SIRIO(300791) 东吴证券·2025-04-20 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance in 2024 is in line with expectations, with a stable start for the new retail business and anticipation for incremental growth [7] - The company expects a compound annual growth rate (CAGR) of 23.64% for net profit over the past three years, excluding BF [7] - The revenue for 2024 is projected to be 4.21 billion yuan, with a year-on-year growth of 17.56% [7] - The net profit attributable to the parent company for 2024 is expected to be 325.06 million yuan, reflecting a year-on-year increase of 15.66% [7] - The company anticipates net profits of 391.89 million yuan, 496.65 million yuan, and 585.57 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 20.56%, 26.73%, and 17.90% [7] Financial Summary - Total revenue for 2023 was 3.58 billion yuan, with a year-on-year increase of 42.87% [1] - The latest diluted EPS for 2024 is projected at 1.37 yuan per share, with a P/E ratio of 17.94 [1] - The gross profit margin for 2024 is expected to be 31.46%, an increase of 1.19 percentage points year-on-year [7] - The company’s total assets are projected to reach 5.49 billion yuan in 2024, with total liabilities of 2.85 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 567 million yuan [8]