Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's 2024 performance met expectations, with total revenue of 168 million yuan, a decrease of 11.9% year-on-year, and a net profit attributable to shareholders of 42 million yuan, down 28.5% year-on-year [5] - The company is actively exploring new market opportunities despite overall domestic demand pressures, with a focus on core product categories [5] - The report projects revenue and profit growth for 2025-2027, with net profits expected to be 48 million yuan in 2025, 54 million yuan in 2026, and 64 million yuan in 2027 [5] Financial Data Summary - Total revenue for 2023 was 191 million yuan, with a projected increase to 193 million yuan in 2025 and 261 million yuan by 2027 [4][7] - The gross profit margin for 2024 is expected to be 61.5%, down from 65.2% in 2023, primarily due to changes in product mix and increased fixed cost allocation [5] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, resulting in a dividend payout ratio of 38.43% [5]
新芝生物（430685）：2024年业绩符合预期，25年聚集核心品类，开拓增量市场