SAINT ANGELO(002154) CMS·2025-04-22 02:33Investment Rating - The report maintains a strong buy rating for the company [1][10] Core Views - In 2024, the company's revenue and profit are expected to decline by 1.91% and 29.07% year-on-year, respectively, due to increased expenses and losses from shop sales [2][10] - The company is focusing on controlling discounts and improving gross margins across channels, with an expected net profit of 5.17 billion, 5.86 billion, and 6.55 billion for 2025-2027 [10][12] Revenue Performance - The company's revenue for 2024 is projected at 51.53 billion, slightly down from the previous year, with a net profit of 4.95 billion [2][9] - The fourth quarter of 2024 shows a revenue increase of 1.97% year-on-year, but a significant decline in net profit by 44.17% [2] Brand Performance - Revenue breakdown by brand shows a decline for Baoxiniang and Kaimiqie, while Le Fei Ye has a significant growth of 27.95% [3][4] - The number of stores for Baoxiniang increased by 4 to 821, while Haji Si saw an increase of 21 stores to 478 [3] Channel Performance - Online revenue for 2024 is expected to grow by 1.65%, while offline revenue is declining despite an increase in store numbers [4][10] - The company has seen a decrease in revenue from both direct and franchise stores, with a total of 1,815 stores by the end of 2024 [8] Financial Data and Valuation - The company’s total revenue for 2023 was 52.54 billion, with a projected increase to 54.52 billion in 2025 [9][12] - The current market capitalization corresponds to a PE ratio of 11X for 2025 and 9.5X for 2026 [10][12] Profitability Metrics - The gross margin for 2024 is expected to improve to 65.02%, with a net profit margin of 10.09% [10][13] - The company’s return on equity (ROE) is projected to be 11.3% for 2025, indicating stable profitability [13]