南极电商：业务转型利润承压，业绩拐点有望到来-20250428

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has experienced a significant increase in revenue due to the introduction of new self-operated sales formats, but it has also faced losses due to goodwill impairment and increased transformation costs [3][4] - The company reported total operating revenue of 3.358 billion yuan in 2024, a year-on-year increase of 24.75%, but a net loss attributable to shareholders of 2.37 billion yuan, a decrease of 312.04% year-on-year [2][9] - The company is expected to achieve operating revenues of 4.038 billion yuan, 4.825 billion yuan, and 5.768 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 303 million yuan, 621 million yuan, and 1.034 billion yuan [7][9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.358 billion yuan, with a year-on-year growth of 24.75% [2] - The net profit attributable to shareholders was -2.37 billion yuan, a decrease of 312.04% year-on-year [2][9] - For Q1 2025, the company reported total operating revenue of 729 million yuan, a year-on-year increase of 2.03%, but a net loss of 140 million yuan, a decrease of 128.54% year-on-year [2] Business Transformation - The introduction of new self-operated sales formats has led to a significant increase in revenue, with the company achieving a total operating revenue of 3.358 billion yuan in 2024, driven by mobile internet, modern services, and goods sales [3] - The company has optimized its supply chain and is exploring offline channels, receiving positive feedback from its first brand pop-up store [5] Cost Management - Sales expenses increased significantly due to marketing activities, leading to a sales expense rate of 17.5% in 2024, which is a 430% increase year-on-year [4] - The company is expected to improve profitability as it scales its business and optimizes cost management [6] Future Projections - The company has adjusted its revenue forecasts for 2025-2026 upwards due to high growth in goods sales, while slightly lowering profit forecasts [7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.12 yuan, 0.25 yuan, and 0.42 yuan respectively [7][9]