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]. - Online revenue increased to 54.96% of total revenue, with a significant growth of 20.03% year-on-year, while offline revenue declined by 10.05% [2]. - The gross profit margin for 2024 was 81.73%, slightly down by 0.5 percentage points year-on-year, primarily due to increased sales and marketing expenses [3]. Revenue and Profitability - The company expects net profits for 2025, 2026, and 2027 to be 721 million yuan, 797 million yuan, and 901 million yuan, respectively, with growth rates of 9.0%, 10.7%, and 13.0% [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18x, 16x, and 14x, respectively [4][5]. Financial Metrics - The company reported a sales expense ratio of 37.09% in 2024, which increased significantly due to higher marketing costs associated with online sales [3]. - The net profit margin for 2024 was 32.78%, down by 5.98 percentage points year-on-year, attributed to increased promotional spending [3][4]. - The forecasted revenue growth rates for the next three years are 14.4% for 2025, 9.2% for 2026, and 15.6% for 2027 [5][8].
敷尔佳：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-20250424