FLYCO(SH:603868) Shenwan Hongyuan Securities·2025-04-30 05:43Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 4.147 billion yuan in 2024, a year-on-year decline of 18%, and a net profit attributable to shareholders of 458 million yuan, down 55% year-on-year. For Q1 2025, revenue was 1.157 billion yuan, a decrease of 1% year-on-year, while net profit was 181 million yuan, remaining stable year-on-year [4][7] - The brand structure is being optimized, with a focus on high-end product sales, which now account for 60.78% of total sales, an increase of 9.83 percentage points from 2024. The company is also expanding its overseas market presence and has made progress in international patent registrations [7] - The company has seen a decrease in expense ratios, leading to improved profitability. The gross margin for Q1 2025 was 56.21%, with a net margin of 15.64%, an increase of 0.31 percentage points year-on-year and a significant improvement from Q4 2024 [7] Financial Data and Profit Forecast - The company’s total revenue for 2025 is projected to be 4.647 billion yuan, with a year-on-year growth rate of 12.1%. The net profit for 2025 is expected to be 685 million yuan, reflecting a growth of 49.7% compared to 2024. The earnings per share for 2025 is estimated at 1.57 yuan [6][9] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 685 million yuan and 809 million yuan respectively, with a new forecast for 2027 at 933 million yuan, corresponding to price-earnings ratios of 22, 18, and 16 times [7]