扬州金泉（603307）：短期业绩仍承压，期待经营逐步改善

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 831 million RMB for 2024, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million RMB, down 36.89% year-on-year. For Q1 2025, revenue was 239 million RMB, an increase of 8.85%, while net profit was 31 million RMB, down 26.99% year-on-year [2] - The company is experiencing a gradual recovery in operations, with revenue growth turning positive in Q4 2024 and Q1 2025. The company is strengthening its position in the outdoor equipment manufacturing sector while increasing investment in new product development [3] - The company is expanding its international market presence, having established partnerships with new brand clients in Australia and North America, with some products already in mass production [3] Summary by Sections Performance Review - 2024 revenue was 831 million RMB, down 1.77% year-on-year, with a net profit of 144 million RMB, down 36.89% year-on-year. Q1 2025 revenue was 239 million RMB, up 8.85%, with a net profit of 31 million RMB, down 26.99% [2] Operational Analysis - The company is seeing marginal improvements in B2B orders and stable growth in the B2C segment, particularly with the Arctic Fox brand. Revenue from tents, sleeping bags, clothing, and backpacks for 2024 was 361 million, 117 million, 256 million, and 39 million RMB respectively, with varying year-on-year changes [3] - The company is focusing on deepening customer relationships and expanding its product offerings, including high-end performance materials and automated production lines [4] Financial Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 RMB for 2025-2027, with corresponding PE ratios of 15, 14, and 12 times [5] - The company’s revenue is expected to grow to 936 million RMB in 2025, with a growth rate of 12.68% [10]