Absen(SZ:300389) HUAXI Securities·2025-04-17 13:28Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 3.663 billion yuan for 2024, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 117 million yuan, down 62.98% year-on-year [1] - The company is focusing on enhancing its overseas market presence, achieving a revenue of 2.931 billion yuan from international markets in 2024, which represents a year-on-year growth of 13.78% [2] - The gross margin for 2024 was 27.48%, a decrease of 2.09 percentage points year-on-year, while the gross margin for Q1 2025 was 30.81%, an increase of 0.40 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 826 million yuan, a year-on-year decrease of 4.47%, and a net profit of 36 million yuan, down 48.69% year-on-year [1] - The company’s domestic market revenue for 2024 was 732 million yuan, a significant decline of 48.84% year-on-year due to adjustments in market strategy [2] Market Strategy - The company is shifting its domestic market strategy from focusing on scale expansion to targeting value customers for deeper engagement [2] - The company has established a channel network of approximately 6,000 partners across over 140 countries, enhancing its global market responsiveness [4][7] Profitability and Cost Management - The company’s operating expense ratio for 2024 was 24.55%, an increase of 2.81 percentage points year-on-year, driven by investments in talent, brand marketing, and operational capabilities [3] - The company aims to gradually restore its gross margin through cost control and pricing strategy optimization [3] Future Projections - Revenue projections for 2025 and 2026 are set at 4.321 billion yuan and 5.185 billion yuan, respectively, with expected year-on-year growth rates of 18.0% and 20.0% [8] - The forecasted net profit for 2025 and 2026 is 155 million yuan and 204 million yuan, respectively, with anticipated growth rates of 32.2% and 31.8% [8]