segment, with significant sales figures reported for major brands [3] - The company’s own brand, Jieting, has shown strong growth in e-commerce, with a GMV of 71 million yuan in Q1 2025, up 43.7% year-on-year [3] - The overseas market revenue reached 451 million yuan in 2024, a 46.7% increase year-on-year, with a gross margin of 36.7% [3] Future Projections - The company is projected to achieve net profits of 466 million yuan, 553 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.76, 14.98, and 12.40 [4] - The expected revenue growth rates for the next few years are 42.0% for 2025, 19.4% for 2026, and 13.7% for 2027 [5]