RUNNER(SH:603408) Tianfeng Securities·2025-04-25 06:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company has shown resilience in a complex external environment, achieving historical highs in revenue and net profit for the year 2024, with total revenue of 5.007 billion and net profit of 481.93 million, representing year-on-year growth of 15.5% and 13.4% respectively [1][5] - The company is actively expanding its production capacity in Thailand and Mexico, enhancing its global competitiveness and local supply chain capabilities [3] - The domestic market revenue reached 1.122 billion in 2024, with a year-on-year increase of 12.38%, primarily driven by brand clients and a focus on differentiated innovation [4] Financial Performance - In Q1 2025, the company reported revenue of 1.192 billion, a year-on-year increase of 3.4%, and a net profit of 123 million, up 0.5% year-on-year [1] - For the full year 2024, the gross profit margin was 25.90%, a slight decrease of 0.1 percentage points, while the net profit margin was 9.63%, down 0.2 percentage points [1] - The company distributed a total cash dividend of 326 million in 2024, with a dividend payout ratio of 68% [1] Product Segmentation - The revenue from kitchen and bathroom products in 2024 was 3.197 billion, up 11.4% year-on-year, with a volume and price increase of 7.8% and 3.4% respectively [2] - Water purification products generated 738 million in revenue, reflecting an 18.4% year-on-year increase, with volume and price growth of 10.5% and 7.2% respectively [2] - Other home products saw revenue of 764 million, a 25.6% increase year-on-year, with volume and price changes of 24.9% and 0.6% respectively [2] Market Strategy - The company is focusing on building brand clients domestically while maintaining growth in its ODM business, with plans for brand development [4] - The overseas market accounted for 77.47% of total revenue in 2024, amounting to 3.858 billion, with a year-on-year growth of 16.57% [3] - The company is enhancing its service network in the U.S. to strengthen customer loyalty and market share [3]