RYC(SZ:003010) China Post Securities·2025-04-28 03:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue of 1.77 billion yuan and net profit of 106 million yuan, representing year-on-year growth of 29% and 95% respectively [4][5]. - The self-owned brand segment showed remarkable growth, with revenues from brand management, self-owned brands, and agency operations reaching 500 million yuan, 500 million yuan, and 760 million yuan respectively, with year-on-year growth rates of 212%, 90%, and -19% [5]. - The gross margin improved by 4.3 percentage points to 44.6% in 2024, and the net margin increased by 2 percentage points to 6%, driven by the higher proportion of self-owned brands [5]. Financial Performance Summary - The company is projected to achieve net profits of 170 million yuan, 250 million yuan, and 350 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 48x, 33x, and 24x [6][10]. - Revenue is expected to grow from 1.77 billion yuan in 2024 to 3.78 billion yuan in 2027, with growth rates of 29.3%, 37.3%, 27.6%, and 22.3% for the respective years [10][11]. - The company's gross margin is anticipated to reach 56.3% by 2027, while the net margin is expected to improve to 9.2% [11].