Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 4.71, 5.54, and 6.60 RMB respectively, corresponding to PE ratios of 13, 11, and 9 times [5]. Core Insights - The company reported a revenue of 2.55 billion RMB for 2024, representing a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 680 million RMB, up 67.6% year-on-year. The Q4 2024 results showed a revenue of 700 million RMB, a 49.8% increase year-on-year, with net profits of 250 million RMB, reflecting a 197.2% increase [2]. - The growth in performance is attributed to the expansion of customer base and procurement scale, with significant contributions from electric sofas, which saw both volume and price increases. The company added 96 new retail customers in the U.S. in 2024, including 14 from the top 100 furniture retailers [2][3]. - The gross margin improved significantly, with a full-year gross margin of 39.4%, up 5.4 percentage points year-on-year, and Q4 gross margin reaching 54.3%, up 14.3 percentage points year-on-year. This improvement is driven by the ongoing development of the company's own brand and increasing scale effects [3]. - The company successfully established over 500 "MOTO Gallery" stores in the U.S. by Q1 2025, indicating a strong performance in the end market and validating the feasibility of its store-in-store model [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.55 billion RMB, a 32.6% increase year-on-year, and a net profit of 680 million RMB, up 67.6% year-on-year. Q4 2024 revenue was 700 million RMB, a 49.8% increase year-on-year, with net profits of 250 million RMB, reflecting a 197.2% increase [2]. Operational Analysis - The company saw a rise in the number of customers and procurement scale, with electric sofas driving revenue growth. The revenue from smart electric sofas, beds, and accessories reached 1.96 billion, 350 million, and 230 million RMB respectively, with year-on-year growth rates of 37.1%, 20.4%, and 20.5% [2]. - The company added 96 new retail customers in the U.S. in 2024, enhancing its customer structure and increasing its influence in mainstream retail channels [2]. Financial Metrics - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, while Q4 gross margin reached 54.3%, up 14.3 percentage points year-on-year. The company effectively controlled expenses, with sales, management, and R&D expense ratios showing favorable trends [3]. Brand Development - The company has made significant progress in developing its own brand, with the successful establishment of over 500 MOTO Gallery stores in the U.S. by Q1 2025, indicating a strong market presence and growth potential [4].
匠心家居（301061）：业绩简评经营分析