SIRIO(SZ:300791) Changjiang Securities·2025-04-24 10:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 4.211 billion yuan for 2024, representing a year-on-year increase of 17.56%. The net profit attributable to the parent company was 325 million yuan, up 15.66% year-on-year, while the net profit excluding non-recurring items was 328 million yuan, reflecting a 16.7% increase [2][4] - In Q4 2024, the company achieved a total revenue of 1.163 billion yuan, which is a 7.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 11.09% to 85.26 million yuan, and the net profit excluding non-recurring items fell by 5.14% to 91.38 million yuan [2][4] Summary by Sections Financial Performance - The company's revenue for 2024 was 4.211 billion yuan, with a gross profit margin of 31.46%, an increase of 1.2 percentage points year-on-year. The net profit margin was 7.72%, down 0.13 percentage points from the previous year [10] - The revenue breakdown shows that domestic revenue was 1.661 billion yuan, down 10.28% year-on-year, while revenue from the Americas was 1.666 billion yuan, up 59.56% year-on-year. European revenue reached 604 million yuan, a 14.25% increase [10] Business Strategy - The company is actively exploring new retail channels and membership-based supermarkets in China to mitigate pressure on domestic sales. The establishment of local factories in Germany and the United States is expected to reduce the impact of tariff changes [10] - The company anticipates that its net profit will reach 370 million yuan in 2025, 438 million yuan in 2026, and 491 million yuan in 2027, with corresponding EPS of 1.56, 1.84, and 2.07 yuan, respectively [10]