RYC(003010) 信达证券·2025-04-25 02:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth [1]. Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year increase of 29.26%, with a net profit of 106 million yuan, up 94.58% [1]. - In Q1 2025, the company achieved a revenue of 574 million yuan, a 54.16% increase year-on-year, and a net profit of 27 million yuan, up 113.88% [1]. - The company plans to distribute a cash dividend of 0.5 yuan per share and a stock dividend of 0.4 shares per share, with a total cash dividend amounting to 79 million yuan, resulting in a dividend payout ratio of 75.09% [1]. Summary by Sections Self-Owned Brand Performance - The self-owned brand business generated revenue of 500 million yuan in 2024, a 90.28% increase, accounting for 28.37% of total revenue [2]. - The brand "Zhanjia" achieved revenue of 484 million yuan in 2024, with a year-on-year growth of 90.09%, and saw significant sales growth across multiple channels [2]. - The brand "Feicui" launched in September 2024, generated 12 million yuan in revenue in 2024, and continued to grow rapidly in Q1 2025 [2]. Brand Management Business - The brand management business reported revenue of 501 million yuan in 2024, a substantial increase of 212.24% [3]. - The brand "Kangwang" saw a 283% increase in sales across all channels in 2024, with significant growth on platforms like Tmall and Douyin [3]. - Strategic partnerships with international brands were established to enhance the company's presence in the health and personal care sectors [4]. Gross Margin Improvement - The overall gross margin for the company improved to 44.57% in 2024, an increase of 4.33 percentage points year-on-year [4]. - The gross margin for the self-owned brand "Zhanjia" reached 66.92%, reflecting a 4.2 percentage point increase [4]. - In Q1 2025, the company's gross margin further increased to 53.94% [4].