WLY(SZ:000858) Soochow Securities·2025-04-28 05:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024 and is undergoing significant reforms in 2025 to enhance its market position and operational efficiency [3][4] - The company reported a revenue of 89.175 billion yuan and a net profit of 31.853 billion yuan for 2024, reflecting a year-on-year growth of 7.09% and 5.44% respectively [9] - The company aims to maintain a balance between volume and price through strategic marketing and channel management [9] Financial Performance Summary - For 2024, total revenue is projected to be 89.175 billion yuan, with a year-on-year growth of 7.09% [1] - The net profit for 2024 is expected to be 31.853 billion yuan, representing a growth of 5.44% [1] - The earnings per share (EPS) for 2024 is estimated at 8.21 yuan, with a price-to-earnings (P/E) ratio of 15.73 [1] - The company’s sales net profit margin decreased by 0.6 percentage points to 37.2% in 2024 due to increased sales expenses [3] - The company’s gross profit margin improved by 0.3 percentage points to 82.2% in 2024 [3] 2025 Outlook - In Q1 2025, the company announced a halt in traditional channel shipments and adjusted quotas to enhance direct sales and marketing effectiveness [4] - Revenue for Q1 2025 increased by 6.1% year-on-year, aligning with the overall growth expectations for the year [4] - The company is expected to control costs while maintaining pricing strategies, with a forecasted net profit of 33.776 billion yuan for 2025 [9]