Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company experienced a revenue increase of 4.3% year-on-year in 2024, but the net profit attributable to shareholders decreased by 11.8%. In Q1 2025, revenue fell by 26.4% and net profit dropped by 39.8%, primarily due to adjustments in distribution channels [1][4]. - The company is undergoing structural adjustments and increased expenditure, which has put pressure on performance. There is an expectation for gradual improvement in operational efficiency [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 2.02 billion yuan, with a net profit of 660 million yuan. The earnings per share (EPS) was 1.65 yuan, with a proposed cash dividend of 1 yuan per share [1][4]. - The revenue breakdown shows that cosmetics and medical devices accounted for 57.7% and 42.3% of total revenue, respectively, with year-on-year growth of 7.5% and 0.3% [2]. Financial Metrics - The gross margin for 2024 was 81.7%, a decrease of 0.5 percentage points year-on-year, while the first quarter of 2025 saw a recovery to 83.0% [3]. - The operating cash flow for 2024 was 610 million yuan, a decrease of 26.2% year-on-year, and the first quarter of 2025 reported a net outflow of 66.16 million yuan [3]. Future Earnings Forecast - The profit forecast for 2025 to 2027 has been revised downwards, with net profits projected at 629 million yuan for 2025, 672 million yuan for 2026, and 723 million yuan for 2027. The corresponding EPS estimates are 1.57 yuan, 1.68 yuan, and 1.81 yuan [4][10].
敷尔佳（301371）：2024年年报及2025年一季报点评：业务结构调整、费用投入加大致业绩承压，期待经营效率逐步提升