KINGCLEAN(SH:603355) Shenwan Hongyuan Securities·2025-04-16 11:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's revenue met expectations while profits exceeded expectations, with 2024 revenue reaching 9.765 billion yuan, a year-on-year increase of 11%, and net profit attributable to shareholders reaching 1.230 billion yuan, a year-on-year increase of 10% [7] - The core component business showed growth, and new business development is progressing smoothly, with the clean health appliances and gardening tools business generating revenue of 5.67 billion yuan, a year-on-year increase of 10.3% [7] - The company is expanding its overseas manufacturing footprint to mitigate trade friction, with new production bases in Vietnam and Thailand [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 10.691 billion yuan, with a year-on-year growth rate of 9.5% [6] - Net profit attributable to shareholders is projected to be 1.338 billion yuan for 2025, reflecting a year-on-year growth of 8.7% [6] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 1.34 billion yuan and 1.44 billion yuan respectively [7]