Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company reported a revenue of 699 million yuan, a year-on-year increase of 49.78%, and a net profit attributable to shareholders of 252 million yuan, reflecting a significant year-on-year growth of 197.20% [1] - The strong performance in Q4 is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and optimization of the product structure [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 customers increasing their purchase amounts [2] - The "store-in-store" model has been implemented, with over 500 stores in the U.S. and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company's overseas production capacity is robust, with approximately 90.5% of revenue coming from the U.S. and 84.0% from exports to Vietnam, which has mitigated the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, a decrease of 46 million yuan year-on-year, but inventory and accounts receivable turnover days have shown stability [4] Financial Summary - The company’s total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4%, and is projected to reach 3.050 billion yuan by 2025, reflecting a growth rate of 19.7% [6] - The net profit attributable to shareholders for 2023 was 407 million yuan, with a year-on-year increase of 21.8%, expected to grow to 781 million yuan by 2025 [6] - The gross profit margin is expected to stabilize around 39.4% by 2027, while the return on equity (ROE) is projected to be 18.4% [6] - The company’s earnings per share (EPS) is forecasted to increase from 4.08 yuan in 2024 to 6.26 yuan in 2027 [6]
匠心家居（301061）：产品结构改善，盈利超预期增长