RYC(SZ:003010) Shenwan Hongyuan Securities·2025-04-28 06:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported its 2024 and Q1 2025 financial results, which met expectations, with 2024 revenue of 1.77 billion yuan, a year-on-year increase of 29.3%, and a net profit attributable to shareholders of 106 million yuan, up 94.6% year-on-year [6] - In Q1 2025, revenue reached 574 million yuan, reflecting a 54.2% year-on-year growth, while net profit attributable to shareholders was 27 million yuan, a 113.9% increase year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares and issue 4 additional shares for every 10 shares held [6] - The self-owned brand has shown high gross margins, with a gross margin of 44.6% in 2024, up 4.3 percentage points year-on-year [6] - The self-owned brand business, particularly the "Zhanjia" brand, has become a significant growth driver, with revenue of 480 million yuan in 2024, a 90.1% year-on-year increase [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.549 billion yuan, with a year-on-year growth rate of 44.4% [5] - The net profit attributable to shareholders is projected to be 174 million yuan in 2025, representing a 64.9% year-on-year increase [5] - The earnings per share (EPS) is expected to be 1.06 yuan in 2025, with a projected price-to-earnings (PE) ratio of 47 [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 170 million yuan and 220 million yuan respectively [6]