Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 2.017 billion yuan in 2024, representing a year-on-year increase of 4.32%. However, the net profit attributable to shareholders decreased by 11.77% to 661 million yuan [1][4]. - The increase in online revenue, which accounted for 54.96% of total revenue, was a significant factor in the revenue growth. Online sales reached 1.108 billion yuan, up 20.03% year-on-year [2][4]. - The company is focusing on enhancing its medical device segment and is actively developing recombinant collagen materials, with several products in clinical stages [4]. Revenue and Profitability - The company's gross margin for 2024 was 81.73%, a slight decrease of 0.5 percentage points year-on-year. The net profit margin was 32.78%, down 5.98 percentage points, primarily due to increased sales and marketing expenses [3][4]. - The projected net profits for 2025, 2026, and 2027 are expected to be 721 million yuan, 797 million yuan, and 901 million yuan, respectively, indicating a growth rate of 9.0%, 10.7%, and 13.0% [4][5]. Financial Forecast - The forecasted revenue for 2025 is 2.308 billion yuan, with a growth rate of 14.4%. The projected earnings per share for 2025 is 1.80 yuan, with a price-to-earnings ratio of 18 [5][7]. - The company’s operating expenses are expected to increase, with sales expenses projected at 889 million yuan in 2025, reflecting a continued investment in marketing [7][8].
敷尔佳（301371）：2024年年报点评：渠道调整与费用投放加大致利润率略有承压