SAINT ANGELO(SZ:002154) Changjiang Securities·2025-04-29 04:43Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Views - The company's profits are under short-term pressure due to negative factors such as retail challenges, rising expense ratios, and unclear subsidy expectations. However, the current position shows defensive value, with expectations for profit elasticity as retail improves in the future. The projected net profit for the company from 2025 to 2027 is estimated at 530 million, 610 million, and 690 million yuan, with corresponding PE ratios of 11, 9, and 8 times [2][4]. Financial Performance Summary - In 2024, the company reported revenues, net profit attributable to the parent company, and net profit excluding non-recurring items of 5.15 billion, 490 million, and 440 million yuan, respectively, reflecting year-on-year changes of -2%, -29%, and -28%. In Q4, the company achieved revenues, net profit attributable to the parent company, and net profit excluding non-recurring items of 1.62 billion, 80 million, and 80 million yuan, with year-on-year changes of +2%, -44%, and -37% [4][2]. Profitability Analysis - The Q4 gross margin decreased by 1.5 percentage points to 63.4%, while the annual gross margin slightly increased by 0.3 percentage points to 65%. The Q4 net profit margin decreased by 4.1 percentage points year-on-year to 4.9%, and the annual net profit margin decreased by 3.7 percentage points to 9.6% [4][2].